Unit Rented in 12 hours with Facebook Marketplace

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Unit Rented in 12 hours with Facebook Marketplace

Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

Has anyone else used Facebook Marketplace for rentals yet?

I posted a rental at midnight and had over 60 messages when I woke up in the morning. Facebook even restricted how fast I could message back because there are so many of them. I rented out the 1 bedroom unit I had available and even had someone willing to fill out an app for the 2 bedroom unit I have that hasn't even been finished yet. 

I've also never had that many people show up for a tour before. Typically we have one or two out of the horde that says they are coming. This time we had 9 different groups in less than an hour. The cool thing was it  was mostly younger people and the guy we accepted made 8x the rent with no derogatory marks. 

Maybe this is a one off but I thought it was pretty good for the day after Christmas in Louisville! Anybody else have experience with Facebook Marketplace?

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Jeshua Patrick
Rental Property Investor · Charlotte, NC · Member since 2017 · 298 posts · 232 votes
8y
Jordan Moorhead the great news is that you got it rented quickly at a price that worked for you. The bad news, for now, is that you clearly underpriced the unit. Lesson learned. If the response rate is that high it’s a clear sign your price is too low at which point it doesn’t hurt to raise the price. If you don’t mind me asking, how did you determine what price to list at?
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  • Logan AllecBusiness Member
    Accountant · Los Angeles, CA · Member since 2014 · 1k+ posts · 980 votes
    8y
    I haven't used Facebook Marketplace, but I've had similar experiences posting in community Facebook groups.
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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    8y
    Originally posted by @Jordan Moorhead:

    Has anyone else used Facebook Marketplace for rentals yet?

    I posted a rental at midnight and had over 60 messages when I woke up in the morning. Facebook even restricted how fast I could message back because there are so many of them. I rented out the 1 bedroom unit I had available and even had someone willing to fill out an app for the 2 bedroom unit I have that hasn't even been finished yet. 

    I've also never had that many people show up for a tour before. Typically we have one or two out of the horde that says they are coming. This time we had 9 different groups in less than an hour. The cool thing was it  was mostly younger people and the guy we accepted made 8x the rent with no derogatory marks. 

    Maybe this is a one off but I thought it was pretty good for the day after Christmas in Louisville! Anybody else have experience with Facebook Marketplace?

    Do you mind sharing where the unit is located and what the rent is on it?

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  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @Michael Seeker it's off 264 and Newburg and is 1 bedroom for $600

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  • Jeshua Patrick
    Rental Property Investor · Charlotte, NC · Member since 2017 · 298 posts · 232 votes
    8y
    Jordan Moorhead the great news is that you got it rented quickly at a price that worked for you. The bad news, for now, is that you clearly underpriced the unit. Lesson learned. If the response rate is that high it’s a clear sign your price is too low at which point it doesn’t hurt to raise the price. If you don’t mind me asking, how did you determine what price to list at?
    2Reply
  • Rob Drum
    Real Estate Broker · Bradenton, FL · Member since 2017 · 544 posts · 363 votes
    8y
    I've had a really strong response from listing on FB marketplace as well. Especially in the first few days after listing. Tenant quality has been strong too.
    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @Jeshua Patrick that's actually not under-priced for that unit and this time of the year which is the funny thing. 

    They rent between $500 and $650 for a one bedroom in the area. Two bedrooms rent between $585 and $775 over there. 

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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    8y
    Originally posted by @Jordan Moorhead:

    @Jeshua Patrick that's actually not under-priced for that unit and this time of the year which is the funny thing. 

    They rent between $500 and $650 for a one bedroom in the area. Two bedrooms rent between $585 and $775 over there. 

    I think the point Jeshua is making is that if you're getting 50+ responses on the first day or two then you could have easily asked for a higher rent.  Maybe the answer is that "'market rent' is higher when advertising on FB Marketplace"...but if you had that much interest that quickly, it makes me think you could have easily asked for $650 and still gotten a solid tenant.

    What is the source for the rent ranges you provided?

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  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @Michael Seeker local property managers, other landlords, rentometer, craigslist and owning a multi unit with some of the same sized units.

    Don't get me wrong. I'm definitely aiming higher next time!

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  • Ernesto Hernandez
    Realtor · San Francisco, CA · Member since 2017 · 408 posts · 361 votes
    8y

    San Francisco has two 7k+ member groups for people looking for rentals. 

    I've used them and had great response rates and own houses when filling vacant rooms at my place.

    0Reply
  • Mike B.
    Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    8y

    @Jordan Moorhead - what was the cost to do this? Or did you post in a public forum for free linking to a CL or other ad?

