More than Craiglist or Zillow?

More than Craiglist or Zillow?

East Aurora, NY · Member since 2018 · 37 posts · 17 votes

I closed on a duplex in Buffalo, NY last week. The house (both upper and lower) was vacant, in great shape as the owner had done some minor updates to the flats. The numbers look great on paper and the rents I plan to ask for are reasonable according to Rent-o-Meter and what I am told by folks in the business. I placed an ad in Craigslist and scheduled an open house for Saturday and sat there by myself as no one showed. Seems so easy to get lost in the Craigslist shuffle.

I plan to place an ad in Zillow shortly. When checking out the competition in the area, I saw an ad for an apartment a couple doors away from mine...having been on Zillow for approximately 60 days. UGH! I am up for the challenge and considering including incentives that would vary, depending upon the duration of a lease I secure. Incentives might include free internet, free utilities for a few months, etc.

So my questions to you, my esteemed colleagues, are Craigslist and Zillow the most employed websites for posting available apartments - or are there others I need to include? What strategies do you use in order to find tenants quickly and how do you stand out in the crowd?

Many, thanks!

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Joe SplitrockPro Member
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Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
7y

@Russell Caraotta I have been renting properties for over 15 years. I will make a few points:

- Yard sign is by far the best method to rent a property, but do not answer the calls yourself. I direct my yard sign to my website which is my Zillow listing. That way they can read all the details without me spending 20 minutes playing 20 questions to someone who says in the end, it costs too much. Another option is let it go to voice mail with details like bedrooms, rent, etc.

- Craigslist is junk. I still post there but it has gone down hill every year for the last five years.

- Zillow is my main source of good leads.

- Facebook generates a lot of activity, but rarely do I find good people there. I kind of feel like it is a waste of time, but when I am trying to rent a place I pursue all options.

- When you setup an appointment to meet someone, have them text you 30 minutes before the appointment to confirm. Do not go to the property if you don't confirm. No shows are common - people are rude and that is just the world now.

- Do not include utilities if possible. It is a pain and utilities like gas, water or electric can get really expensive if your tenant is careless. Better to reduce rent than include utilities.

- Do not lower rent for longer lease. This is a classic newbie mistake. I know you want a long term tenant- we all do. What I have learned is that long leases lock in a landlord more than a tenant. Never go over a year. I have had people tell me they plan to stay 5 years and break their lease after 6 months. I have had people say they only need a year and stay there five years. My point is people move when they want to move. The lease just locks you into a rate and potentially bad tenant. My advice do 1 year and at the end of the year, renew at 1 year if they are good. If they are not great, you can not renew or raise rent.

- Rentometer is not always accurate. I prefer to look at similar listings on Zillow to gauge price. I chose to go a few dollars cheaper and rent my place faster. I never have a vacancy longer than a month, but I see people sit on Zillow for months holding out for higher rents. Be careful that your rent isn't too low or you can create the impression the property isn't very nice.

Good luck!

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  • Rental Property Investor · Brookhaven, MS · Member since 2017 · 186 posts · 108 votes
    7y

    I use both craigslist and zillow. It works great for me because most of the people in my area don't really utilize them it is effective for younger folks looking online or people from out of town using the service. If you use cozy they post to realtor.com as well. I have heard people using facebook marketplace with some good results.

  • Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    7y

    Craigslist and Zillow is all you need. Sometimes I try to highball the rental asking price and if you don't get enough interest, adjust accordingly.

  • Rental Property Investor · Buffalo, NY · Member since 2017 · 257 posts · 130 votes
    7y

    Don't be discouraged, its not the greatest time of year to find renters and may take a little while. I have relied on craigslist and zillow in Clarence and usually fill a vacancy within a month, and Clarence is not very populated. Facebook marketplace and let go app will also bring activity. I particularly like online stuff because you can have the potential renters fill out a questionnaire before they come see the place, and that really saves you time and weeds a lot of them out. It's more difficult and time consuming over the phone. You also have it for reference which comes in handy.
    Here is my what I ask them before they come see, sorry the formatting is a little goofy:

    Hi ______, thank you for your interest in the property. Please fill out the following questionnaire that I send to every interested party before showing. If you have any questions please email back or call John at 716 XXX XXX

    First names and ages of all other people who will be occupying this residence:
    Current town you live in:
    Current rent being paid:

    Move in date of current residence:
    Reason for moving out of current residence:
    Why are you considering this property?

