First Unit Posted for Rent! When Should I Start To Get Calls?

Question

Eager newbie here. Just finished renovating my first rental unit and posted it on the market. I'm up on Craigslist, Zillow Rental Manager, and Cozy for free, and bought an annual subscription to our HomeTownRent.com website for $45. Currently have the monthly rent at $100 below the rental zestimate for my unit on Zillow, and below two other very similar units in the same complex. The property has been completely renovated and is priced at 4% above the market for non-renovated units.

How long do you experienced folks leave a property out there before you decide that the rent is set too high? When I'm being rational about it, I think I'm in a good spot pricewise, but of course being new and anxious to get someone in, I'm second-guessing myself.

Do you have a "Zen of Waiting for Renters?" Feel free to share your tips.

Excited to join the game!

Roger S. · Answer

Facebook is the ONLY place we list and we get responses most of the time within minutes.

Patrick M. · Answer

Update: 3 days later I have received four inquiries to rent and one offer to buy in cash. My leads have come from Hotpads, Trulia, Realtor.com, and Facebook Marketplace. (Thanks @Logan Allec!)

Hoping to show for the first time on Monday evening or Tuesday morning. I presume this means my pricing on rent is appropriate. Is this typical when the price is right- about 1 per day?

Steve DellaPelle · Answer

@Patrick M. In my experience, if the unit is priced right then you will start hearing from them on that same day and basically every day after that until you take it off.

This is especially true if you think you are below the market rent for your area.

The Zestimate should not be your reference, it should be comparable units in your area. Look at that first and set accordingly and adjust if you are not seeing anything within 24-48 hours. Trust me, you will know when you have it right.

Cheers!

Dean H. · Answer

i posted one on Zillow this evening and had my first response in 7 minutes

Patrick M. · Answer

@Patrick M. (strange to write that)

Don’t count your chickens - I usually receive about 10 inquiries a day where I am. First day is many more.

I don’t take them serious until someone returns my application. And rightfully so- I maybe show my places to a half-dozen to a dozen people, a fraction of the inquiries. But I have never sat on a vacancy.

But every location is different.

Best of luck to you!

Steve Bracero · Answer

@Patrick M.

Craigslist, Hotpads, Facebook is also good

You should receive some interested parties first day (if its priced right)

Eric G. · Answer

I'm definitely with @Logan Allec on this one.

In my short experience as a land lord, I've noticed that certain properties & neighborhoods have their own powerful ways of attracting leads. For example, there is a certain area of my city called, "Canton". Canton is one of the more expensive areas, down near the water that attracts young professionals and small families. I have lived here for quite some time and most of the homes here are rented "by bedroom" (Possibly one lease but its usually a roommate cohabited venture). When I posted a room for rent in Canton, I posted on Craigslist, Zillow, and Facebook. The most hits I received were easily from Facebook. There is a group called "Canton Rentals and Roommates" where people answer your adds within minutes. 100% the best option for that neighborhood and surrounding area.

When I listed my two unit property (in a different neighborhood more catered towards a single family) on Zillow, Hotpads, Trulia, Craigslist.... I received the most feedback from Zillow. However, I still received a lot of feedback from Facebook. Congratulations on getting started.

Best of luck,

Eric

Logan Allec · Answer

Agree, @Roger S. And it certainly helps that you can check out their Facebook profile...not that I would discriminate or anything...just curious.

First Unit Posted for Rent! When Should I Start To Get Calls?

First Unit Posted for Rent! When Should I Start To Get Calls?

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