New member and first time post! I have been lurking for a while and reading as much as I can about Land Lording. My question is how do you market your home to tenants? What are the best resources to use to find qualified Tenants and how soon before the property becomes vacant do you start advertising?
Here is a little background on why I am asking...
First time Landlord. Wife and I moved out of our county house (townhouse) into a house in the city so we could be closer to work and live in a more fun environment. Because we originally thought we would stay in the townhouse forever, we got a great deal on a refi and did a 15 year loan. We put the house for rent via Zillow, Craigslist, Facebook and Trulia. We had a good bit of interest but only one person actually came through and rented the house. We have been blessed to have them as they are good tenants (Military Officers-we live near a base) but unfortunately, they are being re-stationed at the end of the year and need to move. This leaves my wife and I with trying to find tenants to move into our home January 1st and I have heard its hard to find people to move in the winter. Since they are moving before we expected them to leave, we are worried about trying to find tenants in the winter months. Anyone here have experience starting leases in the winter months?
@Matthew McGuirk , Welcome to BP. The amount of people looking during the winter can be smaller, I think it's the holiday's that causes this at times. Just make sure you start to advertise now (Good tenants tend to search early) and if possible make a one day open house for the people that called and you vetted over the phone. This will make it easier on your current tenant. Also, make the lease 15 months or so, that way you make sure you end the lease during warmer weather so you don't have this issue again. Hope this helps.
Until it's vacant you really can't do an open house without tenants OK,, YOU can schedule showings for close appointments within 20 to 30 min apart for an hour or so with notice to tenants.
Take some good photo's now if the tenants have good furnishings ask if you can. It might show better furniture verses if it was unfurnished when you first posted it.
Get it listed ASAP and check comps in area for pricing, the 15 month lease is great idea,,
@Matthew McGuirk Say great lease terms be flexible..
Call your inquiries back ASAP and list a phone number, emails are not best communication and people are looking NOW for January.
Renting in winter is likely a regional issue, I have never had an issue.
If the current tenant is breaking the lease they may be on the hook until you find a new tenant. Military may be an exception. We have the philosophy of splitting the financial impacts with the tenants, especially if they are great tenants.
I'd start listing it six weeks before the anticipated available date. Have you been through the unit recently to estimate how long it will take to get rent ready again?
Best of luck!
I would recommend you to post properties on the websites, that you mentioned. However, Facebook groups can be as effective as listing on those platforms. If you post your house and have zero enquiry after one/two weeks, bring down the price. But don’t lower price aggressively. Set up the minimum rent for which you can lease your house.
Or you can always hire a real estate agent that will help you rent out your property.
Since you've had good luck with military tenants, is there a military posting website for your area? I know there is a good in my area that has gotten people a lot of success. Renting in the winter is no problem in my area, people always need a place to live.
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