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Promoting my rental - need ideas

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  • Promoting my rental - need ideas

    Tenant interest in my investment condo has slowed down. Any ideas of other places to post or ways to get in front of more interested renters? I just refreshed my listing on Craigslist and Facebook Marketplace. Also made a few edits to my Zillow Rental listing hoping to catch more people's eye. Any other helpful ideas?

  • #2
    Who's your target audience? If you're near a college or university, maybe check and see if they have housing boards? When you search in google "condo in [name of your city]" what's the first result that comes up? I'd advertise there.

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    • #3
      Craigslist is good, but exactly how are you marketing on Craigslist? Do you have a website that folks can click on so that can see lots of photos, read the terms and conditions, etc.?

      The medium is important; the message is even more important.
      How can you have any pudding if you don't eat your meat?

      Comment


      • #4
        Originally posted by cinfooya View Post
        Tenant interest in my investment condo has slowed down. Any ideas of other places to post or ways to get in front of more interested renters? I just refreshed my listing on Craigslist and Facebook Marketplace. Also made a few edits to my Zillow Rental listing hoping to catch more people's eye. Any other helpful ideas?
        Change the price of the unit
        change the location of the unit
        shorten the desired lease term

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        • #5
          Originally posted by jiM_Mi View Post

          Change the price of the unit
          change the location of the unit
          shorten the desired lease term
          Is the unit on wheels?
          How can you have any pudding if you don't eat your meat?

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          • #6
            Have you tried going through a Realtor?
            Brian

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            • #7
              Originally posted by TexasHusker View Post

              Is the unit on wheels?
              If you cannot change the location, focus on the other two variables you can control. The Free market is talking to you, are you listening?

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              • #8
                Originally posted by jiM_Mi View Post

                If you cannot change the location, focus on the other two variables you can control. The Free market is talking to you, are you listening?
                Yes sir I'm all ears!
                How can you have any pudding if you don't eat your meat?

                Comment


                • #9
                  Originally posted by TexasHusker View Post

                  Yes sir I'm all ears!
                  I would strongly suggest reducing the price of rent (is your monthly rent higher or lower than 1% of property value => example $200,000 house should rent for $2,000/month; $50,000 house should rent for $500/month).
                  I would also suggest reducing lease term in advertisements from 12 months to 6 months.

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                  • #10
                    Originally posted by jiM_Mi View Post

                    I would strongly suggest reducing the price of rent (is your monthly rent higher or lower than 1% of property value => example $200,000 house should rent for $2,000/month; $50,000 house should rent for $500/month).
                    Don't forget location, location, location. It's easy to spout off the rule of thumb but more importantly is the going rates in the local area. If you're charging 2K/mo for that 200K house but everyone else is charging $1,750, that's your problem.
                    Steve

                    * Despite the high cost of living, it remains very popular.
                    * Why should I pay for my daughter's education when she already knows everything?
                    * There are no shortcuts to anywhere worth going.

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                    • #11
                      When I had residential rentals, I was able to get slightly above market by offering free lawn care and free cable. Those were biggies that people went wild over, but all I did was bump the rent to pay for the items. I got to deduct them as expenses, too, so I really came out ahead.
                      How can you have any pudding if you don't eat your meat?

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                      • #12
                        Update: got a renter who signed a 12-month lease. I did end up lowering the price a bit and that brought in a lot more inquiries. Just an FYI, got absolutely no leads from Craigslist. Most of my leads came from Zillow and Apartments.com, the latter from which I found the qualified renter who is in there now.

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                        • #13
                          Originally posted by TexasHusker View Post
                          When I had residential rentals, I was able to get slightly above market by offering free lawn care
                          I've never rented a house but I wouldn't expect to be responsible for lawn care. Is that normal? I would think the owner would handle all of the routine outdoor maintenance.
                          Steve

                          * Despite the high cost of living, it remains very popular.
                          * Why should I pay for my daughter's education when she already knows everything?
                          * There are no shortcuts to anywhere worth going.

                          Comment


                          • #14
                            Originally posted by disneysteve View Post

                            I've never rented a house but I wouldn't expect to be responsible for lawn care. Is that normal? I would think the owner would handle all of the routine outdoor maintenance.
                            All depends. If you rent a house in Texas, you would be responsible for lawn care. Different deal than a condo. We don't have a ton of condos in Texas - land is plentiful.
                            How can you have any pudding if you don't eat your meat?

                            Comment


                            • #15
                              Originally posted by TexasHusker View Post

                              All depends. If you rent a house in Texas, you would be responsible for lawn care.
                              How does the owner ensure the property is being well cared for? Will the lease include something about how often it needs to get done and what services need to occur (fertilizer, mulch, etc.)?

                              Seems like it would be a whole lot easier for the owner to handle it and just work the cost into the rent.
                              Steve

                              * Despite the high cost of living, it remains very popular.
                              * Why should I pay for my daughter's education when she already knows everything?
                              * There are no shortcuts to anywhere worth going.

                              Comment

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