When to start advertising apartment?

Question

I just closed on my first multi-family on Friday and am ready to start the process of getting tenants in there! The place is completely vacant, but does need some work before anyone can move in.

In the last 2 1/2 days, we have completely painted every inch of one of the units. We only have some work left in the bathroom (new tile, vanity, toilet), replacing a few light fixtures and cleaning up the hardwood floors. We plan to have the remaining things done this week and hope to show to some potential tenants this coming weekend (some friends we know that have some people already interested in looking).

My question is, when should I start advertising it? I'd love to put it up on Zillow, but I want to make sure I represent this place the right way. With all my tools, paint, etc in the unit, it would not make for any great pictures. Should I put up a simple post on my Facebook page to start to see if I get any leads? Also, should the unit be COMPLETELY move-in ready? Or would it be okay to show the place with the caveats that we will be, for example, installing a new light fixture there, changing out that vanity, etc?

First time landlord here and want to do it the right way so I can get the right people in there and the appropriate $$.

Thoughts are welcome!!

Robert P. · Answer

@Roger Vi This is perfect, and confirms the majority of my thinking. Love the idea of the initial posting and then a new one once I have some pictures. Thanks for the insight!

Ian Walsh · Answer

I would say about a week from completion is a good bet.  The reason being that if you can't show it, there is a good chance the tenant applications today won't be good if you can't show it until a month or 2 out.  There is a short half life on tenant applications.

Levi T. · Answer

I would wait till your very close to being done. People can't imagine, and don't trust that a landlord will deliver. Wait till the flooring and paint is on the walls, and only punch list items are left. I also find we get most of our viewings and leases on the last 10 days of the month, then a few more 10 days into the start of a month. Rest of the month is dead. Most my agents will pull the listing mid month before posting it again if it stays listed for more than the 20 day cycle outline above.

Robert P. · Answer

@Max Tanenbaum I am expecting the unit to be completely finished by this Sunday.

Robert P. · Answer

Good point @Dante Pirouz! Thank you for the insight.

Dante Pirouz · Answer

If you can start posting nice pictures of the work that is already done I say post the rentals now! Then add pics when you finish the last 10%. You can always tell prospective tenants what the ready date is for the units and start taking applications...plus it will give you chance to test out how your pricing is being seen by potential tenants!

Max T. · Answer

If you're looking for a June 1 move in, finish your work by the end of April and then start showings. If you're 90% done that should be feasible. You may find someone who is ready to move in mid May. Save yourself 2 weeks of vacancy.

Robert P. · Answer

Thanks, @Max Tanenbaum. I should have mentioned that the bathroom is not painted. It's the only room that is not done. I expect to have to replace some sheet rock behind the vanity as the last landlord glued it to the wall.

Robert P. · Answer

@Cody Begg, Being a first time landlord, that it what I am worried about. Since I have lived in the city where I bought a house all my life, I know the market very well in the area. My gut is that I will be able to rent it out easy, BUT when does anything ever go as planned? I am trying to get someone in by June 1. That is my hard deadline.

Given the unit is 90% done, there really isn't much more that can be done. Before anyone would see it, bathroom will be 100% complete, kitchen 100% complete, the only thing that may not be ready just yet would be the shiny, fresh hardwood floors. I just won't have any pictures to advertise if I were to post something today.