More than Craiglist or Zillow?

[Russell Caraotta]

I closed on a duplex in Buffalo, NY last week. The house (both upper and lower) was vacant, in great shape as the owner had done some minor updates to the flats. The numbers look great on paper and the rents I plan to ask for are reasonable according to Rent-o-Meter and what I am told by folks in the business. I placed an ad in Craigslist and scheduled an open house for Saturday and sat there by myself as no one showed. Seems so easy to get lost in the Craigslist shuffle.

I plan to place an ad in Zillow shortly. When checking out the competition in the area, I saw an ad for an apartment a couple doors away from mine...having been on Zillow for approximately 60 days. UGH! I am up for the challenge and considering including incentives that would vary, depending upon the duration of a lease I secure. Incentives might include free internet, free utilities for a few months, etc.

So my questions to you, my esteemed colleagues, are Craigslist and Zillow the most employed websites for posting available apartments - or are there others I need to include? What strategies do you use in order to find tenants quickly and how do you stand out in the crowd?

Many, thanks!

[Joe Splitrock]

@Russell Caraotta I have been renting properties for over 15 years. I will make a few points:

- Yard sign is by far the best method to rent a property, but do not answer the calls yourself. I direct my yard sign to my website which is my Zillow listing. That way they can read all the details without me spending 20 minutes playing 20 questions to someone who says in the end, it costs too much. Another option is let it go to voice mail with details like bedrooms, rent, etc.

- Craigslist is junk. I still post there but it has gone down hill every year for the last five years.

- Zillow is my main source of good leads.

- Facebook generates a lot of activity, but rarely do I find good people there. I kind of feel like it is a waste of time, but when I am trying to rent a place I pursue all options.

- When you setup an appointment to meet someone, have them text you 30 minutes before the appointment to confirm. Do not go to the property if you don't confirm. No shows are common - people are rude and that is just the world now.

- Do not include utilities if possible. It is a pain and utilities like gas, water or electric can get really expensive if your tenant is careless. Better to reduce rent than include utilities.

- Do not lower rent for longer lease. This is a classic newbie mistake. I know you want a long term tenant- we all do. What I have learned is that long leases lock in a landlord more than a tenant. Never go over a year. I have had people tell me they plan to stay 5 years and break their lease after 6 months. I have had people say they only need a year and stay there five years. My point is people move when they want to move. The lease just locks you into a rate and potentially bad tenant. My advice do 1 year and at the end of the year, renew at 1 year if they are good. If they are not great, you can not renew or raise rent.

- Rentometer is not always accurate. I prefer to look at similar listings on Zillow to gauge price. I chose to go a few dollars cheaper and rent my place faster. I never have a vacancy longer than a month, but I see people sit on Zillow for months holding out for higher rents. Be careful that your rent isn't too low or you can create the impression the property isn't very nice.

Good luck!