Rental Property Investor · Westfield, MA · Member since 2013 · 23 posts · 16 votes
I just closed on my first single family rental last week. I have some work to do inside and am planning to have it ready to rent by April 1st. When should I start advertising, now or in a couple of weeks when it is in better shape to show? A better question might be, how long does the screening process usually take? Thanks!
Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes
12y
First impressions count.
If the outside looks nice go ahead and advertise when it will be available. But don't do any showings until the inside is ready.
Let me use a simple example.
Right at this moment in time there is a fixed pool of potential tenants that would consider your property because it is in the location that they want and within the price range that they can afford.
Let's just say it is 30. If you show it now in crappy condition you burn all 30 of them. Then you have to wait for new potential tenants to trickle into the market. Let's also say that this occurs at the rate of 1 potential tenant per day. By listing 2 weeks early you lost 30 potential tenants and now have 15 potential at the most. If you just waited until it was ready you would have 30 potential tenants. Of course this is oversimplified and different numbers will give different results but you get the gist.
Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
12y
Its almost March now. I'd say no later than the beginning of March. You need time to screen (background, credit check) potential tenants before you make your final decision. They will need to give their final notice to their current landlord. Are you willing to prorate 1st month's rent? Are you going to do an open house or just have one by one viewings of the property? Some things to consider, imo...
Glendale, AZ · Member since 2014 · 1 post · 1 vote
12y
Corey, Many renters have to give 30 days notice so they start looking early in the preceding month. Start showing as soon as you can, but when the home is closer to showing its full potential. If you can afford a property manager, that is a better idea. They have the processes in place for effective screening (which only needs to take 24-72 hours). They can also give you accurate rental rates for your area. A property manager is the person between you and the tenant who works on your behalf to receive payments, take maintenance requests and deal with tenant issues, including eviction if necessary.
Even without a manager, the best advice I can give you is....THIS IS A BUSINESS. Treat it that way. The tenant has to understand that keeping a roof over their head is THE most important bill they have to pay. Do not get pulled into the trap of excuses as to why the rent is late. Have a strong local lease with appropriate late fees and enforce them! I know this sounds mean, and it is way more of an answer than you asked for. A good majority of tenants are wonderful, it is the users who ruin it for the good ones so just be careful. OK? And hope your experience as a landlord does turn out great!
I just closed on my first single family rental last week. I have some work to do inside and am planning to have it ready to rent by April 1st. When should I start advertising, now or in a couple of weeks when it is in better shape to show? A better question might be, how long does the screening process usually take? Thanks!
I would wait until 1-2 weeks before it is ready. I listed one of mine about 1.5 weeks before completion and almost immediately after listing got qualified renter who wanted to move in right away. Good luck!
Real Estate Investor · Chicago, IL · Member since 2008 · 38 posts · 4 votes
12y
I would start marketing it right away and maybe put in the flyer, ads on when it will be available. Doesn't hurt to create a buzz now. This is what we do with our flips.
Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes
12y
First impressions count.
If the outside looks nice go ahead and advertise when it will be available. But don't do any showings until the inside is ready.
Let me use a simple example.
Right at this moment in time there is a fixed pool of potential tenants that would consider your property because it is in the location that they want and within the price range that they can afford.
Let's just say it is 30. If you show it now in crappy condition you burn all 30 of them. Then you have to wait for new potential tenants to trickle into the market. Let's also say that this occurs at the rate of 1 potential tenant per day. By listing 2 weeks early you lost 30 potential tenants and now have 15 potential at the most. If you just waited until it was ready you would have 30 potential tenants. Of course this is oversimplified and different numbers will give different results but you get the gist.
Real Estate Investor · StL, MO · Member since 2008 · 296 posts · 152 votes
12y
It depends on what needs to be done. Most tenants don't have 'the vision' when it comes to property. If you still have drywall to hang or the kitchen cabinets aren't installed yet-better not show the place and turn them off. If you still have some minor things to do but the big stuff is done-go ahead and show.
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
I've shown units that were still being rehab'd to people. Sometimes it's worked well and other times no so well.
I think the best thing to do in a situation like this is to put a picture of the outside online with a detailed description. Do pre-screening over the phone and explain when it will be finished. Then when it's done or really close to being done do appointments with the quality tenants that are still looking at that time.
Investor · Amarillo, TX · Member since 2013 · 140 posts · 51 votes
12y
I do exactly what James said. I also try to highlight the feature of the remodel and keep a sign out front. In Amarillo, the sign gets 70% of the leads.