“I can’t rent my house, what should I do?” is a question we hear a lot.
Hey everybody. It’s Matthew Whittaker back with another “Questions Owners Ask.”
And today’s question is, “I can’t rent my house, what should I do?”
So, this is assuming that you’ve tried to rent your own house, this is like a for rent by owner type situation.
So, there are two things I want you to look at.
There is price and product.
So, let’s say you’re getting a lot of calls and no one’s coming to see it. In other words, they’re finding out that the price is too much for the area.
If they’re calling you a lot for the price, but you’re not getting a lot of showings, it’s a problem. They’re telling you that you are priced too high for the area.
Now, if you’re getting a lot of people to come see the house then they’re saying, I’m willing to pay that much to live in that area. But there’s something wrong with your house.
That’s a product issue.
So, we’re always talking price and product with owners.
So again, if people are not coming to see your house when they find out the price, they’re saying that that house is too expensive for the area.
If they’re coming to see the house and they’re still not renting the house then they’re saying that something’s wrong with the house.
So, let’s take a look at the house now.
When you have a product issue, is it a situation where there’s something like what we call White Elephant?
A White Elephant could be:
- It’s on the main street
- It’s near a busy commercial park
- It’s beside train tracks
Is there something that’s keeping it from renting that you can’t fix?
You need to bring the price down to match the product.
If there’s something with your house though that you can fix, do it. For instance, a room’s painted hot pink and nobody likes that. You can actually bring the product up to the price.
The last thing I would say is if you’re having trouble renting it, you could reach out to a property manager. Obviously, I’m biased towards that decision.
We’re paid to come and find out what would keep your house from renting and maybe we can help you rent it. In fact, if we help you rent a month early, we’ve more than paid for ourselves.
So, that’s it. That’s “Questions Owners Ask.” I’m Matthew Whitaker with gkhouses.