Is rent too high for my listing?

General Landlording & Rental Properties
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Is rent too high for my listing?

Nadir M.
Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes

I currently have a property that I had listed for rent for $1550. I haven’t had much luck within a couple days, as I’m used to with my other listings, so reduced it to $1495. It’s been at $1495 for about a week now. I’ve had many inquires on property ie can we schedule a viewing, when can we see property, do you accept pets etc. the problem is, I’ll reply back to everyone but there is not follow-up. No one replies back. Why? What’s going on? I’ll ask when they want to see property and if they have a credit score of 600. Is it still priced too high? Any suggestions will help.

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
5y
Originally posted by @Nadir M.:

@Chris Herrera

7766 Hamilton street Omaha NE

Pictures are great. House is in an up and coming area.

Photos are terrible

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  • Bob Okenwa
    Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
    5y

    @Nadir M.

    I'd definitely hire a photographer. Not sure how homes get rented in your area, but it looks like you've only been on market for about a week. Maybe drop it $50 once you upload the new photos and go from there. If you can, find out how to remove the Zestimate from your listing as well.

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    5y

    Hi @Nadir M., as for me, you can look at comparable to set the right rental, like the neighborhood, the number of bedrooms and bathrooms, single-family homes or Multifamily homes, is it a new construction or old construction. You can try to search through online ads, in person or you can get a Realtor's opinion as well to look for a comparable.

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  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Joseph Hammel

    I have it listed on Zillow and Apartments right now

    0Reply
  • Dwight CoxPro Member
    Rental Property Investor · Garner, NC · Member since 2021 · 11 posts · 2 votes
    5y

    @Nadir M.

    Good evening

    I just came across this post. I too agree with the comments. I know sometimes it helps to understand the market. Some markets are slowing on rentals and sales. Assuming all things as equal, be sure before you start aggressively dropping your price that you days on market support the change.

    I quickly checked the web and noticed this listing that appears to be a bit similar to yours. Obviously, I don't know the exact area, but hopefully this will help you with your plans.

    https://www.zillow.com/homedetails/1213-N-85th-St-Omaha-NE-68114/75857631_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

    Good luck with your rental.

    0Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Dwight Cox

    I did see this one. Rent estimate is almost $1800 he has listed at $1595. Not sure why.

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  • Account Closed
    Member since 2021 · 240 posts · 300 votes
    5y

    Am I the only one who would add a washer and dryer in there for that price? Couple hundred bucks get a nice used set so renters don't have to expect to buy a set. 

    2Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Bill Ward

    Totally thought of that. Great observation.

    0Reply
  • Sam Shueh
    Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    5y

    Too early. In West Coast most urban area takes sometime and multiple adjustments to get interest. 

    0Reply
  • Austin Compton
    Property Manager · Omaha, NE · Member since 2021 · 2 posts · 6 votes
    5y

    Hi Nadir, 

    I'm a local PM. When did you list this property? This location it should've flown off the shelves in July.  The market has slowed down a lot beginning in August - which is typical for Omaha.  I had hoped based on the Spring/Summer craze that we may enter the best fall/winter leasing season we've ever had, however it seems to be following the normal trend of this time of year. (many different reasons for that) Compared to the highs of the market this summer it does seem like a big drop off, though it is quite normal. 

    To answer your questions on non-responses, that is also typical. Prepare to be ghosted often, and follow up even when ignored for a higher conversion. If possible readjust your schedule or send someone to accommodate their availability.  Nothing worse than agreeing to a showing for tomorrow and they find a suitable rental that day. 

    Recommendations to get movement - offer a move-in special. 1/2 month off first month rent or a deposit special are common. Outside the box specials get the attention of renters as well.  I've offered a 40" Television as a move-in special with great success and at your rental price it is cheaper than 1/2 month off. You can try other things like lawn care/snow removal included for first 12 months as well. Change the marketing so the headline is the move-in special. 

    As others have noted better pictures would also help. District 66/Westside should be one of the first sentences in the description. You can also try different verbiage instead of bullet point facts. Paint a picture ie:  "Rare District 66/Westside 3 bedroom available now! Enjoy the outdoors with a fenced in backyard and family friendly neighborhood. Wow your friends and family with exquisite cooking with brand new stainless steel appliances! Basement is perfect for game room or man-cave to watch the game in peace! Welcome home!" Then list the additional features below. 

