Hi @Cameron Larson,
First, I congratulate you on your 4/2 purchase in SC. It sounds like it has been just over 2 months since you purchased, furnished, and listed your MTR room rentals. I commend you because it took me 4 months to do that, but with a ¾ in VA.
Then, because I wanted excellent housemates, I vetted carefully, which resulted in taking another 2 months to fill the first bedroom and another 6 weeks after that to fill the second bedroom. That was originally concerning, but it was worth it later. I was in a position to be picky, and I sincerely hope you are in that position too.
As a result, everyone who rented rooms was a quality, happy person who gladly left great reviews when asked on Furnished Finder (FF)—the only place I listed the rooms. Those reviews, which are rare on FF, built credibility. Although it was slow going at first, I'm so glad that I stayed picky. Hardly any houses in my area have reviews. A year later, I bought a 4/3 in NMB, SC, but it must be an STR for a few years. Here are my answers to your questions:
• What has made the biggest difference in converting leads to signed tenants? Personally, I believe that vetting your potential housemates through the listing description, a quick phone interview, and background checks made the difference in conversions. They trusted me because they knew the vetting process was applied to everyone, so they could feel comfortable living with a few strangers. 100% told me that the pictures drew them. Most said the reviews made them eager to secure a room. All felt protected by the vetting process.
• In your experience, is price usually the issue or hesitation around shared living? It might take a little time to find your exact price per room. Sharing bathrooms naturally reduces the number. In my opinion, only 2 strangers will share a bathroom. I used the enemy method (EM) on FF to find my number. The enemy method partly involves researching similar listings in your area to see what others are charging and adjusting your price accordingly. Nobody ever attempted to negotiate with me. I suggest using the EM on the sites that you list. Maybe you will find that 2 strangers are willing to share a bathroom for $775 a month, but you will most likely find the number through the EM.
• What targeting channels or messaging worked best for you? I only list on FF. I took my lease to a real estate attorney who informed me that I was running a boardinghouse, which has different laws. Also, I found out that I could not advertise to any certain career, as that is considered discrimination.
Don’t give up. Keep professional procedures and conversations. I believe it won’t be long before the right person clicks with your listing description and photos—and ultimately with you as a person.
Hopefully that helps,
Shannon
