Marketing Your Rental

7 Replies

I'm closing on my first rental property soon in Wilmington DE and I was wondering what you guys do to market them. Did you just let your property management company handle it and go from there or where you more hands on? I have a camera setup with tripod so I can take bracketed shots inside the house so the pictures will be taken care of. 

I would like to be more hands on my first rental so any and all advice would be appreciated.

Thank You 

I used PM as well. mine was $200 placement fee and 10% of rent monthly.  Since PM also takes care of day to day operations as well, i think its worth it as well.  You should outsource as much tasks to other people as much as you can! your time is valuable.

Originally posted by @Tyrone Jackson :

I'm closing on my first rental property soon in Wilmington DE and I was wondering what you guys do to market them. Did you just let your property management company handle it and go from there or where you more hands on? I have a camera setup with tripod so I can take bracketed shots inside the house so the pictures will be taken care of. 

I would like to be more hands on my first rental so any and all advice would be appreciated.

Thank You 

If you're going to be using a property manager than you should definitely expect them to do that work if you're paying a monthly placement fee. If you're planning to do a lot more of the work yourself, than you can try to negotiate the listing agreement and what they'll actually be compensated for. It's possible that if you just want them to do the MLS listing and not the actual screening and showing part you could negotiate less than first month's rent, which is the Wilmington City standard leasing commission.

@Tyrone Jackson

If you hired a property manager then let them handle the marketing and screening.  When you hired your pm that is one of the questions besides cost Is what resources do they use to market the property.  I think it is best if possible to handle the pm on your own first so you know what it takes to be a pm.  This way you can manage your pm better because you know what the challenges are.  I think it’s part of the learning curve.  Of course if it’s not practical (out of state) then hiring your pm is the best plan.

Good Luck.

I let the property management company take care of it instead of trying to do it myself, but there are benefits of both. The benefits I found with letting the PM company do it are as follows:

- They have experience and (should) know what they are doing

- I was able to learn from the PM company. Beforehand, we sat down and discussed the terms of the agreement, tenant screening, etc. After things were up and running, we kept in touch so I was able to follow the steps they were taking. We had more discussions on what tenant applications they were seeing, what made some better than others, how many replies they were getting to the listings, and how many people were actually showing up to view the units. After I got the hang of it and spent more time on BP, I did provide input on how to make some of the listings more appealing to potential tenants. 

- I was able to spend my time doing other things.

As others are saying, it's typically a commission of the first month's rent. Enjoy!

Scott

If you have a camera and want to be hands-on for your first one, I would do your best to learn as much as you can and do it yourself. Look up youtube videos on how to take good pictures and post it everywhere. Zillow rental manager will post it to most sites but don't forget about craigslist and facebook marketplace which is gaining a lot of traction. Once you scale and know the process and what is the best use of your time, that is when I would transfer management over to a trusted and vetted property management company.

Thank you everyone for your responses. I will take all of it into consideration when I find out who I'll be working with. 

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