    Have you given notice for leaving?

    Current place of employment, position, salary, and number of years in this position:

    Any other regular income:

    Pets?

    Have you ever:
    Been evicted or asked to leave a residence?
    Committed a felony?
    Broken a rental agreement?
    Been sued for damages or non-payment at a rental property?

  • Real Estate Agent · Renton, WA · Member since 2017 · 204 posts · 151 votes
    7y

    @Russell Caraotta seems like you got a lot of Good ideas here already. One thing I would consider to look into is instead of having a deposit is take in a move in Fee and utilize a service like suredeposit.com where tenants pay a small fee which is actually a bond for the amount of the deposit. It’s less out of pocket for tenants and insure you get paid if they damage the property. I haven’t use it yet but heard this on one of the podcast, and will try it on my next rental. Happy Investing!!

  • Real Estate Broker · Scottsdale AZ & Cleveland, OH · Member since 2019 · 168 posts · 109 votes
    7y

    This is a great topic! I self-manage and blast my listings for rent on Zillow/Trulia/Hotpads, Craigslist, Facebook Marketplace and have had action from all sites. Zillow will get you the highest rents. Craigslist is hit or miss depending on your market, but generally good idea. In regards to FB Marketplace, I just started using this. If you are renting out 1-2 bedroom apartments, this is great! Not the best for a SFR. In conclusion, I recommend making sure that you use every site that you can and stay consistent to reach all potential tenants. Also think outside of the box with Airbnb and VRBO. If it's the right market, it could be extremely advantageous to fully furnish your property and rent it out.

    Now that you have the interest/demand - You MUST screen hard.  My non-negotiables to rent from me are no evictions, no criminal record, +650 credit/rent score and 3x monthly rent. I have need self managing for +7 years with no evictions! 

    Please reach out to me if you have any questions!  I specialize in AZ & OH.

    All the best, 

    Jared 

  • Rental Property Investor · North East US · Member since 2019 · 114 posts · 31 votes
    7y
    Originally posted by @Quito Keutla:

    @Russell Caraotta seems like you got a lot of Good ideas here already. One thing I would consider to look into is instead of having a deposit is take in a move in Fee and utilize a service like suredeposit.com where tenants pay a small fee which is actually a bond for the amount of the deposit. It’s less out of pocket for tenants and insure you get paid if they damage the property. I haven’t use it yet but heard this on one of the podcast, and will try it on my next rental.

     If your tenant dont have $ money for deposit it may lead to idea he has some financial dificulties and consequently you will have an income issue sooner than later

  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    7y

    Most MLS systems do a full syndication to the major sites. Price the property correctly and they will almost always move.

  • East Aurora, NY · Member since 2018 · 37 posts · 17 votes
    7y

    Thank you all for your comments, suggestions and experiences. I am really overwhelmed and glad to be part of such a generous community. Best to all!

  • Rental Property Investor · Baton Rouge · Member since 2018 · 20 posts · 19 votes
    7y

    @Russell Caraotta

    I use Craigslist 100% for my rentals. Zillow and Craigslist for owner financing deals.

    The key to Craigslist in my area is to have multiple listings of the same rental active. They each become renewable at different times and I renew as soon as possible to stay near the top of the “food chain”.

    When I know of a vacancy coming, I pre-post to generate an interest list for potential tenants ahead of time. I currently have a remodel loft apartment very near to LSU that will be complete the first week of March and I have 6 folks that will all likely pass the screening process.

    Also, as your rental circle grows people will begin to contact you for available units, organically.

  • Member since 2019 · 5 posts · 4 votes
    7y

    We have had a lot of luck with posting it in our local marketplace on Facebook.

  • Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
    7y

    @Joe Splitrock property management 101 in a single forum post, great breakdown!

