Hello BP'ers. My first post here, but have been following this forum for a few months now and have learned so very much from everyone's experiences! Thank you to all for sharing your wise advise and tips. It has helped me to avoid newbie mistakes and this forum is better than any paid real estate investment classes out there!
My question - besides Craigslist and Postlets (which posts to Trulia, Zillow, HotPads, and 20 useless sites), which websites do you use to advertise your "For Rent" properties. I have three townhomes and have always used a Realtor in the past three years of ownership, but I've calculated that it has cost me $7,500 in the past three years in Realtor broker commissions, so I thought I will try renting the vacancy which came up now myself. Obviously, some people only go through a Realtor/MLS to find a rental and I know I'm losing that segment, but when I calculated that $7,500 in commission, that's a chunk of change. Any help with what has worked for you is very much appreciated and many thanks in advance!
I really get most if not all my solid leads on rentals from Craigslist. MLS nets me very few if any leads on rentals that I have. Now that might be different if I was renting million dollar homes in that case the MLS would probably be better. I have in the past posted ads in the local paper but that was before Craigslist took off. Think about the dynamic of the prospects your are interested in attracting and what media they would use to find your ad. For example, lower income and elderly might not have internet and depend on the paper more. Higher income earners would probably enlist an agent and the MLS. Average income earners rely more on internet ads and Craigslist.
If you rent to students, then the college websites are great. Otherwise, I used Craigslist. If you put your criteria in the ad, then ask them each criteria item again when they call, you can weed out a lot of applicants who won't qualify before you bother with applications and showings.
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In my experience, if you use postlets, have a good property, have a good description, and post good pictures, your phone will be ringing off the hook. I think you will find renting your place much easier than you than you think. Good luck!
We only use craigslist and postlets. Haven't had trouble getting lots of calls, except when the market was really down a few years ago. We tried the newspaper a couple times, but only got one call from that each time, so that was a waste.
Who are these people who use a realtor to find a rental? I've never met anyone who does that. I've heard of it being done, just never met one (that I know of). Maybe it's a regional thing, and more common in other areas of the US.
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