    Good luck! Price seems good and location is awesome, shouldn't last much longer.  Only complaint for price I can see is the 1 car garage and only 1 bathroom. But I've rented higher in worse locations with similar layout. 

    Good luck!

    5Reply
  • Kevin McCormack
    Real Estate Agent · Port Chester, NY · Member since 2020 · 10 posts · 6 votes
    5y

    Agree on the picture's, even taken during the day it still seems pretty dark inside. The dark paint and carpet don't help with the brightness. The listing shows you allow dogs, have you ever thought of replacing the carpet with flooring? I know the carpet is new but with pets,  flooring would hold up better than carpet in the long run. Flooring can also help brighten and upgrade the space. Add pictures of the large patio, washer/dryer and a head on shot of the driveway too, back up all the listing details you provided with pictures. You really want to showcase all the features you mentioned, don't leave people guessing what something might look like that you've described (patio, laundry and driveway). 

    People click on the pictures first and you want them to get a really good sense of the property. The faster you can get folks to make a yes/no decision based off pictures, the better. This reduces follow up's and the number people coming to see it that really aren't that interested in the first place. It'll help you weed out those that are serious from those that aren't.

    0Reply
  • Gary L Wallman
    Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
    5y
    Originally posted by @Nadir M.:

    I currently have a property that I had listed for rent for $1550. I haven’t had much luck within a couple days, as I’m used to with my other listings, so reduced it to $1495. It’s been at $1495 for about a week now. I’ve had many inquires on property ie can we schedule a viewing, when can we see property, do you accept pets etc. the problem is, I’ll reply back to everyone but there is not follow-up. No one replies back. Why? What’s going on? I’ll ask when they want to see property and if they have a credit score of 600. Is it still priced too high? Any suggestions will help.

    Nadir,

     Sorry, it's not that the pictures are bad, the house is. $1500 bucks a month with a kitchen that has decade's old cabinets with paint coming off? Mismatched appliances that look awful. A bathroom that looks like an old folks home. Carpeting is awful, flooring is awful, drop ceiling is awful. The rest of the basement looks like a dungeon.

    While I'm no expert on the rental market in Omaha, in my hometown that rental listing would do exactly what it's doing in Omaha. . . nothing.

    Sorry to be so blunt, but you are the one asking.

    Respectfully,

    Gary

    1Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Gary L Wallman

    I appreciate the blunt response no hard feelings here. I will ask, what would this property rent for in Beavercreek OH?

    0Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Gary L Wallman

    Just maybe the photos don’t do it justice :/

    0Reply
  • Owen DashnerPro Member
    Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
    5y

    @Nadir M. I have an Omaha real estate photographer to refer you to. She has a Matterport camera that takes great photos. I have used her dozens of times and have known her for over 20 years. Shoot me a DM and I will connect you.

    1Reply
  • David Avery
    Flipper/Rehabber · Phoenix Arizona · Member since 2020 · 1k+ posts · 686 votes
    5y

    A trick used several times.

    Lower your deposit .

    Or paid over 2 installments..

    drop rent $25.


    1Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @David Avery

    I was thinking of dropping $50.

    0Reply
  • Christina M.
    Rental Property Investor · PA · Member since 2017 · 69 posts · 60 votes
    5y

    @Nadir M.

    Since you're asking if your is too high it probably is? Words that I will never say My Rent is too high.

    How did you arrive at the rental price?

    If you do not know the value of your property and know that your rent is at market and/or above market because it's as great and/or superior to peer units; then how can you expect potential tenants too?

    As part of my daily business practice I track among other things recent past and current rents. Determine a base rent on current market conditions, supply, etc. and add on based on my unit and amenities. This also identifies types of updates I need to make based on current market. My rents have always been higher than peer units and are always fully justified.

    When you finish a unit (best around) and determine final rent based on research ask yourself "Would I pay $1550 a month to live here, with my family, with my children, etc? "If the answer is yes when someone calls they will hear that in your voice" You will be confident that the rent is not too high that is supported by a quality home/unit, etc.

