Need help find a tenant for my first rental property

[Kiefer Cheney]

I just purchased my first rental property and my first home as well witch means I am hoes hacking a duplex any ways its been 2 weeks since my agents company has been advertising the unit and we haven't gotten any serious inquiry's . What can I do to help them or how can I advertise it my self any advise I can get to get someone in the other unit would be great 

[Dave Kush]

I have not used an agent before, and I've heard mixed things about that.

My personal strategy has been to make up small business cards or flyers and then have somebody place those in the areas where my tenants are likely to be, such as local grocery stores, laundromats, restaurants, and so on. I have found this way more effective than mass media advertising which tended to get me either nothing, tire kickers, or unqualified candidates. 

With that being said, all of my tenants have been renting for numerous years, so admittedly there may be some social media or other apps that are really effective too. I am interested to hear what other people have to add!

[Daniel Tanasa]

Hello Kiefer,

Two weeks is not that long of a period, depending on the area, that may be lower than the average days on market around there.

Have you considered section 8 housing, that will open up a new group of tenants and may be paying a bit more? 

If it's giving you a hard time to find a tenant you may be overpricing the unit.

I hope you get it rented soon. 

[Savannah Yingling]

Quote from @Kiefer Cheney:

I just purchased my first rental property and my first home as well witch means I am hoes hacking a duplex any ways its been 2 weeks since my agents company has been advertising the unit and we haven't gotten any serious inquiry's . What can I do to help them or how can I advertise it my self any advise I can get to get someone in the other unit would be great 

 Hi Kiefer! I'm in property management and I agree that two weeks might not be too long in your market. When we turn over a property or acquire a new property to manage, this time of year normally takes longer than late spring/summer. I would take a look at the price in another week if there are still no good inquiries.

[Kiefer Cheney]

Quote from @Daniel Tanasa:

Hello Kiefer,

Two weeks is not that long of a period, depending on the area, that may be lower than the average days on market around there.

Have you considered section 8 housing, that will open up a new group of tenants and may be paying a bit more? 

If it's giving you a hard time to find a tenant you may be overpricing the unit.

I hope you get it rented soon. 

 Im not to fond on section 8 tenants what is that exactly?

[Daniel Tanasa]

Quote from @Kiefer Cheney:

Quote from @Daniel Tanasa:

Hello Kiefer,

Two weeks is not that long of a period, depending on the area, that may be lower than the average days on market around there.

Have you considered section 8 housing, that will open up a new group of tenants and may be paying a bit more? 

If it's giving you a hard time to find a tenant you may be overpricing the unit.

I hope you get it rented soon. 

 Im not to fond on section 8 tenants what is that exactly?

 Section 8 is government subsidized housing. 

You can find more information here for Houston Housing: https://housingforhouston.com/

And  here for Harris County Housing Authority: https://hchatexas.org/

[Michael Smythe]

@Kiefer Cheney your PMC has done a crappy job of managing your expectations.

You're worried after only 2 weeks?

Why don't you ask your agent what websites they are advertising on and look at the ad to see if you find it accurate and appealing.

Your agent should also be giving you periodic feedback on inquiries, showings and applications.

[Alecia Loveless]

@Kiefer Cheney Hi Kiefer. I like to place a post on Facebook Marketplace. Something like this.

2/1 apartment for rent in Garden Heights Neighborhood. Close to grocery store and Chili’s. Hardwood floors, Stainless Steel appliances, recently renovated. $1150/month. 1st month and 1 month security deposit required. Heat, hot water, water, sewer and snow plowing included.

Then I usually get about 30 inquiries and maybe 8 people fill out my application and usually 5-6 come to see the unit.

[Gustavo Delgado]

give it time. you don't need to do anything, thats why you hired an agent. Have the agent give you feedback an updates on any inquiries coming through. Stay disciplined in your rental requirements, as long as they are not too strict but your agent should have advised you on this.

