Welcome to the third article in my #rentingseries, where I have been shining a little light on the rental market. I talked about the inventory being low, I made an announcement that I would love to assist renters in finding a home, and now I bring you ten reasons why your rental listing is not renting.
- The listing agent is not answering their phone or email.
This one might shock you, but I dare you to have your neighbor inquire on the listing. Not only do potential tenants have a hard time reaching the listing agent, but I, as a realtor struggle too.
- The listing agent used their iPhone 5 or Galaxy 3 to photograph your listing.
You might think I am lying here, but refusing to hire a professional photographer is the biggest reason why a house is not leasing. It not only prevents your home from being clicked on, but it speaks volumes about the listing agent.
- You might not be realistic about your rental criteria.
Most tenants are renting because they cannot buy. There are other ways to determine if a tenant is going to be a good one, without starring their credit score dead in the face.
- The listing agent doesn’t have the property in CSS.
CSS is Centralized Showing Service, and all the professional photographers use this scheduling service. It is the most convenient to use (quick and easy). 80% of the listings use this, and then all scheduled properties are within the app.
- The listing agent is not creatively marketing it.
This one is my bread and butter folks. I recently used some secret-sauce marketing efforts, which led to 40+ inquiries on one home and leasing it all home within one week!
- The listing needs a deep clean.
It really is important to make that positive first impression. If you give someone that “dirty” feeling, they will be reluctant to live there.
- The listing is currently occupied by tenants, making it hard to show, or unpresentable during showings.
I know this can’t always be avoided, but the easier a home is to show, the easier it will be to lease.
- The listing does not come with appliances.
Depending on the price point of home, many tenants are hoping for a home that has a washer/dryer and refrigerator included.
- The listing is not pet friendly.
Sixty-eight percent of U.S. households, or about 85 million families, own a pet. I can understand not wanting to house pets in your rental property, but this can be a reason why a property hasn’t leased in a timely fashion.
- The listing is lacking updates.
Every single house that is updated or renovated, and within a certain price range, just flies off the market. I recently got $200 more for a renovated listing, than the exact same home next door.
- The actual listing in the MLS is lacking details about the home or has inaccurate information in the listing.
It is extremely important to view your listing before or once it has gone live. Typos or assumptions might sneak into the listing, deterring people from renting the home.
- The application fee is too high.
I have seen real estate agents charge over $50 per applicant before. I am not sure how, where, why, they get that number. I personally use mysmartmove.com. It completes a background check, a credit check, and an eviction check, all for $38-$40. And often times they have coupon codes.
- The listing is overpriced.
Not only is it important to look at previously listed comparable homes, but it is almost smart to look at actively listed comparable homes. And I recommend looking outside that particular neighborhood, since the inventory is low. Most people that rent aren’t restricted to a single neighborhood, but a particular area or school
So I hope you have found this information helpful. If you have recently terminated or had your listing agreement expire after working with another real estate agent, or you are ready to freshly list a home, please reach out to me.
P.S. Check out this link for searching for homes. It will take you to my landing page on har.com. You can inquire about any listing or request a personal showing, and it will send a message directly to me. 🙂