When I was talking with a broker yesterday to find one that would hold my license he asked if I was planning to use the MLS to list my rentals. I never thought about that and actually did not realize that the MLS had rentals. I guess there are still a lot to learn… :O)
What are your thoughts about listing rentals in the MLS? Have you done it? Was it effective?
That particular broker would not hold my license if I wanted to list my rentals in the MLS. Basically because his insurance would not cover it.
His advice was to use signs to advertise the rental… He felt it was more effective than the MLS… What do you think?
I would appreciate if you have comments/experience that you are willing to share… Have a great day!
In my experience, the broker was right…signs, local paper ads, etc. are cheaper and effective enough that I have never had to use an MLS listing for a rental. My properties were in a very low vacancy area and generared dozens of calls with just a sign.
I think it’s good to browse the MLS for rentals when considering moving to a new area, but I realize the ones listed are a small portion of what’s actually available. Nonetheless, it gives you an idea of what your money will get you. I’ve still yet to advertise for our building. Every time there has been a vacancy, our tenants have told their friends and it has worked out well so far. You can put a free ad on Craigslist. Kinda limited traffic from that, but it’s free exposure. Try the local paper if it’s not too expensive.
Thank you all for your comments. I have just came from my broker (I have a real estate license that I am activating…). It will be free to list on the MLS… The downside is that I will have to pay a transaction fee to him for each transaction… I would need to pay it even if I didn’t use the MLS. It has to do with liability - the broker is liable for all my real estate transactions… He told me that as I grow my business we can negotiate a lower transaction fee - he seemed sincere and I didn’t feel the need to lock a rate now. One thing that I do know about this business is that if he doesn’t make me happy I can always go to another broker…
I got a good vibe from him. And for me it is very important… :O)
He started off as an investor and he told me he could help me get started. We will see…
Another question - do you usually use lockbox in your rentals? I guess most tenants don’t come through agents - so it may not be necessary… Anyway - I would appreciate if you want to share your experience/comments…