Slow to find tenants or over reacting?
Member since 2024 · 32 posts · 14 votes
Slow to find tenants or over reacting?
Most Popular Reply
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2yQuote from @Sean Pedeflous:
It's hard to say without knowing the market. You are already priced below some other rentals, so it could just be a slow market. Try to save the houses that are most similar to yours and watch them daily to see if they lower the rent, offer incentives, or get rented.
1. Make sure it is clean and updated so it shows well.
2. Market it in more than one place. You can do this manually or through management software like TenantCloud and others. Put it on the most popular websites like Zillow, Zumper, apartments.com, facebook, etc. Cast a wide net and you are more likely to catch fish.
3. Consider move-in incentives. I prefer a hard dollar amount rather than a percentage. Make them pay the full deposit and first month's rent (proves they can afford it) then give them the reduction the second month.
4. Do you accept pets? Over 50% of all households have pets. If you don't allow them, you are missing out on half the available renters. Most pet owners are responsible, will pay more, and will stay longer.
5. Drop the rent.
I know you are already $65 below the other houses, but maybe that's not enough. Do some math and compare vacancy to a price reduction. Example:
House rents for $1,500 a month and utilities cost $150 a month. One year of rent will earn you $18,000. But if you sit vacant for one month before finding a tenant, you've lost a month of rent and utilities and earn only $16,350.
On the other hand, if you drop the price $100 and find a renter quickly, you will earn almost $500 more in that first year.
Always remember: lower your price, but never lower your standards! It's cheaper to sit vacant than it is to let a bad renter in and deal with the problems they create.
The DIY Landlord Book4.7248 Reviews
10 Replies
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes2y
Quote from @Sean Pedeflous:
It's hard to say without knowing the market. You are already priced below some other rentals, so it could just be a slow market. Try to save the houses that are most similar to yours and watch them daily to see if they lower the rent, offer incentives, or get rented.
1. Make sure it is clean and updated so it shows well.
2. Market it in more than one place. You can do this manually or through management software like TenantCloud and others. Put it on the most popular websites like Zillow, Zumper, apartments.com, facebook, etc. Cast a wide net and you are more likely to catch fish.
3. Consider move-in incentives. I prefer a hard dollar amount rather than a percentage. Make them pay the full deposit and first month's rent (proves they can afford it) then give them the reduction the second month.
4. Do you accept pets? Over 50% of all households have pets. If you don't allow them, you are missing out on half the available renters. Most pet owners are responsible, will pay more, and will stay longer.
5. Drop the rent.
I know you are already $65 below the other houses, but maybe that's not enough. Do some math and compare vacancy to a price reduction. Example:
House rents for $1,500 a month and utilities cost $150 a month. One year of rent will earn you $18,000. But if you sit vacant for one month before finding a tenant, you've lost a month of rent and utilities and earn only $16,350.
On the other hand, if you drop the price $100 and find a renter quickly, you will earn almost $500 more in that first year.
Always remember: lower your price, but never lower your standards! It's cheaper to sit vacant than it is to let a bad renter in and deal with the problems they create.
The DIY Landlord Book4.7248 Reviews - Rental Property Investor · Bow, NH · Member since 2016 · 216 posts · 185 votes2y
When you say PM doing the leg work, do you mean they are marketing the property? Did they post on MLS? Are they soliciting feedback from showings to understand why people are not interested?
Summer can be tough in some markets. I had a FL rental that would sit vacant in the summer because no one wants to move in 100 degree weather. In the Northeast that is the best time to move because you are not fighting with snow. It is very market specific.
The listing may be getting stale? I have had luck in the past with my realtor pulling the listing for a week or two, freshing up the listing and relisting at the same rate and getting it rented quickly. 2.5 weeks doesn't seem un-reasonable to me. I would really be trying to get feedback from showings and attacking any feedback that you get.
- 2yAdam BartomeoBusiness MemberReal Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
Time is only one portion of understanding if you should lower price. You HAVE to take into account inquires, showings, and applications. If you aren't getting any inquires than you are WAY overpriced. If you are getting inquires but no showings that you are somewhat overpriced. So on and so forth. We look at our vacancies weekly to see how many of each we have and then we adjust the price weekly if necessary.
Bartomeo Property Management4.7150 Reviews - Member since 2024 · 32 posts · 14 votes2y
Quote from @Nathan Gesner:
Quote from @Sean Pedeflous:
It's hard to say without knowing the market. You are already priced below some other rentals, so it could just be a slow market. Try to save the houses that are most similar to yours and watch them daily to see if they lower the rent, offer incentives, or get rented.
1. Make sure it is clean and updated so it shows well.
2. Market it in more than one place. You can do this manually or through management software like TenantCloud and others. Put it on the most popular websites like Zillow, Zumper, apartments.com, facebook, etc. Cast a wide net and you are more likely to catch fish.
