I’m wondering if it’s just me, but I have been thinking about advertising rental property I don’t own (yet). I know of great resources online and offline that I could use to “test” the waters in the areas I want to buy in order to see what the market will bear. I want to take pictures off the MLS for posting with my own online ads. Is this illegal or unethical in any way? I would not be stating directly that I am the “owner”, but I want people to call or email me as if I were. Then I would just tell them it won’t be available for a few months, or that it’s already been rented.
Has anyone ever done this before purchasing a property??
This is actually a reletively common practice. Carlton Sheets refers to it as a “blind ad”.
There is nothing unethical about it (at least IMO)…perhaps others have a different view on that. It is a good way to test the market price of a property either for sale or, more likely, for rent…
Why would you really want to if you want to know the rental market around the area call the landlords I use to network with all the landlords and just ask how things were with that house! Tell them you might have interested parties which is true maybe not right upfront but down the road you might!! Ask if they have had good luck in the past tell them what you are thinking about doing! Offer them a referal if they get someone to rent yours! This industry might be competitive but its really a bunch of great people (o.k. everyonce in a while you get a few of those others) But network these are your peers not just other people! Share there feelings look at this like any other job if you want to learn more about the industry talk to others doing it! Because there are really no schools that teach it! Plus this way you don’t have to answer the phone and have to lie to the people that you really do not have the house or you are thinking about buying one and if you do it will be ready to rent after closing sometime!
The other option is to call the other landlords and ask them if you can pass along there name,number and the house address to the people that do call
The hardest thing to ever get over in this industry is a bad rep…
sorry if this came across as a little rude its just honest!!
This is good advice. You’re right about networking with other landlords. I can simply look at the MLS or newspaper and see what similar townhouses are renting for in the same community but I am not yet ready to quit my day job and make a career out of it. I don’t know if networks exist for landlords of townhouses in the specific areas I’m looking. I’ll have to check though.
I like your idea about other landlords offering referrals for a small commission or return in kind. It sounds like you are on a whole different level than the “average” investor like myself who is just getting started and who has a regular career he’s not ready to give up. But you no doubt see the big picture and have lots of experience, which is why I’m glad I found this message board!
I mean think about it why run a blind ad if you can make four or five 10 minute phone calls to find out what and how other people are doing with houses in the same area! I personally respect the Landlords view more then the tenant’s! They are a little more honest!
P.S. I have been doing this for 10+ years and just think I would rather call then be called all week!
Then I would just tell them it won’t be available for a few months, or that it’s already been rented.