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Marketing Your Property

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Igor Nastaskin
  • Santa Maria, CA
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Looking for advice on marketing townhouse for rent.

Igor Nastaskin
  • Santa Maria, CA
Posted May 7 2024, 15:57

Hi, I am renting out a townhouse in North Hollywood and am wondering if I am doing something wrong. Briefly this is a 4bdr/4bath 2400 sq ft townhouse in North Hollywood, built brand new in Nov 2021. I use Ziprent property management to find new tenants. The townhome is now 25 days on the market, my concern is that I reduced the price significantly and still no rental applications. Here is the link:

https://www.zillow.com/homedetails/347762481_zpid/

In 2022 I used ziprent to rent out this townhome for $5900. It took a month to find tenants (roommates). In 2023 same story - 1 month to rent out for $5900. Now I lowered the price from $5900 down to $5500 and now $5250. Initially at $5900 I had a showing once every 2-3 days: at the $5250 for past 5 days no showing. Brand new 4b/3.5ba 2000 sq ft townhome  on same block (5625 Riverton ave, North Hollywood) rented out for $5800 after 2 weeks on market. Any suggestions on what I can do different or what helped you rent out property faster? Any advise is appreciated. 

The way Ziprent operates is they charge $1250 flat fee to place tenant. Listing is placed on zillow.com and its affiliated sites plus I list property on apartments.com. For showing they would email a code to lockbox to prospective tenant once the showing appt arranged. After showing they email/text tenant for follow up. 


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Adam Bartomeo
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#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
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Adam Bartomeo
Property Manager
Pro Member
#4 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
Replied May 8 2024, 04:35

Housing is a necessity so as long as you are in a decent area for rentals it will rent, but it will come down to price. Before you start lowering the price you should ensure that you have marketed the property to its fullest. The past market of 2022 and 2023 have nothing to do with todays market so get that out of your head. The market has changed and what worked yesterday won't work today. You need to have the property marketed everywhere possible including the MLS, social media, and the other 50 websites you are neglecting, Zillow and Apartments are the only place tenants look. Once you are confident that you are marketed properly you will have to adjust the price until you get a tenant. Also, 2 years ago it would take us a week to find a qualified tenant but now its a month.

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Michael Smythe
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#3 Managing Your Property Contributor
  • Property Manager
  • Metro Detroit
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Michael Smythe
Property Manager
#3 Managing Your Property Contributor
  • Property Manager
  • Metro Detroit
Replied May 8 2024, 04:49

Average Days On Market (DOM) are up 36% from 2022.

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Rick Albert
  • Real Estate Agent
  • Los Angeles, CA
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Rick Albert
  • Real Estate Agent
  • Los Angeles, CA
Replied May 8 2024, 09:28

There are two reasons why a property doesn't rent: Marketing efforts and price.

If you feel like the marketing efforts is adequate, then it is the price. 

You can post on Facebook Marketplace as well. I got my last two tenants from there. Many property managers won't advertise there because you get a lot of bad leads, but it is part of the job.

According to Zillow, you have been on for 25 days but have 24 inquiries. That is almost 1 a day, which isn't horrible at this price range. I would reach out to see how many of them converted to showings and to ask for feedback. That might help in determining the price.

I have noticed that tenants in this price range don't care as much about new construction because of budgetary restrictions. If there is a nice 4 bedroom alternative at a lower price, they may consider it over yours. 

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Replied May 8 2024, 21:58

Can I ask why did you lower the price if you were getting appointments at the $5900 price using ziprent?

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Paul Burke
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Paul Burke
Property Manager
Replied May 31 2024, 05:28
Quote from @Igor Nastaskin:

Hi, I am renting out a townhouse in North Hollywood and am wondering if I am doing something wrong. Briefly this is a 4bdr/4bath 2400 sq ft townhouse in North Hollywood, built brand new in Nov 2021. I use Ziprent property management to find new tenants. The townhome is now 25 days on the market, my concern is that I reduced the price significantly and still no rental applications. Here is the link:

https://www.zillow.com/homedetails/347762481_zpid/

In 2022 I used ziprent to rent out this townhome for $5900. It took a month to find tenants (roommates). In 2023 same story - 1 month to rent out for $5900. Now I lowered the price from $5900 down to $5500 and now $5250. Initially at $5900 I had a showing once every 2-3 days: at the $5250 for past 5 days no showing. Brand new 4b/3.5ba 2000 sq ft townhome  on same block (5625 Riverton ave, North Hollywood) rented out for $5800 after 2 weeks on market. Any suggestions on what I can do different or what helped you rent out property faster? Any advise is appreciated. 

The way Ziprent operates is they charge $1250 flat fee to place tenant. Listing is placed on zillow.com and its affiliated sites plus I list property on apartments.com. For showing they would email a code to lockbox to prospective tenant once the showing appt arranged. After showing they email/text tenant for follow up. 



 Did this ever get rented?

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Igor Nastaskin
  • Santa Maria, CA
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Igor Nastaskin
  • Santa Maria, CA
Replied May 31 2024, 07:50

Hi, thank you for replies, it reassured me the price is the key. Even though I had a trickle of appointments no one was submitting applications when rent was $5500-5900, except a fraudulent one. Looking at 4bd apartments available for rent in North Hollywood I noticed that none had rent at or above $5000. I also googled the rent trend for the area - apparently there was 20% decrease in rents in 2023. So I reducing the rent to $4900 which led to multiple showings per day, leading to two applications and apartment was rented out before the end of that week.