PUT OUT A FOR RENT SIGN BEFORE OR AFTER REHAB?

Question

Just purchased a house that needs new tile, carpet removal, hardwood refinishing, and basement finishing. I want to rent it by July 1 but it will be rough as rehab starts next week for a couple weeks. Should I have showings before and during rehab or wait until its all done? Thanks!

Account Closed · Answer

Many times people would stop by our homes while my husband and I were remodeling them to see if it was for rent and if so, could they look around. I would always say no for these reasons.

#1 Because, they would ask, "Will you be installing a new stove?  Carpeting, Air Conditioning, a Butler, a Maid, (being sarcastic here), and the list would go on.  They seem to want the works seeing how we are remodeling anyway why not ask.  So we nipped that in the bud right away.

#2, Is the fact that people who are not landlords have a hard time visualizing what the place will look like once it has been repainted, new carpeting, and ready for show.  Showing them while it looks like a dump, makes them think it's a dump and they move on.

#3 Also, when they see the place not ready, and looking shabby, the rent seems too high to them, verses when they see the home in all its splendor.

My philosophy is this..once the home is completed then it is good to show.  What the applicants now see during their tour is what they get.  No maid, no butler, but a house that truly is worth living in.

Nancy Neville

Michael Noto · Answer

@Michael Barbari In my experience, renters have zero ability to look beyond what they are staring at in that moment.  Just wait and show once you have a finished product.

Jake Thomas · Answer

I would hold off till at least most of the work is done if not all. I am going to start showing my latest one today but it still needs a new front door and 4 windows replaced, not broken but all older and just easier to replace now. Most tenants can't imagine what the place will look like finished and just see a dump during rehab like Nancy stated.

Robert P. · Answer

I would only show it after it is ready. I can tell you from experience that tenants will only want to see the finished product. Plus, I could see people ending up doing things "half-ass" (excuse the language) if they are still rehabbing, but the tenant has already said yes. It's better to do things right and having the motivation of someone already saying yes to live there may cause you do go another route.

Michael Barbari · Answer

Thank you Account Closed. Great points.

Michael Barbari · Answer

Thanks @Robert P.@Jake Thomas@Michael Noto @David Luetkemeyer. All great points. I will wait on this one.

Michael Barbari · Answer

Thanks @Chris Erwin. I've always done it after as well but asking others' opinions as I'd hate to lose a month of rental income.

Sylvia B. · Answer

We have done it several times, but we rarely have to advertise our rentals. People are constantly calling us to see if we have any houses available. The biggest problem is that if someone wants it we have a firm deadline to meet, and something always comes up during rehab that delays the finish date.

PUT OUT A FOR RENT SIGN BEFORE OR AFTER REHAB?

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