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Anyone know what other fishbowls are like?
How are the yearly hikes in pepsico
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Are the <3.5% rates gone for good?
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Have you tried getting feedback from the people who have toured it? On why they decided not to rent it?
That’s fair, maybe sending them a link to provide detailed feedback might help? And incentivizing them with a 20$ gift card or something?
Are the bathrooms updated? I've noticed in my experience with real estate that bathrooms are deal breakers for people. It also depends on the neighborhood. Is it generally a neighborhood that people want to live in?
There is no magic mark. I just sold a rental townhouse that I bought in 2023. I honestly feel relieved. After taxes and fees I probably made a very small profit but its ok because I didn't want to deal with it anymore. It was a bad investment and I won't do it again.
A couple thoughts...
1. Get market data. It may not be the house's fault. check overall net supply demand for your submarket and if it's negative, there's too much competition for not enough buyers. Also check price to real comps that you tour yourself to see if you're over priced, or offer same amenities as others, or they may be offering shadow concessions. Secret shop your closest competitor.
2. if you're getting showings but not closing, likely either pricing, or amenities, or location vs. marketing exposure so see if your showings to close rate is similar to others, blogs and reddits in your area are good anecdotal source for this, or start chatting withthe realtors who sell and rent in your area about their stats and they usually wiill tell you.
3. if the problem is either too much competition or locaiton to price. Sell and 1031 exchange into something with better market potential. Keeps the tax advantage and solves your market problems. Don't beat yourself up over a bad location or bad market dynamics. If you're a good operator and take care of your tenants, you're good at your business. Change the product offering to something with higher demand and pricing. Don't fight a bad location or bad market dynamics.
Do you know the cost of utilities, I lived in a rental property with gorgeous high ceilings, very large 2 car garage, bedrooms where pretty big, however my utilities where very high and the closest where barely big enough to keep all my stuff in
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What market are you in? What does the competition look like for rentals? How are you coming to the price you are using? How are you promoting the rental?
All of the details matter in the rental market
This. The only thing that matters isn’t next best option. Know your competition.
Maybe your price is too high for what it is. They are getting more with less somewhere else.
Do you have a realtor show it or do it yourself?
Where's this house located at?
Could get a bunch of roommates to fill the space or let people sublet. sometimes it's just a bad market to rent out the entire space, some income is better than nothing..I'm going through something similar right now too. Best of luck.
Yeah, I'm honestly considering it. Thanks
Do you have a realtor or are you DIY? My husbands a realtor and often times it’s the client wanting one thing but not understanding the market. Realtors will get you the right comps and a good realtor will set the right expectations on what it will take to get a good renter in there. Ofcourse the market is the market but an expert helps. Worse case you’re paying realtor fees but less time in the market