Tips for fast renting?

What do you do to help rent your rental houses faster than competitors? Fix it to look like new? Little lower than market rents? Any special or effective tips?

Dennis

(1) Advertise in the best way for your market…this will vary. Here I just stick a sign on the lawn. Some places it might be the newspaper and some places it might be the “Thrifty Nickel”, “Greensheet”, etc.

(2) If you are near a military community, post in the Housing Referral Office (for free).

(3) Make sure the property is CLEAN, neat, and inviting. People want to imagine themselves living in the property.

(4) Make sure the property is at or just slightly below market rents for the area.

Keith

Thx keith.

I guess some magic marketing words will help too? I saw some in the forum. Would like to hear your favorite ones.

I also asked some questions in another post:

http://www.reiclub.com/forums/index.php?board=29;action=display;threadid=9671;start=25

I put a sign on the lawn a couple of weeks ago. It was pre-printed with “FOR RENT”…in the blank space below that, I put the contact phone number. That’s it…I got over 100 calls from a yard sign in four days! Your marketing verbiage will probably need to vary! Use positive action words that make poeple want to look…if the property is good and priced fairly, it’ll rent.

Keith

That is really nice. I need to find a local market where rentals are strong and houses are cheap. I am trying to build some networking in dallas and austin area. But i saw so many rentals available on cragslist in dallas. Not sure if it is easy to rent out.

If anyone knows any specific good cash flow local markets with low vacancy, maybe you can share some info. Thx!

Rainer, if you do not have a property yet, make sure that you select your market via decent research. I will not buy a house where every house there is a rental. I prefer to purchase in neighborhoods where most homes are owner occupied. By following this criteria, I do not have problems renting my houses.

I like the site below to gather information on occupancy rates, percentage of rental homes, vacancy ratios, etc. Start a spreadsheet and enter the data that is important to you by zip code and it will become clear where you should start looking. Another criteria I find very important is to make sure there is public transportation or reasonable freeway access – I like my tenants to be able to get to work.

Good luck to you: http://www.bestplaces.net/zipr/zippick.asp

Thx Tami. I will check that out. Do you have a criteria (percentage wise) when select markets?

For example, what do you think if a local markets has

  1. 70% owner occupied.
  2. 20% rentals
  3. 10% vacancy

Thx…

another site I have found helpful;

http://epodunk.com/

good luck,
Jeff

i have a client who owns around 500 houses. he came to me the other day and said 90 of them were empty. almost all of these homes were 3/1.

there is another large scale rental outfit here in town liquidating all its 3/1 properties at auction later this month.

2 bedroom homes can be tough to rent as people can move into 2 bedroom apartments with less money down and they don’t have to worry about property maintenance. people only needing 2 bedrooms don’t typically need or want the benefits of a house.

so in our market, a 3/2 will easily rent. anything less than that can be empty inventory…

Great info. I will target 3/2/2 houses also. How long took him to acquire 500 houses and how he did that? That is amazing.

I echo what kenvest said. This is, however, regional. You need to understand what rents were you are. In the midwest and the mideast (Carolinas Virginia, Maryland), garages are non-issues, but In Houston, people move out of apartments for garages. If you don’t have a 2 car garage it will not rent well. If the house has 1 bathroom, it is obsolete. You will have a tough time renting it, and of course the 3 bedrooms are as kenvest said. In Houston it is a 6” concrete slab brick venire house with 3/2/2 1200 to 1400 sqft. Anything else I won’t buy at any price.

Agree. I checked that it needs bigger size houses for 3/2/2 in dallas. Mostly 1500sqft or bigger.

Bluemoon06, what is your targeted market’s owner occupied/rented/vacancy ratio? What is the crime rate? Use the website below for data:

http://www.bestplaces.net/zipr/zippick.asp?qryState=TX&qryMsa=1920&qryCity=44556&cname=Lancaster%2C+TX&qryZip=75071

The man with 500 houses started in 1955 as a part-timer while working the local newspaper in the circualtion department.

needless to say this fella knows every street in town. not only that, he knows how a house is put together so he can buy on the spot and do it with some degree of confidence.

he has a good strategy in the face of all this quick buck lets flip a house the carlton sheets way stuff. he can pay a little more for a house because he’s looking for steady cash flow instead of the quick buck.

i don’t know who’s money he used to start but obvioulsy he’s got the assets needed to buy whatever he wants these days. cash purchasing will save you a few bucks…

most of all , he has an excellent reputation in town for being fair, honest and above board in every way. thus far he’s been a pleasure to work with.