I’m a new investor and bought a property about 6 months ago. I have tried to rent it out by putting “for rent” signs in buisness areas around the property but I don’t seem to be having any luck. does anyone have any advice as to what type of advertising is the best for renting property, and what areas are the best for putting up signs so that they will get noticed.
Put it on craigslist.
Some cities like LA for example have rental services free for land lords.
I have used such for Los Angeles. They did a good job for me.
thanks I think I will try that. I hope it works for tampa bay because that is where my property is.
I place ads in local newspapers, and Craigslist. Up in Ma, where I have a condo, my sister who manages it for me also puts ads up at her employer’s (Mass Mutual, a huge company) employee bulletin board, and we’ve gotten a tenant thru such a bulletin board posting.
You have to think like a tenant looking for an apartment. People don’t cruise thru neighborhoods looking at for rent signs. They buy the local paper, then call first from an ad, ask questions, then come by. Or they sit in front of a computer at work and surf the net.
Of all the options, looking for for rent signs driving down the street is the most inefficient. In fact, I get calls from people the next county over, out of state about my ad for rental, and they would not have found it looking at for rent signs in the neighborhood. I’ve been doing rentals for 25 years, and I don’t recall renting to someone responding to a for rent sign in the neigborhood.
About 90% of all the tenants I got thru the years is through local newpaper ads. Craigslist only came of age the last 3 years, and 3 years ago when I started using them, I get over 100 calls a weekend through the local paper, and 2 thru Craiglist. More recently, in the past year, I get 100 calls thru the local paper, and Craigslist drew 12 calls.
The best part of Craigslist is for free.
Another way is listing thru rental brokers. In NYC where I am, the tenant pays the fee. Up in MA, the landlord pays the fees. Here in NYC, I’ve gotten a number of tenants thru rental brokers, and they do stay a few years. No one paying a month of more in fees for an apartment is going to leave after 6 months.
Thanks a lot for the advice, I really appreciate it. I had thought of putting an ad in the paper but never got around to it because of the high cost of placing an ad in out local paper but I think it will be worth it. Thanks again for the tips.
sarah
There’s a rule of thumb that Realtors use when people call about properties for sale. If they call because of a sign in the yard then they can’t afford it, if they call from an ad then they can afford the home.
I bet it is the same with renters. I put ads in the paper every time a vacancy comes. It is more then worth the price. A $700 a month rent is $23 a day, an ad doesn’t cost any where that much. Be motivated and get it rented.
Spending money on ads, painting cleaning is always well worth it.
-
I got a SFH that rents for over $2,000/month. A weekend ad in Newsday runs around $100. So for me, the decision is either spending $100 for one or two weekends, or letting it sit six months like you, losing $2000/month.
-
For SFH, even non owner occupant insurance requires the property to be occupied, and if its vacant over 60 days in my case, insurance lapses, and I’m not covered if the place burns down.
-
December and January are the slowest months for rentals here in the northeast, with July and Aug the busiest, especially for families with kids in school. Would have been great advertising in Jul-Aug.
-
I even contract work out like painting sometimes to turn the property over quickly. Rather for me to spend three weekends fixing and painting a place, I have it done in two three days by a professional, and rent it out two weeks sooner.
-
I find if a tenant leaves on the last day of the month, and I get someone to start painting and cleaning immediately, I can get it rented out by the 15th or even sooner, like on the third of the month for someone needing a place. If I spend three weekends on it myself, it’s already getting to the end of the month, and most applicants are going to tell me that they have to give 30 days notice to his landlord, and I’m now out two months rent.
In this business, as in any other, YOU GOT TO MOVE QUICKLY.
I have had an overwhelming response each time I place a sign in the yard. Although you do have to sift through the serious people and the people that can afford it. As said by others…craigslist works too. I have not needed any other forms of advertisement in the past couple of years.
Placing ads in the papers work faster for me in my area. craigslist i got 2-3 emails & thats it. yard signs 1-3 calls… Classifieds over 10.
I could see that yard signs would be more useful for some in a high traffic areas and if the curb appeal to the house is good.
Find out what the rents are near the property of the same size/condition and then rent it for a few dollars cheaper per month. Its better than losing another whole month. If the rent is 500 per month and you lose a month you lost 500. If you rent it for 475 or even 490 then how long would it take to lose that 500 losing only 10 or 25 per month. Then just raise the rent whne the lease is up.
Another tip. In my dealings most of the tenants have a problem with the deposit. I usually will spread it out over the lease term. This allows me to get more per month and they can still get in the house without having money problems from the start.
That is good advice, but in the wrong place. It should not be asked when you are trying to rent the house it should be asked when you are trying to decide if you want to buy the house in the first place. When I evaluate a property to buy, I look at what people are getting for rents for properties just like it in that same neighborhood. That is how I know it is going to cash flow before I ever buy it. This is not a gamble it is how you invest in real estate. If the rents are $1000/month I determine how much profit I want to make and what price I have to get the house for in order to make that profit and that is my bid. I don’t bid a penny over that because if I do I may get the house. And I will have a house that does not cash flow.
great point bluemoon