How to market rental property

[Andrea Ruiz]

Hello all, I posted my property on Zillow, Rentredi, Facebook, and Trulia four days ago and I haven't received a lot of inquiries. Typically within how many days should I start to worry? Where else should I post or what other marketing strategies do you recommend? thank you! 

[Makan A Tabrizi]

Quote from @Kevin Sobilo:

@Andrea Ruiz, I don't base my decision making on the number of inquiries. You aren't a local WalMart trying to sell millions of dollars of products each week! You have exactly ONE product so you only need ONE good applicant. Yes, its always nice to get lots of responses because you feel there will be good applicants in there somewhere but if you get a few responses and 1 good applicant that is fine too.

So, I do biweekly open house showings. So, I will see how many people come and then apply. If I'm not getting applications the first week or so then I have to ask myself why or if after a few weeks I haven't gotten any acceptable applications I will ask why.

If you're in a large enough market with enough people, the most obvious issue will be price. Keep in mind market price rent is NOT the highest rent you see advertised for a comparable unit. Its the rent that will BOTH ATTRACT and KEEP a good tenant. Those things reduce your vacancy/turnover which are expensive. If you charge too much, it may sit vacant longer and turn over much more often and those expenses and lost income can far outweigh the extra rent you are charging. 

 Hello Kevin, how do you advertise your open house? I'm not a realtor, just an owner who lives in one of my six apartments. Thanks.