When Can I Advertise Rental Property?

Question

I am closing on my first rental property on 10/23, 6 days from today.  The property is in great condition, but I still want to go in and paint a few rooms, do some touch up work, and rip out the carpet in the bedrooms upstairs and lay LVP.  I plan on having this finished in about 2 weeks after closing date.

When would be a good time to market the rental?  Should I wait until the property is ready to go and take new pictures or try and start marketing it sooner?  I know the screening process can take a couple weeks and would like it rented as soon as possible.  Just wondering what others would do in this scenario.  Also, are you allowed to advertise a rental before you actually close and is this even advisable?

Thanks in advance!

Vanesa Gonzalez · Answer

You can not advertise the property until you are the owner. But depending on the market, I would advertise it before it is ready. In Miami there is a huge demand for good rentals, so I would post the add with address and estimate date for moving in.

Andreas W. · Answer

I would be very hesitant to advertise a rental before you actually have control over it. Too many things can still go wrong. Closings regularly get postponed and sometimes fall though.

Daniel Haberkost · Answer

I would not advertise the rental before closing on it. Whether or not you advertise (once closed) before you finish the renovations really depends on the type of market you're in. Here in CO the demand for housing is greatly outpacing the supply. Last month I had two properties to fill (both needing work). I began advertising both of them before the work was completed and was getting a dozen inquiries a day just off of my craigslist posting. I filled both within a week and that's with 1st month's rent along with 2 additional month's rent as security deposit.

I don't know what the market is like where you are but if it's a hot market and rental units are in demand then you can likely do the same. If it's a slower market and there's more competition among landlords then I'd agree with the post above and would recommend waiting until remodel is complete.

David Stumpf · Answer

Don't advertise until your property is in rent ready condition and you have GREAT pictures to advertise with.  Most people will not consider or at least be very skeptical of a rental advertisement that has no pictures.  Most tenants are not going to check back in 2 weeks. When it is advertised they expect it to be ready or near so.  In the unlikely scenario that someone does come along and agrees to rent the half painted, carpet pulled out property and it is not ready in the 2 week time frame estimated, you might find yourself in a real pickle.  It is best to wait until you complete the rehab, advertise a completed unit that is rent ready.  Good Luck!

Brett B. · Answer

Thank you for all the great advice!  As @David Stumpf mentioned, I do not want to get caught with the rental half renovated and over my allotted timeline, especially if I have to coordinate with showing the house and working my full time job.  Once I am mostly done with the project, I can revisit if it is a good time to market.

When Can I Advertise Rental Property?

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