Updated 17 days ago on . Most recent reply
Getting Potential Tenants to Apply
Wassup BP fam!
So if you have seen my other post(s) or if not I am performing my first BRRRR and I have finally made it to the renting phase. Now this property is a duplex and the unit available is a 2bed/1bath. I have it listed at 1300/ month with water included. My listing spaces have been realtor.com with the help of rentredi, Facebook marketplace place, Zillow,trulia, Craigslist, Redfin, and apartments.com. Am I missing any other platforms? I have had a few showings and the potential tenants say they enjoy the property and wants the application, but I have yet to receive any submissions. My listings have only been active for about a week and a half. I know it will take longer to actually find a good tenant that loves the property and that I get good vibes from that meets the criteria. I was just curious what have been some of you'll timelines from listing to actually securing a tenant? Is there anything I can improve on? Any tips in general?
Most Popular Reply
Here in New York (City and Suburbs), a 2 bed/ 1 bath apartment is on the market for about 1 month before being rented (Median DOM = 29).
The time of year is also something to be considered. Fall and Winter months are a little slower. Days on Market increases sometimes even in spite of the fact that there is less available inventory/new listings during fall/winter months.
The main tip I have here is to consider listing your unit (if that isn't already the case). An agent can list on MLS giving 100s or 1000s of agents (& their clients) access to your vacant unit's information. Another reason to consider using an agent is that it may not be the best/most efficient use of your time to field calls, set appointments, and answer questions from every inquiry.
If you're listing this on your own, you can also try using/starting a google business page. You can post 'updates' and 'events' (i.e. open houses) with photos, videos, and call to action links of your choice.
As far as getting people to submit applications, if they are motivated, they will fill it out. Many people feel excited when they view an apartment/property... then reality sets in and they have to fill out an application, submit financial docs, verify credit/income, etc. If they're not filling it out, it could be because they're not serious or feel they're not qualified.
One thing that is in your control is making it as easy and simple as possible for prospective tenants to apply. Free and easy ways are by sending them an application and/or google form to fill out. I like google forms because you can require some questions be answered fully AND it can automatically log all responses onto 1 spreadsheet for easy comparisons.
All the best!
Abel
- Abel Curiel
