One of the scariest times a homeowner goes through while renting their home is the vacancy. At Nestwell, we completely understand this as our interests are aligned with yours under our business model of we are pay for performance. If you aren't receiving rental income, we aren't making money either.
You receive Listing Report every Tuesday your home is on the market for rent. The report includes recent showings, activity with your home, and feedback gathered. Every Tuesday our entire team talks about your vacancy and what we can do to rent your home as fast as possible. Your dedicated marketing team receives a copy of this report and is available to answer any questions. Feel free to reply to the Listing Report or email firstname.lastname@example.org with any questions.
What Happens When You Price A Home Right?
You receive multiple showings (Nestwell likes to see 5 to 7 showings a week)
Multiple applications from qualified tenants. Pricing your home too high will only attract people who are desperate and have been rejected by other apartments.
Lots of applications means choosing a tenant who will pay on time and take care of the property.
What Does a Vacancy Cost?
On a rental home that rents for estimated $1,500/month and a mortgage of $1,250/month and utility expenses...a vacancy can cost a lot:
15 Days = $750 in Lost Rent + $625 Mortgage + $100 in Utilities = $1,475
30 Days = $1,500 in Lost Rent + $1,250 Mortgage + $125 in Utilities = $2,875
45 Days = $2,250 in Lost Rent + $1,875 Mortgage + $150 in Utilities = $4,275
60 Days = $3,000 in Lost Rent + $2,500 Mortgage + $200 in Utilities = $5,700
What Will a Price Adjustment Cost?
On a $1500/mo home:
$50 per month = $600 a year $150 per month = $1,800 a year
$100 per month = $1,200 a year $200 per month = $2,400 a year
Which would you rather have for YOUR home?
By aligning the price by $100 from the start and "losing" $1,200 broken up over a year - OR - by thinking your home is worth more than the market will bear and losing $1,475 to $5,700 or more right now?
What Should You Do?
Here are six options that will help rent your home faster.
Option 1: Allow Pets.
Trends are showing rental properties that do not allow pets are renting for less and are taking longer to rent. PLEASE REVIEW THE Pet Damage Protection Program OFFERED BY NESTWELL TO HELP WITH THIS ISSUE. If you wish to change your enrollment, you need to follow the blue link and complete the Docusign Form.
Option 2: Aligning Price With The Market.
At Nestwell, we show homes that are currently occupied by existing tenants. Sometimes the existing tenants can be uncooperative and cause bottlenecks. If the home IS vacant and not renting, it's always, always, always, going to be because of the asking price. When a home is vacant, rent ready, and even has the most basic marketing pictures -- lowering the asking price for rent can increase interest from prospective tenants.
Be aggressive with your pricing decision. It's much better financially to rent your home within the first few weeks it is on the market making you more money in the long run. Nestwell's recommendation is to start the asking rent at the top of the rent range, but not above. After 7-10 days, reduce it to the next price step until we receive multiple showings and applications.
Option 3: Lowering the Asking Price for Rent for 6 Months.
Nestwell always recommends a full price reduction when a home is not renting quickly and/or receiving applications. However, an alternative technique is to lower the asking price for the first 6 months to a new tenant. Be careful with this as this technique will attract more applications, but also turn some of them off by what seems to be a gimmick. Our lease agreement is already equipped to handle this escalation clause and will hand this flawlessly should you decide on this option.
Option 4: Matterport 3D Tours.
We always recommend upgrading your marketing plan with a Matterport 3D Tour for your home. This is an excellent way to draw more interest to your you home from prospective applications. Average cost varies depending on size. Cost ~$175.
Option 5: Professional Photography.
In our highest tier service, the Premium Photos and Youtube Video Tour is $100. We will send out out a professional photographer with cameras more expensive than what we can buy to take the absolute best photos of your home to display to potential renters. Cost $100
Option 6: Facebook Boost Marketing.
We offer a program where we can create a target marketing campaign for your home on Facebook. This a lengthy process to set up and we will seed fund the ad campaign with funds to begin this next level of direct advertisement. Cost $130
I Want To Rent My Home!
Please notify us via email at email@example.com to pick one of these options. Or simply reply to the weekly Listing Report we send out each Tuesday.
- Your Nestwell Marketing Team.