    Never reuse pictures unless the actual unit will be improved from the previous pictures.

    The other day a unit (not mine) came on the market within 3 hours had 4 applications and 18 contacts. It was well done, clean, bright and tidy. A similar property was on the market 5 days but was outdated, etc., etc., How many applications? 0 How many contacts? 0

    You get one chance...make it count.

    2Reply
  • Gary L Wallman
    Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
    5y
    Originally posted by @Nadir M.:

    @Gary L Wallman

    I appreciate the blunt response no hard feelings here. I will ask, what would this property rent for in Beavercreek OH?

     Nadir,

    I hope no hard feelings. I was just trying to give you the information I'd want to know if I were in the same situation. I own 130+ doors outright and have been through the mill.

    I try to avoid 1 bath homes in an "A" area. I have a 3/2 1301 square foot home rented in Beavercreek for $1395.

    I've attached a few pics for you to see.

    Respectfully, Gary

    0Reply
  • Gary L Wallman
    Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
    5y
    Originally posted by @Nadir M.:

    @Gary L Wallman

    Just maybe the photos don’t do it justice :/

     Pretty sure that's not the problem, though they sure could use some help also. I invested in a high quality digital camera with a wide angle lens recently. Helps a ton.

    Respectfully,

    Gary

    0Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Gary L Wallman

    Your house is gorgeous. I would easily get over $1500 for that here. I’m out of state investor so my dad helps out a ton there. He’s my boots on the ground. I recently got rid of my PM as well. Slowly taking over. I have a photographer coming this week to take photos. I actually just had an application submitted but will hold off until next weekend to see if lowering the price and getting pro photos will give me the applicant I’m looking for.

    0Reply
  • Gary L Wallman
    Rental Property Investor · Beavercreek OH · Member since 2018 · 422 posts · 970 votes
    5y
    Originally posted by @Nadir M.:

    @Gary L Wallman

    Your house is gorgeous. I would easily get over $1500 for that here. I’m out of state investor so my dad helps out a ton there. He’s my boots on the ground. I recently got rid of my PM as well. Slowly taking over. I have a photographer coming this week to take photos. I actually just had an application submitted but will hold off until next weekend to see if lowering the price and getting pro photos will give me the applicant I’m looking for.

     Nadir,

    Thank you. I'm sure I could too if I had the property turn over. Good luck to you!

    Gary

    1Reply
  • Robert Beardsley
    Member since 2020 · 117 posts · 84 votes
    5y

    ill be the first to say i dont think it has anything to do with the pictures. could they be better? sure but no one is going to not rent that place for picture not being amazing they are good enough in my opinion. i would lean more towards the price being to high. i dont know the area but the kitchen could use a little face lift but if that area doesnt demand a nicer kitchen then i wouldnt  worry about it. drop the price dont pay anyone for picture and bet it will rent.

    1Reply
  • Nadir M.
    OP
    Property Manager · Westminster, CO · Member since 2018 · 486 posts · 110 votes
    5y

    @Robert Beardsley

    I dropped it by $50. The zestimate went up as well.

    0Reply
  • Eli Yachini
    Los Angeles, CA · Member since 2020 · 17 posts · 7 votes
    5y

    @Jim K. I agree with you, that’s what I’m saying.

    I bought a Ricoh gr3 because I didn’t want to hire a photographer. It’s essentially similar lens but more of a point and shoot.

    Focal Length18.3mm (Approx. 28mm in 35mm equivalent focal length)
    Aperture: F2.8 to F16

    From there you can pay an editing site to fix it up 15-30 per pic depending on if you want digital staging. 

    I also have an t5i but the Ricoh you can put in your back pocket and works great for wide angle real estate, so it was worth the extra few hundred for me. But if you don’t have anything and aren’t planning on shooting in general, a single point and shoot might be better for someone that only wants a cam for real estate rather than a bulky cam and swapping lens for a minimal difference in price. Up to the person at the end of the day. 

    0Reply
  • Steve Miklashevskiy
    Real Estate Agent · Hillsdale, NJ · Member since 2020 · 87 posts · 39 votes
    5y

    @Nadir M. Where are you listing and what is the rental market data saying?

    0Reply
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