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, what should I do?
So, there’s two things I want you to look at.
There’s 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.
In other words, if they’re calling you a lot, but you’re not getting a lot of showings, they’re telling you that your 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. 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, like it’s on a main street, it’s near a busy commercial, is there something that’s keeping it from renting that you can’t fix?
Then you need to bring the price down to the product. If there’s something with your house though that you can fix, like a room’s painted hot pink and nobody likes that and you can do that, you can actually bring the product up to the price.
The only 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 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.