How to find renters or attract tenants?

Question

Hey Everyone,

I have a single-family house in Folsom 95630 zip code area. The house was built in 2014 and is located in a good neighborhood. However, the house has been listed for 11 days and only 11 contacts, no applicant yet.

We hire PM who is helping us in creating the listing and screening the applicants. But I wonder why the number of applicants is so low, while we have recently reduced the price to meet the market rate. Similar homes listed nearby get more applications.

I am wondering is there a way to get more applicants to apply? What’s the longest you’ve ever had a vacancy or considered as normal? Thanks in advance for the response and discussion.

James Peterson · Answer

Hi @Intan L., I have a rental coming up soon in Folsom.  The keys are #1 Full listing info as if selling, with professional pics. #2 And most importantly,  very competitive pricing.  Think about it, if you priced it 20% below market you would have every renter looking in the area applying.   But over price it 20% and you will get 0 applicants.  Find the sweet spot and underprice it 5% so you can choose the best renter... = less headaches and problems.  Zillow and Facebook is where it should be.

-James

Intan L. · Answer

Hi @Kelsey Bailey,Thanks for the input! I'd love to connect with you and send you a direct message on this.

Intan L. · Answer

@Michael Ablan Thanks! Appreciate the suggestion, and I'll check that out.

Michael Ablan · Answer

@Intan L. - Facebook marketplace is our honey hole.  Hands down, no second place.  But, you have to have location, condition of the unit and price dialed in as well (pictures too, but that should be a given these days).

Kelsey Bailey · Answer

Hi Intan, I'd be curious to see the listing itself as quality of images and how it compares to other listings available is quite important. Generally our process as property managers is to start right on track with market rate and assess activity on a weekly basis and recommend changes that may help activity such as price reduction, changes to allow pets, include utilities into the rent, move in specials etc. I'd say 30 days is a reasonable average to get from vacant to new tenant move in but this can of course vary based off property condition/desirability, competition and amenities provided.