New Investor Seeking Assistance in Renting Strategy

New Investor Seeking Assistance in Renting Strategy

Member since 2024 · 1 post · 0 votes

Hello Everyone,

My fiancee and I recently got into real estate and plan to stay in it long term and continue to scale. We understand that everything is a process, and step by step we’ll get to where we want to be.

We recently purchased a duplex in the Manayunk area of Philadelphia. We’re currently living in the 1-bedroom, 1-bath unit and are trying to rent out the 2-bedroom, 1-bath unit. We have it listed on Zillow, Facebook, and Nextdoor, and we also have signs out front.

We’ve had a couple of strong contenders, but for one reason or another, they unfortunately didn’t work out. We’ve tried to keep the rent competitive with the average in our area, while still pricing it at a level that makes sense for us as owners.

My fiancee is also a real estate agent, but she recently put her license on hold as she’s pursuing a career path that should help us reach our financial goals faster.

Before using a real estate agent or a property management company, does anyone have any tips or tricks for getting more exposure on the property?


The property is, 323 Fountain St Philadelphia, PA 19128

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
9mo

Replace the pic of the front entryway with the clutter.

No cental a/C? What about the competition?

No pets is also probably hurting you.

Otherwise, lower price 5% every 3-4 weeks until activity picks up.

FYI - Nov-Feb is worst time of year for real estate due to Holiday Effect.

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  • Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    9mo

    Listing wise it looks nice. Photos and description look put together. I was looking at what's available within the zip code and you are at the upper end. It has been listed for 104 days so I would adjust the price. You aren't "off" on price but tenants have options. 

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    9mo

    Replace the pic of the front entryway with the clutter.

    No cental a/C? What about the competition?

    No pets is also probably hurting you.

    Otherwise, lower price 5% every 3-4 weeks until activity picks up.

    FYI - Nov-Feb is worst time of year for real estate due to Holiday Effect.

  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 269 posts · 301 votes
    9mo

    @Andrew Casanova unfortunately it's been tough sledding with leasing in Philly over the last 2 years. To succeed in leasing you have to start with the fundamentals you can control;

    1. Is your listing attractive? Beautiful wide-lens individually edited photos. Consider virtual staging. A picture is worth 1000 words when it comes to your listing marketing. 

    2. Is your listing marketed where it should be? Zillow/Trulia/Hotpads. Apartments.com. Rent.com. Facebook. Make sure your net is cast as wide as it reasonably can. 

    3. Are you handling leads the right way? Do you respond right away? Do you make it easy to schedule a showing at the prospect's preferred time? Are you following up to guide prospects through your lead funnel?

    4. Once you've mastered the top 3- then focus on price. Typically if you're doing the top 3 things well then you have to adjust pricing to meet the market where it is.

    5. If you're stubborn on pricing you can consider loosening your pet policies, offering move-in incentives, etc. 

    The one thing you really DO NOT want to do is loosen your screening standards. A lesson I learned early in property management is to take your loss on monthly rent as opposed to prospect risk. Especially in Philadelphia where the regulatory environment makes bad tenants all the more painful. Hold firm on your standards and slide your price down instead.

    Otter Property Management4.8628 Reviews
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    9mo

    Based on the photos, it appears the unit has electric baseboard heaters. Most renters paying around $2,000 per month expect a forced-air system rather than electric baseboard heat, particularly in a three-bedroom unit.

    Only 1 bathroom makes the unit far less marketable for a young professional roommate situation which is a common tenant in this area.

    Parking appears to be readily available, so I would not recommend charging an additional fee for it. This is not Manayunk, and parking is not a constrained resource.

    You should also strongly consider accepting pets, or at least dogs, as that will materially expand the renter pool.

  • Rental Property Investor · Philadelphia, PA · Member since 2021 · 13 posts · 5 votes
    8mo

    Speaking from experience in Manayunk, it’s tough to rent stuff there off the main season when young professionals are looking to move in (July-Sept and even Sept can be late). I exited one of my properties there recently because of that and another is rented quite a bit “under market” (compared to peak market) as I had a lease end inconveniently on Oct 31 a few years ago. My units actually are under a management co, but either way it’s a hard market some of the year. If you really want rid of it, list it for cheap and take whatever you can get to pay some of your mortgage, and potentially look at moving your renewals to 6/18 months to eventually get to the top of the market cycle.

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