Best way to market a MTR/LTR rental...
We have moved out of our 3bdr 2 bath house and now I would like to rent it. We left all of the furniture so it is ready to go. Unfortunately, my HOA does not permit STR. Lease minimum is 6 months. It is a 3 year old house valued at about $550k. I think my mortgage on it is around $3000 with HOA dues.
I would love some feedback on the best way to market this. I am planning on putting it on Furnish Finder but would like recommendations on other platforms.
Thanks in advance for the advice.
JT
@JT Thomson - I like using some of the local housing and jobs fakebook pages. Also I'm putting one in MLS as a Lease option with option fee, some risk with that as they could pull the trigger on the option but I've heard statistically 90% are never executed. Oxford House and Padsplit are other options for potentially doing room by room to push up rents, Oxford House is Sober Living but they don't like HOA.
Quote from @JT Thomson:
A medium-term rental is still a long-term rental. Someone made up a name so they could get subscribers to their YouTube channel and sell a book.
Treat MTR like a long-term rental. Market in the same places. Screen applicants. Take a deposit. Use a strong lease that complies with LTR laws.
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@JT Thomson You could contact insurance placement companies as well. ALE Solutions is one, and I think they're a national company.
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#3 Multi-Family and Apartment Investing Contributor
- Realtor
- Phoenix, AZ
Hey @JT Thomson, I market one on Zillow where I get a majority of interest. If you want me to show you how I set it up shoot me a message.
Quote from @Andrew McGuire:Interesting. Thanks, I will look into that.
@JT Thomson - I like using some of the local housing and jobs fakebook pages. Also I'm putting one in MLS as a Lease option with option fee, some risk with that as they could pull the trigger on the option but I've heard statistically 90% are never executed. Oxford House and Padsplit are other options for potentially doing room by room to push up rents, Oxford House is Sober Living but they don't like HOA.
Quote from @Doug Spence:
@JT Thomson You could contact insurance placement companies as well. ALE Solutions is one, and I think they're a national company.
Great recommendation. Thanks Doug!!!
I would get professional photos taken and then post on Facebook marketplace as well as the others mentioned above. I typically get thousands of clicks and hundreds of messages using this method. You can also join local FB rental groups and post the photos/terms in those groups.
Quote from @JT Thomson:
We have moved out of our 3bdr 2 bath house and now I would like to rent it. We left all of the furniture so it is ready to go. Unfortunately, my HOA does not permit STR. Lease minimum is 6 months. It is a 3 year old house valued at about $550k. I think my mortgage on it is around $3000 with HOA dues.
I would love some feedback on the best way to market this. I am planning on putting it on Furnish Finder but would like recommendations on other platforms.
Thanks in advance for the advice.
JT
MlS is good option for mid term now as well, I just listed first one using seasonal rents and it booked right away.
Quote from @Andrew McGuire:
Quote from @JT Thomson:
We have moved out of our 3bdr 2 bath house and now I would like to rent it. We left all of the furniture so it is ready to go. Unfortunately, my HOA does not permit STR. Lease minimum is 6 months. It is a 3 year old house valued at about $550k. I think my mortgage on it is around $3000 with HOA dues.
I would love some feedback on the best way to market this. I am planning on putting it on Furnish Finder but would like recommendations on other platforms.
Thanks in advance for the advice.
JT
MlS is good option for mid term now as well, I just listed first one using seasonal rents and it booked right away.
Thanks Andrew, what is MIS??
Quote from @Travis Bohling:
Zillow dominates the search volume by prospective tenants.
Thanks Travis! That was helpful. I just listed it there.
Quote from @Nathan Gesner:
Quote from @JT Thomson:
A medium-term rental is still a long-term rental. Someone made up a name so they could get subscribers to their YouTube channel and sell a book.
Treat MTR like a long-term rental. Market in the same places. Screen applicants. Take a deposit. Use a strong lease that complies with LTR laws.
Strongly disagree.
Yes your leasing, screening, and deposit is similar but marketing and operations are much closer to a hotel or STR than LTR.
Out of nearly 1,000 mid-term reservations this year across my portfolio, I have not gotten a single reservation from zillow, apartments.com, or craigslist.
Mid term rental guests are not looking at those sites. Furnish finder, booking.com, Airbnb and VRBO are your best bet for Mid-term.
You'll also want to have a direct booking site to build a relationship with insurance companies, hospitals, and travel agencies.
Quote from @JT Thomson:
Quote from @Andrew McGuire:
Quote from @JT Thomson:
We have moved out of our 3bdr 2 bath house and now I would like to rent it. We left all of the furniture so it is ready to go. Unfortunately, my HOA does not permit STR. Lease minimum is 6 months. It is a 3 year old house valued at about $550k. I think my mortgage on it is around $3000 with HOA dues.
I would love some feedback on the best way to market this. I am planning on putting it on Furnish Finder but would like recommendations on other platforms.
Thanks in advance for the advice.
JT
MlS is good option for mid term now as well, I just listed first one using seasonal rents and it booked right away.
Thanks Andrew, what is MIS??
Meant to put MLS, multiple listing service.