So, I find myself with a bit of a project on my hands... I am renovating 100+ apartments on Airways, just north of the Memphis airport. It's definitely a C area, but the units are large and well laid out.
I've completed a few units and I'm trying to find qualified tenants, preferably with a job... I'm used to posting on Craigslist, but I'm not getting as much of a response as I expected.
What are some effective ways to attract good tenants in Memphis, other than Craigslist? What has worked for you?
Normally Craigslist and a sing out front should do the trick. This is what most property management companies will do. Since your unit is an apartment building you might consider advertising in an apartment book.
Create multiple ads on Craigslist and update them every couple days. Also advertise on Facebook on the Memphis Yardsale/Trash&Treasure groups. Also create ads on Hotpads/Zillow and Trulia. You can also create an ad in the local classifieds and post tear-off ads at local places that have a bulletin board such as colleges.
If you still don't get a good enough response then you can lower the rent/deposit or lower/eliminate the application fee.
Qualified is the key word. Unfortunately, as you are finding they can be very hard to find and the closer to the airport you are the harder they will be to find. Craigslist and a sign (you may want a large banner) have worked very well for me in similar areas of Memphis. I always put my qualification requirements in my adds I will weed out the worst of them. Best of luck!
As everyone has said, we always use craigslist. Just a question though.... I see you live in California. Are you planning to manage these properties yourself or hire a property manager? A property manager can assist you with renting the property out. If you are looking to hire a property manager @Curt Davis on here manages and can assist you with purchasing as well. It will be very difficult to try and maintain a property across the country and get quality tenants in the property and verify that they are not damaging the property. What if they stop paying? How are you going to evict them and go to court, etc from so far away? Just a few things to think about..... Here is a great site to check out as well!
Thank you for the suggestions. I have ordered a couple of flags for our front entrance. Since it's on Airways we have a lot of traffic going by every day. I have also updated the Craigslist ad to contain our criteria. Curt, I find that the apartment guides are mostly for Class A properties, most tenants looking for a Class C unit are not looking there; it may be a way to get higher caliber applicants though...
I have temporarily relocated to Memphis to handle this project. I am overseeing the turnaround of a large apartment complex, 100+ units, where most of the units are vacant and in need of serious rehab. I live on site in one of the apartments. Once it is up and running, I will leave the complex in the hands of one or two full time property managers working on my payroll. I agree that it would be lunacy to try to take on a project like this from California and I hope nobody tries to do that based on my posts. Maybe I should update my profile to indicate my new location...
@Erik Nowacki ok. Great to see you are on location now. We are selling a property that we have trouble managing an hour and a half away. Since you are there and doing it yourself..... Craigslist and postlets.com are a great way to try and get quality tenants. Postlets.com is free and makes it look more professional and also goes to other sites as well..... Like zillow and many more.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!