Hard time getting my property rented

Dayton, Ohio
Marketing Your Property
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Hard time getting my property rented

David Ingram
Member since 2022 · 21 posts · 22 votes

Hi, Bought my single family home back in May, spent 3.5 months rehabbing it(back and forth from Columbus to Dayton on weekends only). The house has been on the market for going on a month and a half. It is getting foot traffic, but no one is applying. The house is small, like 550 sq ft, but all of the homes in this neighborhood are this small. Im getting tired of paying on this mortgage, im ready to see some income. I can't sell because id lose my butt on it. I have a property manager who suggested we did first month half off as an incentive. Has anybody been in this situation before? Should I just keep at it and know itll eventually get rented? Thanks,. 

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Marcus R.
Real Estate Agent · Denver CO · Member since 2019 · 209 posts · 332 votes
3y

Lots of good thoughts here. Here’s some additional advice…

1) Really evaluate dropping your rent or incentives. One month of lost rent is almost always greater than dropping $200 a month. Figure out what it’s costing you a day and start there. 

2) Increase pet limit to 50lbs. 10lbs is an extremely small pet. Would you rather someone have snakes and lizards or a medium sized golden doodle? If you’re nervous tell people you have to meet the pet but I wouldn’t automatically assume smaller equals better and larger equals worse. 

3) If landscaping is the dealbreaker just pay for it. Some tenants will half a** and only cut it every 8 weeks. 

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  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    2y

    Questions:

    1) How much exposure?
    - Where are you advertising it? 
    - How many websites?
    - How are you verifying ad accuracy on all the posted sites?
    - How are you tracking weekly ad views?

    2) How does your rental compare to neighborhood market?
    - You stated that all the houses are small in the area, but how many are currently being advertised for rent?
    - How does yours compare for fit, finish & amenities via either online interior pics or you personally visiting
    - What can you copy from these other properties' ads to improve yours?

    3) What is the feedback from the Showings?
    - You have to strategize and ask the right Open-Ended Questions to find out why they truly are not applying, as many prospects deliberately give vague, useless answers to avoid pressure.

    4) What are you doing to change the current results?
    - How often are you dropping the rent?
    - How much are you dropping it by (we recommend 5% each time)?
    - What incentives are the competition offering that you have to keep up with or seem to be working? - Look at properties that have rented in the last 3 months for more insight.
    - What additional improvements to the property can you make to be 5-10% better than them? 
    - What appliances of other amenities can you offer?

    Logical Property Management4.9454 Reviews
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