10 Reasons your house did not rent in 2013, (and what to do about it for 2014)

After 13 years in real estate in the Hamptons, I have seen and heard it all when it comes to summer rentals. Tenants and landlords, it’s always, let’s say, interesting. Ask any agent or broker on the east end about some of their rental experiences with landlords, well, let’s just say, take a seat; you could be here for a while. It’s September 2013, and I have already heard from a few landlords who did not rent this past summer and want to why, because, of course, it’s my fault. Happens every September, like clockwork. Why did Bill Williams not get their house rented??  Below are some of my responses, maybe this will help them and you get your property rented this year.

You’re asking too much. No matter how hard you wish it, no matter all the strong, loving, prideful feelings you have for your 3 bedroom, 2.5 bath saltbox in Water Mill North, you are not going to get $95,000 for the season. You need to be pragmatic, be reasonable, and be smart. Ask a respected agent in any of the local offices to show you some comps and price your rental accordingly. My rule of thumb is set a price 8% higher than what you can reasonably expect to get, and make a deal.  Know the market.

Your house hasn’t been cleaned in 2 months. Seriously? A dirty home is the absolute biggest turn-off to potential tenants. It’s not only that it is dirty; it is an alert to the tenants that you may not be an ideal landlord and not attentive to even the basic needs of the rental. Clean the fridge. Tenants always look in the fridge. And nothing says “Don’t rent this house” like roach motels on the kitchen counters. 

Your photos are from 1972. As fun and nostalgic as it might be to use photos showing your 6 year old son’s Big Wheel tricycle, (he’s now 29 and a father of twins), you need to update your photos. If you can swing it, have photos professionally taken. For a few hundred bucks you can get 8 or 10 high quality photos that you send to all the brokerages to use, (consistency), and barring any major structural changes, you only have to do it once. Also keep in mind: De-clutter your interiors as much as you can, schedule the photo session on a sunny day, take photos in the spring or summer when the pool is open and trees and flowers in bloom. (Having photos showing a foot of snow covering your pool just does not scream “Summertime Fun”.

Your Pool was not heated. This is obviously an easy fix, but also an expensive one. Depending on the size of your pool, a new pool heater can run $2500 to $3500. And if you don’t already have a propane tank at the property you may also have to install a tank also. But I believe it is worth it. I would feel very comfortable increasing the asking price of the rental by 1.5 times the cost of the pool heater; you could pay for it in one season. I have worked with dozens and dozens of potential tenants who won’t even consider a property if the pool is not heated. And take it from me, the solar sheet that you laid down on the pools water surface is not considered a “pool heater”.

You didn't have wireless internet. And Another…Seriously?? It’s the 21st century for goodness sake. Installing wireless internet is cheap, easy, and will exponentially increase your chance of attracting a quality tenant. Please, no more wires or dial up. (Can’t believe I just had to say dial up).  With more and more people working from home, (even their summer rental), it is the norm that your tenants and their computers and ipads will be outside by the pool, on the deck, or in the yard. Wireless internet is a necessity for your rental property, not an option.  And make sure the security passwords are taped to the inside of one of the kitchen cabinets along with all the other important phone and contact numbers.

You have a bad reputation with agents and brokers. It’s a sad truth, but true all the same. If over the years you’ve made it a habit of not returning security and utility deposits in a timely manner, (as per the lease), or not being attentive to your property and tenant during the rental period, (causing the tenant to call the agent to complain), agents and brokers are going to be less likely to show your property for a summer rental, and will share their dismay with other agents.  (I call it the PITA factor, get it?). You responsibility as a landlord does not stop when you deposit the rental check. Your attitude towards your tenant and property will go a long way in securing repeat showings and business from the brokerage community for years to come.

You have no friends in the brokerage community.  This is an important factor that landlords commonly overlook. If you are a landlord in the Hamptons you should have a professional, friendly relationship with an agent at each major brokerage that personally handles your listing. Not only does this give you the sense of security that your listing is being properly handled, updated and made available for to entire brokerage community, but also they will be more willing to discuss and implement changes to your listing quickly due market fluctuations or other conditions.

You updated your listing in March. I realize that the 2013 rental season just ended, but it is not too early have your rental listing updated for 2014. Every year your property has more and more rental competition to deal with, and you have to be ready for it. Last year for example, potential tenants started looking for summer rentals in December, (I showed an oceanfront rental in Montauk on Christmas Eve, which felt weird). The showings stayed strong up until May or so, then slowed dramatically. The owners who updated early were happy they did, and the owners who waited till March to update were scrambling to get a tenant.

Bla Bla Bla.  If you don’t have an ocean, sandy beach, reserve view, or dancing girls that will greet your potential tenants when they drive up the front door, you will need to create your own WOW factor. Your goal should be to have these people want to rent your place before they go thru the front door. Make sure the drive and walkway are clear and clean. Weather permitting, use flowers and other attractive landscaping to create a happy, welcoming feeling. Fresh paint on the front doors and surrounding areas will make a big difference. If there is snow on the ground, make sure it has been cleared away for a safe and easy entrance. And in this case have summertime photos of the entrance of the property displayed on the kitchen counter. (Oh, and I was kidding about the dancing girls).

Your property is difficult to show. This is probably a slight exaggeration on my part, but it always seems to me that the landlords who complain the most about not getting rented are the ones who are the hardest to get in touch with. Ok, maybe more than a slight exaggeration, but none-the-less frustrating to real estate agents who are trying to rent your property. You should have all your contact info and instructions on the listing, including home and cell numbers, email, and text messaging. Make keys and alarm codes easy to get and accessible. You want to make it easy for the agents to reach you and show your property. Remember that the competition in your particular market is fierce, and the better and faster your communication with the agents the better chance they don’t move on to another property.