All Forum Posts by: Jordan Womack

Quote from @Tristan Kelly:

Quote from @Jordan Womack:

Quote from @Tristan Kelly:

Hi @Jordan Womack have you found any luck in renting out your unit? When my PM was handling the applications for my units it took months. When I finally decided to take it over myself I was able to get my units rented in less than a month. This mainly related to quick response times, following up with applicants, and flexibility around touring. My 2bd 1br was rented in less than 2 weeks last month on the SE side for 975 and I know it is not as nice as your unit!

Hi Tristan,
You know its amazing, once I threatened to terminate my management contract, both units got rented within a week! I'd agree with you that I think the issue was response time with leads (or maybe not even following up whatsoever), but in any case thankfully both are now rented and I fully intend to change management teams within the next year as I do not anticipate them to fill any future vacancies in a timely manner.

I'm so glad to hear you got the units rented! It is frustrating to watch them drag their feet while you are losing money on your investment. Unfortunately with the money they get from unit, they'll never be as motivated as you to get them occupied. Are you willing to share who your problematic PM was? 

 Sent you a DM

Quote from @Henry Lazerow:

A lot of these PM's don't even answer the emails prospects send. Switch management companies or find a good realtor and hire them direct to handle the leasing. A unit should never sit on market more then 2-3 weeks if it's priced right. 

 Thank you Henry, I agree. Since the management company managed to fill both vacancies within a week of me threatening to terminate my contract, my belief is the reason these units sat so long is inaction from the management company to actually try to get them rented.

Quote from @Tristan Kelly:

Hi @Jordan Womack have you found any luck in renting out your unit? When my PM was handling the applications for my units it took months. When I finally decided to take it over myself I was able to get my units rented in less than a month. This mainly related to quick response times, following up with applicants, and flexibility around touring. My 2bd 1br was rented in less than 2 weeks last month on the SE side for 975 and I know it is not as nice as your unit!

Hi Tristan,
You know its amazing, once I threatened to terminate my management contract, both units got rented within a week! I'd agree with you that I think the issue was response time with leads (or maybe not even following up whatsoever), but in any case thankfully both are now rented and I fully intend to change management teams within the next year as I do not anticipate them to fill any future vacancies in a timely manner.

Quote from @Varun Hegde:

You've gotten no showings so far? bathroom looks pretty rough, but rest of the unit looks decent! 

If you're having no showings I'd bet it's the bathroom. If there are showings - is nobody qualified? e.g. this neighborhood I'd expect your tenant credit score to be ~650 at absolute best

 We've had a few showings since the price was lowered but no applications. I think this is just an unflattering picture of the bathroom, because everything is new and looks better in person. I have asked the PM if there was any negative feedback from the showings and they said no.

Quote from @Scott Mac:

I looked at your offering on Zillow.

The red comes out on my monitor as red as a cardinal bird.

I also noticed all of your windows have the stickers on them from the manufacturer.

If it were mine those windows would be just clear glass- clean clear glass on the turn.

 Thank you, I will instruct my PM to do so, if they haven't already

Quote from @Joshua Janus:

Quote from @Jordan Womack:

Howdy All,

Closed on my first deal in Cleveland in December, which is my first foray into the market. Property is a clean, renovated duplex in 44111, West Cleveland. After the holidays and some minor repairs, both units have been on the market since February. For the first two months there were only a handful of showing, which the PM said was due to normal winter slowness - I assumed it was pricing due to comps.

After 60 days on market with no applications, I pressured the PM to lower the price of the units to list competitive to nearby comps. After reducing each unit nearly $200/mo and a move-in special, there has been more interest but after 30 days still no applications.

Seeking recommendations on what to do next. Looking at pricing I don’t think that is the barrier any more so I feel it’s perhaps the marketing. I’m considering terminating my PM contract at the end of May assuming we still don’t get any applications, although I’m not sure what another PM would do different.

Curious if any other investors in West Cleveland have had difficulty filling units?

 What rent are you asking? Do you have pictures? There are a lot of factors that go into this. Overall there is strong rental demand on the west side as the rental population is large. 

 Hi Joshua,
Currently it is listed at $875 with a $200 move in special. Below are some pictures:

Howdy All,

Closed on my first deal in Cleveland in December, which is my first foray into the market. Property is a clean, renovated duplex in 44111, West Cleveland. After the holidays and some minor repairs, both units have been on the market since February. For the first two months there were only a handful of showing, which the PM said was due to normal winter slowness - I assumed it was pricing due to comps.

After 60 days on market with no applications, I pressured the PM to lower the price of the units to list competitive to nearby comps. After reducing each unit nearly $200/mo and a move-in special, there has been more interest but after 30 days still no applications.

Seeking recommendations on what to do next. Looking at pricing I don’t think that is the barrier any more so I feel it’s perhaps the marketing. I’m considering terminating my PM contract at the end of May assuming we still don’t get any applications, although I’m not sure what another PM would do different.

Curious if any other investors in West Cleveland have had difficulty filling units?