And today I want to talk to you about what do you do when your Birmingham property isn’t leasing?.
So, I’m going to run through a couple of things. At evernest once a week with my team.
We actually go through this with our properties and we looked through our listings and we’re trying to figure out if we have some properties that have been sitting on the market and what can we do to make them more appealing?
What can we do to get them off the market any quicker? And obviously, just looking for opportunities.
What I’m looking for when I go through this to review this with my team.
And ultimately what you should be looking for if you’re leasing your house around and you’re having trouble renting it in the Birmingham area.
So, the first thing to look for if you’re trying to rent your house in Birmingham and you’re having issues with it is to ultimately review the listing.
And what I mean by that is something as simple as looking at, do I have a for rent sign in my yard?
Have you checked the photos on the websites that you have it listed at?
So, there are times that you’ll look at it and the photos may have got out of order.
The side of the house, could be the yard, could be the bathroom, could be a number of things that don’t show off the front of your property or give you the best foot forward.
And you always want to make sure that the first picture that a prospective tenant’s going to see is the best picture to show off your property in the best possible way.
If it’s not, go ahead and readjust those photos.
Make sure that you get them in the order that you would like to see them, that you feel like shows your property in the most appealing way.
If you’ve never written description of the property, the amenities, the bedroom, the baths, you need to make sure that you talk to somebody.
Maybe you got a friend that’s a little bit more creative or could make the writeup more appealing.
Go ahead and reach out to them.
Look online, see what other people are putting on there.
If your property is a three-two, but you listed it as a three-one where you’ve left off a second bathroom, well, that’s a huge selling point.
So, making sure that the description is the way that it should be. It’s an accurate description.
All those things you can put in description to sell your property on top of the pictures.
The next thing that you’re going on a look want to look for is when you’re looking for opportunities is really takes a minute to step back and look at the photos and really pay attention to your property as a whole.
So, one thing you want to keep in mind is just because your photos look good, well, that’s the first step.
Well, if you’re not maintaining the yard or if you’re not maintaining the exterior of the house, then they may just keep on driving and you’re going to lose them.
So, making sure that you have some type of process in place to make sure that your exterior of the house in the photos looks good.
But also the exterior of the house in real life looks good and stays in good shape.
So, make sure you stay on top of that.
One other thing that you should keep in mind, we use a system or a lockbox here called Rentley.
It’s something that you can look into. There’s a device, you put it on your door.
And there’s a subscription that a prospected tenant can pay for, 99 cents lets you look up to 10 properties.
And what that’s going to do is basically give them the ability to go inside your property on their terms when they can do it.
So, you don’t have to be there to show the property.
Number one, it gives them some availability to go see the property at their time.
The second part of it is there are also spots that can show feedback so they can provide you feedback.
And it’s important that you go back if this is something that you look for or whatever site that you use if there’s an opportunity for feedback.
Maybe you just leave a flyer on your kitchen counter, whatever the case may be, that you pay attention to what your tenants say.
If your tenants say that…or prospective tenants go in and view your property and they say that there’s an odor.
Or they say bugs laying around or they don’t like this or I don’t like that, maybe it’s something if you get it once or twice.
Maybe it was just a one-off there, but if you continue to see a pattern or if you want to make an adjustment to make it more appealing.
Then, go ahead and take care of that, and that way that’s not a reason that somebody else is not going to lease your property moving forward.
So, make sure that you’re looking for opportunities of feedback and you’re making adjustments on that.
That’s all stuff that you could look at just reviewing the actual listing itself and really that’s looking at the product, right?
And we’re looking at the house, what is the house, making sure that it’s listed correctly.
And then the second thing, a rental property in Birmingham may not be leasing is the price.
So, at some point in time, you need to take a look back and look at the price that you have your property listed at and do a little bit of reflecting on it.
Take a look in the surrounding area and one of the sites that are good that you could use is Zillow.
It’s free for everybody. You can jump on there, see what’s for rent.
If your house is listed as a three-two and it’s $1,000 a month and all the houses around it that are three-twos, the same general amenities and size, they’re listed at $950 or $925 or even $900 then obviously you need to adjust your price accordingly.
Just because you feel like it may be worth $1,000, if the market says it’s not worth $1,000, then, you know, unfortunately, you might not be able to get $1,000 out of it.
A lot of it depends on the season, but the market, your future tenants, they’re going to tell you what the house is truly worth.
And if you’re not seeing much action on it, just take a look around, make sure that you’re priced competitively with the comps in your area.
And again, Zillow somewhere that you can go and pull that up or pull that data fairly easily.
There are other sites that you could use to see if you’re competitive.
So, once you’ve checked a surrounding area and you’ve determined, say, your price is competitive or it’s too high, then if it’s too high, drop the price.
If your price is listed at $1,000 and there’s a bunch of houses around the area and they’re all $1,000, so then what can you do?
Do you need to drop it to not $950? Maybe, maybe not.
A lot of times when we’re looking at adjusting prices on property, we want to drop past entry marks.
And what I mean by that, if it’s at $1,000, think of it as trying to sell a car.
A lot of people will look at that and you don’t go buy a car a lot and it’s $22,000 or $20,000, most of the time they’ll list it at $19,999.
May change the filter bracket that somebody’s in, it may do a lot of different things, but it’s a mindset and then there’s definitely some things that you can do.
So, having a property listed at $1,000 or having a property listed at $995 may completely change who’s looking at it.
And may open up some different prospective tenants for you to be able to rent your house quicker.
Then the last thing that you can do on top of dropping the price, if that doesn’t work, you drop the prices comparable, all your amenities are good, you feel like your listing is right and you’re still not gaining any traction then what can you do to separate yourself from the other houses that are in the area?
Promotions can be basically anything that you would like it to be.
So, whatever the price is, I’m going to give you $250 off the first month’s rent if you sign by the end of the month.
I’m going to give you half off the second-month rent if you sign a year’s lease.
Whatever the case may be, just adding something to it that somebody else doesn’t have to basically push somebody over the edge and go ahead and have them sign the lease, which is what you’re looking for.
So, a brief overview about what we talked about, just making sure if you’re having a tough time selling or renting your property in Birmingham, Alabama, view the listing.
Make sure that you’ve checked the signs in the yard, your photos, descriptions, looking for opportunities.
Make sure your price is competitive. If you need to drop the price, some tips on dropping the price.
And then lastly, adding a promotion.
Wrap all those things up together, hopefully, that’ll help you rent your property quicker in Birmingham, Alabama or wherever that you may be.
I appreciate you listening to this.
Again, I’m Will Morton at gkhouses here in Birmingham, Alabama.
Check us out, gkhouses.com. We’d love to talk to you.
Thank you for your time.