So let’s jump right in.
This is one of the most painful times because you have the anxiety of you’re paying the mortgage, the home’s sitting vacant, you’re not collecting income.
So I want to really help you, give you some real feedback on things you can do, some ways to, kind of look at your property based on certain things that might or might not happen, and then you’ll, kind of know what’s wrong with it.
If you’re not, that may mean something like the pictures online are bad.
The listing is not posting to all the sites it should post to.
And your description’s not very good or your property may be too high priced for the area that it is.
So think about it.
I’m Looking Online!
If I’m a resident or a potential resident and I’m looking online, there’s something that’s keeping me from coming to see it.
Is it the fact that your pictures are not very good? Like I’m looking at your pictures compared to other people’s pictures.
Is it the fact that your description’s not very good?
Like you’re not telling me a lot? I don’t know.
People Are Looking Online!
Because keep in mind, people are looking online first and then they’re coming to see your home.
So I mean, it’s something crazy like 80% or 85% of people will see it online first.
And then the big question is maybe your pictures look great, maybe everything’s good and it’s posting to all sites it should.
But somebody’s saying, “I’m going to live in this ZIP code or in this neighborhood and what you’re asking is too much for me to even go see it to live in that neighborhood.”
So that’s super important for you to check out and so if people aren’t coming to see it, those are four ways you can fix that.
Basically what they’re saying is, “All those four things are correct, that we talked about earlier, and I’m willing to pay that amount of rent to live in a home in this neighborhood. But when I’m getting there, something is wrong.”
So you need to look around and see.
First thing I would say is white elephant type issues. (Help My Denver Rental Home Isn’t Leasing What Should I Do?)
So white elephant issues are issues that you can’t solve yourself, meaning it’s on a busy street.
It’s near some sort of commercial property. I had a property one time that backed up to a graveyard.
It’s not something I can solve.
And I can’t go move the graveyard somewhere else. So that’s a white elephant issue.
So try to be as objective as possible and see is there a white elephant issue that your property’s dealing with.
Maybe it’s small bedrooms, and there’s not much you can do other than adjust the price to account for small bedrooms.
But maybe there is something wrong with the house that you can fix.
Maybe it’s a hot, pink bedroom which is a turn off to people or some sort of crazy color or even black bedroom.
Try to get some feedback from people that are there.
And if your property is finishing second a lot, that’s not always great either.
It seems like the property that’s always everybody’s bridesmaids but never the bride is just as much of a problem.
Because You Want Your House To Be The Next One That Rents.
As easy as that is, I have found that people can’t find your house.
Maybe your yard’s grown up a little bit and your sign’s dropped.
Make sure that hadn’t happened.
So I tried to do as many things as I could before I got there, but you need to know that this is a true supply and demand issue.
What you’re going to get for the home is not dictated on what your mortgage is, what other people necessarily have rented for in the area.
It is whether they’re a willing buyer or willing renter and you are going to settle on.
And So You Need To Be Really Objective About Your Price!
Be willing to drop your price really quickly if the data is showing that you’re overpriced.
And because, again, it’s just a simple… a general supply and demand issue.
So that’s it.
I hope that was helpful.
My name’s Matthew Whitaker.
I’m with evernest.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.