I have a single residential property in Beaverton Oregon which has been rented in the past without problems. However, when the lease expired in late September this year, it hasn't been rented out for one and half month. There are very few applicants in the rental market this season. I noticed some nearby rental properties with similar rental price also have not bee rented out after 1-2 months. Please advice regarding the strategy to speed up the rental process.
Real Estate Agent · Beaverton, OR · Member since 2020 · 190 posts · 158 votes
2y
Hello!
I am also local to Beaverton and have units in Beaverton, Hillsboro, and Gresham. I posted a listing in the beginning of October in Hillsboro and had several leads. I had several tours that same weekend and signed a lease right away.
In addition to the tips mentioned above about price and photos, I would add the following:
1. Timing is key. Most renters look at the beginning of the month when they pay rent so there will be more activity at that time.
2. Response time is critical. How quickly does your PM call/text/email prospects?
3. Price is always a consideration, if you missed the good rental window for a larger house it will take longer to rent in the fall/winter. Letting it sit for more than a month tells me that you and your PM are not aggressive enough with their price changes. I usually list my rental, and if I don't have at least 10 leads a day, then I lower my price until I get the lead flow at that pace.
4. In addition to the suggestion for photos, get a professional floor plan and or a Zillow 3d tour. On Zillow they will boost your listing's SEO rankings if you use their floor plan and their tour. Local pro-photographers offer these packages along with photos and it is worth the money. As a realtor I typically pay $350 to $400 for 25 professional photos, the floor plan and the 3d-tour.
If you would like more specific feedback, please share a link to the advertisement for your SFR.
Property Manager · Northern Colorado · Member since 2023 · 12 posts · 2 votes
2y
We have a similar problem out here in northern Colorado. Usually, in the late fall and the beginning of the winter season things get very slow for us and rental units are sitting empty. I'm not sure what kind of marketing you're currently doing, but we like advertising on most popular sites. Zillow and apartments.com usually get a good portion of our leads. And while it seems simple, having high-quality pictures for your unit can make a big difference!
Thanks for your advice. The property is managed by a management company with ads in several websites. I will ask them to take some new pictures to make it look better.
I have a single residential property in Beaverton Oregon which has been rented in the past without problems. However, when the lease expired in late September this year, it hasn't been rented out for one and half month. There are very few applicants in the rental market this season. I noticed some nearby rental properties with similar rental price also have not bee rented out after 1-2 months. Please advice regarding the strategy to speed up the rental process.
Fall can be a difficult time to find renters as many people who want SFR's have families and moving during school is less desirable.
Better pictures will absolutely help get more attention. If the house is furnished, or you can furnish it for relatively cheap, you may consider a mid-term rental strategy for the slower months.
I have a single residential property in Beaverton Oregon which has been rented in the past without problems. However, when the lease expired in late September this year, it hasn't been rented out for one and half month. There are very few applicants in the rental market this season. I noticed some nearby rental properties with similar rental price also have not bee rented out after 1-2 months. Please advice regarding the strategy to speed up the rental process.
Hi there,
I also have a rental unit in Beaverton , OR. would love to connect with you and share ideas. lowering the rent and better pictures would be my advice for your current problem. thanks
Real Estate Agent · Beaverton, OR · Member since 2020 · 190 posts · 158 votes
2y
Hello!
I am also local to Beaverton and have units in Beaverton, Hillsboro, and Gresham. I posted a listing in the beginning of October in Hillsboro and had several leads. I had several tours that same weekend and signed a lease right away.
In addition to the tips mentioned above about price and photos, I would add the following:
1. Timing is key. Most renters look at the beginning of the month when they pay rent so there will be more activity at that time.
2. Response time is critical. How quickly does your PM call/text/email prospects?
3. Price is always a consideration, if you missed the good rental window for a larger house it will take longer to rent in the fall/winter. Letting it sit for more than a month tells me that you and your PM are not aggressive enough with their price changes. I usually list my rental, and if I don't have at least 10 leads a day, then I lower my price until I get the lead flow at that pace.
4. In addition to the suggestion for photos, get a professional floor plan and or a Zillow 3d tour. On Zillow they will boost your listing's SEO rankings if you use their floor plan and their tour. Local pro-photographers offer these packages along with photos and it is worth the money. As a realtor I typically pay $350 to $400 for 25 professional photos, the floor plan and the 3d-tour.
If you would like more specific feedback, please share a link to the advertisement for your SFR.
Hi, Melissa, I appreciate very much for your advice. The PM I am using is responsive by phone 7 days a week, but I am unsure about their responsiveness to text and email inquires.
I've reduced the rent by $100 twice in the past 1.5 months, we are now at $2899 that was adjusted on 10/13, but interest remains low.
Do you know how people typically implement/use Zillow's floor plan and tour and is there a fee that is charged from using it?
Real Estate Agent · Beaverton, OR · Member since 2020 · 190 posts · 158 votes
2y
Hi Susan,
If you or your PM pays a pro photographer for the 3-d Zillow tour, they get a link that they can embed into the advertisement. (Flat fee one time).
Thanks for providing the link to your listing. Your PM just filled out the basic bullet points, and they are using a boiler plate description that they probably use on all of their properties. They say: "*Here is your opportunity to find your dream home! Properties are renting quickly; we encourage you to apply before viewing, to be first in line. To increase your chances of getting approved, be sure to gather and submit all your documentation at the time of your application. If you have any questions, please don't hesitate to call our office for assistance.*" No offense, but Zillow counts days on market...42 days and 11 contacts doesn't say this house is renting quickly.
How come they didn't write a unique description of your home? At minimum I would expect a few sentences highlighting the benefits of your home.I know your community and they could do a better job of highlighting the GYM, Pool, and proximity to the Villa Sport as well as the restaurants in Cedar Hills. There should be photos for these items...missed opportunity!
In addition, since there is no yard and we are in the off season, I would expect this to rent for $2,500 to $2,550. Currently they are priced at $2,699. (You may have gotten that $2,700 in summer when families were moving, but not now). $2,500 rented for 12 months is $30,000 gross (rented fast). $2,700 rented for 10 months (factoring in your lost time on the market) in the same 12 month period is $27,000.