[Jonathan Soto]

try facebook marketplace, apartments.com

review all the places your agent is putting them in as they may not be as in a rush as you are to list it. i like being in control so i post on those platforms and find my tenants. hope this helps

[Thomas Talbert]

I don't know about Houston but in Austin, for all the properties we manage, Zillow is a great way to get exposure. As far as agents go, it depends on the type of property. Certainly, for higher-end properties, you almost need an agent. On the other hand for Class C properties agents aren't necessary. In your standard single-family homes we see a mix of both. 

[Chris Kersey]

You may also want to check what your competition is in the local area. Go on HAR and see what other comparable houses in your neighborhood are renting for. Also, see how they are listed IE staged, phot quality, build quality ect.. 

Also, when you do get tenants, fight the urge to just put the first person in the house. Fully vet them to make sure you have the right tenant that can afford the house. It will be much more costly if not. 

Feel free to message me with  specific questions. I'm an agent but I also do build to rent new construction duplexes and single families in central Houston. 

[Kimberly Arington]

Stay away from property management groups its a waste of money to market your property. I don't think they have the best interest of the Landlord. I'm in the process of looking for a property for a STR and property management groups and Realtors make it so hard for people interested in the property. That's why properties are sitting. I seen a property sitting for 45 days on zillow. Do you think the property management group even asked the landlord are they willing to STR? Good credit, good job history of 14yrs with the government. Post on FB Market place. What area is your rental? I'm searching Houston and San Antonio area.

[Michael Smythe]

@Kimberly Arington don't understand your post.

Why would a LTR landlord entertain an STR offer and have to furnish the property?

[Kimberly Arington]

Why not? If the property is sitting 40 plus more days the landlord is losing money. So why let it sit and sit in the hands of a property management group or Realtor that's trying to get a benefit from it, when there is someone willing to take up the lease on and make a profit. Everyone is profiting. 

[Michael Smythe]

@Kimberly Arington so, you are looking to do STR arbitrage?

[Cameron Tope]

Quote from @Kiefer Cheney:

I just purchased my first rental property and my first home as well witch means I am hoes hacking a duplex any ways its been 2 weeks since my agents company has been advertising the unit and we haven't gotten any serious inquiry's . What can I do to help them or how can I advertise it my self any advise I can get to get someone in the other unit would be great 

Hey Kiefer,

In Houston, per the monthly HAR report, the average DOM for a SFR is just over 30 days.

Your management company should hit that figure, if not beat it. 

If you're using a professional PMC, then there shouldn't be anything you need to do. However, if you're using a discount company that's allowing you as the owner to set the rent price, approve or deny apps, etc. then your issue could be one of many things. 

I hope by the time you read this, the property is already leased. 

Best of luck!

[Chris Rich]

Like others have said, 2 weeks is not that long.  I have some PM contacts in north Texas and they are running around 24 days on market right now. In Orlando, across our portfolio, we are sitting at 20 days currently.  You also need to factor in that it's a duplex, and according to Zillow's Consumer Housing Report, only about 8% of renters prefer a duplex, so it is even more important to make sure it's priced correctly. Another thing to consider is the property condition as is relates to comparable properties.

[Kiefer Cheney]

Quote from @Kimberly Arington:

Stay away from property management groups its a waste of money to market your property. I don't think they have the best interest of the Landlord. I'm in the process of looking for a property for a STR and property management groups and Realtors make it so hard for people interested in the property. That's why properties are sitting. I seen a property sitting for 45 days on zillow. Do you think the property management group even asked the landlord are they willing to STR? Good credit, good job history of 14yrs with the government. Post on FB Market place. What area is your rental? I'm searching Houston and San Antonio a

The area my rental is in is down town conroe tx 

[Kiefer Cheney]

Thankyou everyone for you advise I dropped the price by a 100 per month and I didn't even take one day before people started contacting me about setting up showings