Great trick to get potential renters in to look at a property

Rehabbing, Fix and Flip, Rental Properties
1

I love using new marketing techniques in business. They helped make me a lot of money with my primary business! And now I am applying them to real estate! LOL.

Here’s one of several I use when finding potential renters. Many apartment complexes use “specials” to get tenants to rent ASAP…those little tricks work well.

Say my target rental price is $675 per month for a 2/2 SFH. I’ll advertise my property at $695 per month, and when I get calls on the ad, I’ll tell the caller the property is actually renting at $675 — if we can get the property leased out in the the next week. This amazingly gets people excited…and in your door to look at the property.

Also if you are advertising to low income renters, and you don’t care much about credit history (but you do care about eviction history, criminal records, lawsuit history, income, etc) … put “Easy Approval” at the end of your classified ad. Holy cow that gets you a lot of calls. You’ll get some felons calling, sure, but in general it gets you a lot of people who DO qualify to rent from you. The more potential renters = the sooner you get it rented out = more $$ in your pocket.

I love this business.

2

Great ideas!

Mike

3

CEO,
What is the market rent for your property? Are you advertising at market rent and willing to be $20 under it for a lease or are you advertising a little on the high side?
$20 at that rent amount is probably negligible anyway. I am just curious where you think your prices are for your market.

4

My rent rate is market average to 10% on the high side. I still get more good potential tenants knocking on my door than I have properties.

However there are apartment complexes down the street from all my properties that are at 60-70% capacity and desperate for tenants. There are more apartments in Dallas/Ft.Worth than almost any other metro area in the USA - we are overbuilt.

Marketing is how I get people to almost beg to rent from me.

I advertise at above market price, and go no more than $20 down from there on that particular strategy.