  • Member since 2019 · 1 post · 0 votes
    7y

    Zillow has definitely been the most productive for me.  I will say that (not surprisingly) I noticed a dramatic decrease in contacts the one time I listed a property before posting pictures (while rehab was underway), so make sure to take pictures and utilize their virtual tour option.  The other great thing about Zillow is that you can store your listing for future re-listings.

  • Flipper/Rehabber · Bridgewater, NJ · Member since 2019 · 87 posts · 16 votes
    7y

    what you need is the best realtor on town 

  • Rental Property Investor · Sumter, SC · Member since 2018 · 12 posts · 5 votes
    7y

    Zillow worked for us! As a bonus, your post will show up on Hot Pads and Trulia. We put an add up at the upper 15% of rent-o-meter and had a ton of interest. We had about 10 people interested, 4 applications (Zillow gives you credit and background) and 3 qualified candidates. I did the showings and am getting a signed lease later this week. Total time on the market was ~15 days (the reno is not completed yet). 

    I recommend getting profesisonal photos taken with some touch ups. I do it on the side and get like $80-$90. The pictures really sell the place. seems like a small price for a faster rent. 

  • Accountant · Huntingdon Valley, PA · Member since 2018 · 4 posts · 2 votes
    7y

    try https://www.rentlinx.com/. the first month is free. also apartments.com

  • Rental Property Investor · Virginia Beach, VA · Member since 2018 · 19 posts · 6 votes
    7y

    When I used signage in the past for rentals, I would generally put them in a location near the corner of the street or close by thoroughfare as to not alert people to the exact location of said vacant property.  I would put the Street & my # on the sign, but not the address.

    Sometimes, this can be tricky in certain areas and you don't want to upset any neighbors or your local city ordnances(Fines). Posting some toward the end of the workday on Fridays & pulling them back up Sunday evenings is also a way to alleviate any of those issues.

  • Investor · Prospect, KY · Member since 2017 · 62 posts · 34 votes
    7y

    @Joe Splitrock. Golden advice!

  • Rental Property Investor · Lubbock, TX · Member since 2018 · 54 posts · 30 votes
    7y

    @Russell Caraotta When I looked for an apartment a few years ago I used Rentler.com you could use that too. Also, it is important to update you Craigslist ad often (multiple times daily, or you won’t stay at the top of the list. I hope that helps.

  • Member since 2018 · 4 posts · 2 votes
    7y

    @Russell Caraotta

    We use all the above mentioned sites.

    In order of our success:

    1) Zillow

    2) cozy (it’s a site that also lists on realtor.com and a few other affiliate sites...and is great for in house property management

    3) Craigslist

    4) Facebook marketplace

    5) Facebook buy/sell groups in your rental area

    6) blasting realtors who have had multiple transactions (see Zillow for transactions list)

    Hope this helps. You should get tons of traffic with these.

  • Rental Property Investor · Ocala, FL · Member since 2016 · 226 posts · 140 votes
    7y

    it is really interesting to see what rentals are like in various parts of the US.  

    Here in central Florida,I post a vacancy on Craigslist and Zillow.  Within 2 days, I have 10 to 12 people interested and still more keep calling.  There are not enough rental homes here, but there are a lot of apartment buildings.  So, finding good tenants is not hard.  

    I ONLY rent month to month to everyone.  (no leases)  I tell them I hope they stay a long time, but if their life situation changes, they only need to give me a one month notice, and they like that.  I only have to give them one month notice if I need them out.  

    I have never have had to evict anyone.  I have sent a 30 day letter to a tenant to move out, when I found that they had moved 2 extra people in.  They moved at the end of the month.

    Each time I get a new tenant, the rent goes up, because the area rental prices are up again.

  • East Aurora, NY · Member since 2018 · 37 posts · 17 votes
    7y

    @Alex LaVallee Thanks for sharing your strategies. You've got some interesting sources.

  • East Aurora, NY · Member since 2018 · 37 posts · 17 votes
    7y

    @James Barnhart Interesting points re month to month. I always viewed the security of a 5 or 12 month lease as a good thing, if the lease agreement has strong enough language for termination for cause.

  • Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    7y

    mls offering agent fee to bring you qualified tenants.

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