    I've used Zillow Rental Manager in the past and CL and had good results, but your seems great! 

    0Reply
  • Ned J.Pro Member
    Investor · Manteca, CA · Member since 2017 · 1k+ posts · 2k+ votes
    8y

    If you got that many responses and actual people submitting applications etc, then you are under priced......no matter what the "research" says. The key is actually having people show up to the open house and actually apply for the unit.....tons of messages and contact doesn't mean squat if they don't actually show up and apply... BTDT.......

    You got it rented quickly and that's a big plus..... next time bump it a little more :)

    0Reply
  • Michael Julian
    Investor · Franklin, TN · Member since 2015 · 70 posts · 33 votes
    8y

    I hadn't even thought about Facebook Marketplace. I just listed my property there!

    0Reply
  • Mark F.Pro Member
    Rental Property Investor · Elgin, IL · Member since 2016 · 326 posts · 270 votes
    8y

    I've used it and rented a house I had in less then 24 hours. 

    1Reply
  • Jeshua Patrick
    Rental Property Investor · Charlotte, NC · Member since 2017 · 298 posts · 232 votes
    8y
    Jordan Moorhead, Michael Seeker is right. I was not implying that you didn’t know what you were doing when you priced it, I was simply stating that the market was telling you that you were way underpriced for your particular unit. Some people may consider this unethical but I do believe that I would have raised the price and made it known at your showings that the price had increased due to demand. It would be hard watching most of your renters walk out but even if all your potential clients walked out right then you likely would still have rented it soon at a better price. Good news is that you know you can raise your rents at the end of the lease and still be marketable.
    2Reply
  • Lesley Resnick
    Real Estate Agent · Jacksonville, FL · Member since 2015 · 1k+ posts · 1k+ votes
    8y

    It is a great idea!

    Social media is a powerful tool.  Outside of BP, I don't use it enough.

    Brandon and Josh - Possible podcast topic.  Creative uses of social media?

    2Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    FB is good for all things real estate.

    1Reply
  • Anna M.
    Investor · Denver, CO · Member since 2016 · 220 posts · 98 votes
    8y

    If you do not mind how do you advertise with Facebook marketing?  I tried going there to find out how to do this as I am not getting anything on Zillow or craigslist :(

    0Reply
  • Bettina F.
    Investor · Post Falls, ID · Member since 2016 · 606 posts · 699 votes
    8y

    Is Facebook Marketplace different from paying to boost a post on FB?  

    0Reply
  • Aaron Hall
    Reston, VA · Member since 2014 · 74 posts · 24 votes
    8y

    Outstanding! I'll make certain to put this to use. Thanks for the heads up.

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    8y

    Good to know, I will try this on my next one

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  • Gail K.
    Augusta, GA · Member since 2014 · 1k+ posts · 1k+ votes
    8y

    I've just started using this and yes, have had responses (although certainly not 50 per day).  Unfortunately, as with other methods of advertising (Zillow, Hot Pads, etc.) initial screening through our online Marshals Service has shown that at least 80 percent of those who have responded have a history of evictions.   This is likely due to the county I am screening in more than the site for advertising.  Thus, facebook marketing certainly seems a viable method of advertising rentals.

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    Thanks for the feedback guys. I thought this was worth sharing since I'd had the place on Zillow, Craigslist, Cozy and all of their syndicated websites for this price for several weeks and not had it rented!

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  • Levi T.Pro Member
    Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    Thanks for sharing @Jordan Moorhead

    I decided to do a market test in our area. We always have something up for rent, so I grabbed one of the units, copied stuff over, and posted it to FB marketplace. Within 48-72 hours we had 457 people look at it, out of those 3 people contacted us. The only other houses in the hood where listed for $1,145.00, and two others for $1,300. We are listed for 1.1k and we just remodeled it so its' super nice. Anyways, the conversion for us was very low, only one for every 153 people that viewed it, or 0.656%.. That's right around 1 to 1.5 leads per day. Compare that to the last house on the street that we listed for 30 days, that did 2.967 leads per day using Zillow.... Which interestingly (thinking out loud) means only 1.12% of applications qualified to rent.

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @Levi T. that's very interesting. I wonder if it's all going to vary that drastically by the market and class of housing. Those are very different results from what I had but I was renting a low income unit for $600.

    I'll try it the next time I have a nicer unit available and check back with the results.

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  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    thanks for the info. I just did a dry run of a listing and I was happy to see I don’t have to share it with my friends. I would rather not throw my business in their faces.

    I Will give it a try with my other methods this spring.

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