3. Consider move-in incentives. I prefer a hard dollar amount rather than a percentage. Make them pay the full deposit and first month's rent (proves they can afford it) then give them the reduction the second month.
4. Do you accept pets? Over 50% of all households have pets. If you don't allow them, you are missing out on half the available renters. Most pet owners are responsible, will pay more, and will stay longer.
5. Drop the rent.
I know you are already $65 below the other houses, but maybe that's not enough. Do some math and compare vacancy to a price reduction. Example:
House rents for $1,500 a month and utilities cost $150 a month. One year of rent will earn you $18,000. But if you sit vacant for one month before finding a tenant, you've lost a month of rent and utilities and earn only $16,350.
On the other hand, if you drop the price $100 and find a renter quickly, you will earn almost $500 more in that first year.
Always remember: lower your price, but never lower your standards! It's cheaper to sit vacant than it is to let a bad renter in and deal with the problems they create.
Hi Nathan,
Yes, I had it professionally cleaned and got professional photos. I did see your comment last night and I got a handful of inquiries via Facebook marketplace.
Interesting on the move-in incentive.
Yes I do accept pets. Is it common to have a pet deposit and added monthly pet fee?
Thank you! - Member since 2024 · 32 posts · 14 votes2y
Quote from @Adam Bartomeo:
Time is only one portion of understanding if you should lower price. You HAVE to take into account inquires, showings, and applications. If you aren't getting any inquires than you are WAY overpriced. If you are getting inquires but no showings that you are somewhat overpriced. So on and so forth. We look at our vacancies weekly to see how many of each we have and then we adjust the price weekly if necessary.
Hi Adam, yes thats a good point. We have gotten some inquiries. Just today I posted on Facebook market place and got a handful of inquiries.
- Member since 2024 · 32 posts · 14 votes2y
Quote from @Dan Thomas:
When you say PM doing the leg work, do you mean they are marketing the property? Did they post on MLS? Are they soliciting feedback from showings to understand why people are not interested?
Summer can be tough in some markets. I had a FL rental that would sit vacant in the summer because no one wants to move in 100 degree weather. In the Northeast that is the best time to move because you are not fighting with snow. It is very market specific.
The listing may be getting stale? I have had luck in the past with my realtor pulling the listing for a week or two, freshing up the listing and relisting at the same rate and getting it rented quickly. 2.5 weeks doesn't seem un-reasonable to me. I would really be trying to get feedback from showings and attacking any feedback that you get.
Hi Dan,
Yes the PM is marketing the property via the MLS and doing some showings. Thats a good question to ask so I'll have to look into that.
Interesting note about taking off the listing and delisting it! thanks for the input.
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes2y
Quote from @Sean Pedeflous:
Yes, I recommend charging extra for pets. I'm not a fan of increased deposits because they are refundable. I prefer to charge an increase to the monthly rent.
Do some research on BiggerPockets or Google to learn about screening pets, how much to charge, setting rules, enforcing rules, etc. Pet-friendly rentals rent faster and for more money, but you have to do it right or it can be a disaster.The DIY Landlord Book4.7248 Reviews - Salt Lake City Metropolitan Area · Member since 2024 · 5 posts · 1 vote2y
Hi, Sean!
I'm Mark, the CEO of TenantCloud. Here are a few tips to help you with your rental situation:
1. Review Your Listing: The headline is crucial. It’s the first thing potential tenants see when they view your listing. Catch their eye with a descriptive headline. Include specific information about the location, amenities, parking, and building.
2. Utilize Listing Syndication: With TenantCloud, you can advertise your units across 20+ ILS like Rent.com, RealtyStore.com, Redfin, Rentals.com, Oodle, Apartment Guide, RentalSource, Rentalads.com, and Zumper. This will significantly increase your exposure and attract more potential tenants.
3. Engage Interested Parties: Follow up with interested parties and applicants who have disappeared. Sometimes a little nudge can bring them back.
4. Be Patient: It’s only been 2.5 weeks :) Give it a bit more time!
Best of luck, and feel free to reach out if you have any more questions!
- Member since 2024 · 32 posts · 14 votes2y
Hi Mark, my agent had me set up and do my first lease with avail.co.... looks like they are similar. But I like the features of tenant cloud. Am I able to sign up and just use it to adver across the 20+ sites you listed? Eventually I could switch over but I dont want to have 2 leases on separate platforms for obvious reasons. What do you think?
- Salt Lake City Metropolitan Area · Member since 2024 · 5 posts · 1 vote2y
Quote from @Sean Pedeflous:
Hi Mark, my agent had me set up and do my first lease with avail.co.... looks like they are similar. But I like the features of tenant cloud. Am I able to sign up and just use it to adver across the 20+ sites you listed? Eventually I could switch over but I dont want to have 2 leases on separate platforms for obvious reasons. What do you think?
Give our 14-day free trial a shot so you can explore all the features, including listing syndication. You can also manage your current lease on the platform while trying out TenantCloud. If you enjoy using it, you can make the switch gradually.
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