Where do you list your apartments for rent?

Question

I'm trying to fill a vacancy in a 2 unit and am not getting a very good response. I have a For Rent sign out front, but am off the beaten path so I'm getting almost no calls from that. I also have it listed on Craigslist, Zillow, Trulia, and HotPads. The only site I'm getting many hits from is Craigslist, and they seem to be lower quality tenants.

So my question is, where do you have success finding good tenants? Online? Newspaper ads? Signs?

I realize this is a pretty regional topic, so hopefully some local Syracuse or nearby upstate NY people can chime in.

Benjamin Burket · Answer

Account Closed I get most of my leads from Craigslist, and I agree that pictures and descriptions are huge aspects.  There's lots of landlords (or property managers) out there that don't know how (or are too lazy) to make a good listing with good pictures.  Many do not even take interior pictures.  The volume of these poor listings make a good listing stand out even more.  I've also noticed that, in very rural areas, ads in the penny saver, dollar saver, etc. are still relevant to the population there.  I've done this with my triplex in PA (population = 1,800).  The cost is minimal, around $12-$15 per week, and I got my best tenant through the paper.  If I get a lead from the newspaper, I immediately direct them to the craigslist ad so they can see a better description, see pictures, and get excited about the apartment.  Of course, if the property is in an area with a larger population, this won't be necessary.

As for pictures, yes, you could hire a professional.  However, I just turn up the "brightness" setting on my iphone, and it takes great pictures that look very nice in my opinion.

Another factor is time of year.  We're just coming out of the worst time of year to fill a vacancy.  You can spruce up your listings and hope for the best or lower your price to get someone in faster.

Take this example into consideration.  Let's say you know you could rent a place out quickly for $750 per month, but you're hoping to stretch it to $800 (I am guilty of this!), so that's where you have it listed.  However, your property sits vacant for 1 month as a result, and you lose 1 month's income.  Even if you are able to rent the property out next month for $800, it would take you 15 months to recover that $750 that you could have received by just renting your place out for $750 and avoiding the 1 month vacancy.  On top of that, you should have a larger pool of prospects to choose from at $750, which increases your chances of finding a high quality tenant.

I hope that made sense.

Good luck!

Matt Faix · Answer

Account Closed Anyone can post on Zillow as long as you have an account.

Gunnar Sevart · Answer

Account Closed Using a real estate agent can save you time and money (accounting for vacancies) on renting your places. Just remember that for one unit maybe it is not cost effective, but if you have multiple that an agent can manage, then you can increase the cost over the many properties. Think big and the smaller percentage of profit per unit will be overcome with the increased number of units in your portfolio.

Account Closed · Answer

@Lois Ginter & @Gunnar Sevart

I absolutely agree that using a real estate agent can be powerful, but right now I only have the one unit so it is cost prohibitive. At this point it is easier and cheaper to manage it myself. After I have a few more properties, I may be back on here asking if anyone knows a good agent in my area.

Account Closed · Answer

Thanks to everyone for the responses.

@Shawn Devoid I like the idea of bringing over a few accessories and furniture to stage the apartment, thanks for the tips! I have a friend who enjoys photography and has a good eye for it, so maybe I'll treat her to dinner to get some semi-professional photos.

As for the description, I tried to strike a balance between emphasizing the good and screening out people who won't qualify, while keeping it short and sweet. Feel free to check out my ad on craigslist here, I'd appreciate any feedback on that as well:

https://syracuse.craigslist.org/apa/5974638987.htm...

@Benjamin Burket I'd appreciate your input on my ad as well, I do at least have interior pictures! I think I may try an ad in the paper, as I'm not in a neighborhood with a lot of rentals and it is a relatively cheap experiment. I'm not quite rural, but it may still be popular here. I'm a millennial in the internet age, so I'm just not familiar with it. (I call it my "mid twenties," my girlfriend argues I'm "almost thirty")

To add my numbers to your example, and answer @Matt Faix's question, it is listed for 700. A year ago I rented it for 650, and the market rate is probably somewhere in between, around 670-680. I have a tough time coming up with a solid market rent because I'm in a low rental neighborhood and neighborhoods 2 miles away are vastly different. I see your point about losing out on a dollar to save a penny. I may have to suck it up and drop the rent to get more people interested.

Account Closed · Answer

Thanks for the feedback @Dave Carpenter. I did check the number of views on Zillow and it is getting a decent amount. I may be slightly overpriced, I just raised the rent, but that is a different, bigger discussion lol.

Actually my pictures could use a little work, and maybe now is a good time to redo them since it is vacant!

Mark Costa · Answer

Have you tried rentometer? I like to use it to gauge the price I could get for an apartment. Your place looks nice inside but the rental analysis is showing the average cost for a 1 bed in that area is ~625/mo. If you think the extra cost is justified, maybe you can emphasize what features of the apartment are worth the extra $100/mo in the pictures or the title. A few more pictures of the neighborhood might work.

You could also share your internet, which is no cost to you but would look like an added bonus to your tenant. I'm looking forward to hearing how this worked out in our next meetup.

Shawn Devoid · Answer

I think you are right on about the pictures.  They make a big difference.  Whether home buying or renting, for most people it is an emotional decision.  You want to appeal to their emotions.  Maybe bring a bit of furniture & accessories from your own house to stage it (or rent from one of those rent-to -own places, tip from @Brandon Turner on a podcast, I think).  Get a local photographer with good equipment to use their widest angle lens.  The lighting professionals use make a HUGE difference.  In Tucson, we have professional real estate photographers that have ultra-wide angle lenses, but I had a heck of a time finding someone for a friend in Burlington, VT.  Open up all window coverings.  Make sure no trash or "debris" (jackets, paint cans, etc) are visible.  I know it's a little bit of a pain in the rear and a little bit of time+money, but it's an investment in your marketing.  You can use these photos every time you have a vacancy.  If they are clicking on the property, they most likely have the money to spend, they just don't think the property matches up to the price.

Also, does your copy stand out?  Or is it just the standard description and emphasis on what the tenants CAN'T do?  Save that for a later email and let your ad be an ad.  Make it suit the tenant you desire- young professional- add some humor & emphasize fun.  Family- proximity to schools, parks, big yard, etc, older folks-peace & quiet, easy access.  Your ad should allow the prospective tenant to imagine themselves there.  If you need any assistance, PM me, & I'd be happy to help.  You still might end up lowering your price, but at least you'll know you did all you could.

Where do you list your apartments for rent?

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