When do you start advertising available properties?

Question

Hi everyone,

I'm new to REI. I'm closing on my first rental property October 2.

When do you all start to market your rental? I'm not sure if I can even market something that I don't own yet... I drafted my listing, do I wait and post it on the day I close? I'm planning to market it as available to move in November 1.

Thanks for any advice you all may have.

Isaac Pepper · Answer

@Gayle Melnick I dont know if any rules are in place against this, but I told my seller on the last property that I was using it as a rental and wanted access before closing to have an open house. He granted my wish so I listed it, showed it, closed on it, and had tenants in 2 days later. No problems. Only way it could have been better is if I took the utilities from the sellers name and put in my tenants name! Of course this only works with a flexible seller and a turnkey property.

I would list it, just dont commit or promise anything to any potential tenant. I mean if you have tenants moving out of a property do you wait until they are moved out before listing it? I dont unless the unit needs a lot of work before turnover.

Joe Splitrock · Answer

@Gayle Melnick I start marketing properties once I get it under contract and have a closing date. I put the availability date after closing and write in the list "Available for showings as of October 2nd". I have had tenants move in the day of closing. I once drove from closing to meet the tenants at the property. Cutting a move in that close can be risky, so I wouldn't advise that for your first property. Still, there is no reason you can't advertise it and just let prospects know you are doing showings after October 2nd. If something falls through, just cancel or reschedule the showing. In this this business days and weeks costs money. If I am renting a place out at $1400 a month, that is $45 a day lost revenue, so yes I am going to hustle.

Larry Alexander · Answer

Zillow won't list it as available until after you close; true dat. Avail Rental Listings will. I'm in the @Joe Splitrock camp on this. At least get your description and photos ready to go and uploaded to where you plan on listing. Zillow for example won't publish the listing but you can still get everything setup; descriptions, photos, details etc. then go live right after closing.

Mark F. · Answer

I also agree with @Joe Splitrock, I've listed a property and had scheduled an open house for later in the day after closing. Had it rented out the same day within 2 hours of closing, tenant moved in the next weekend after it was all freshly painted and had new flooring installed.

If its a quick turnover property and doesn't need much, no reason not to get it moving as soon as practical, but the bottom line is do what works for you.

Gayle Melnick · Answer

@Isaac Pepper

Interesting idea. The seller doesn't have an agent. I am 99% sure this was a rental property for him. He did allow me access multiple times to allow my contractors to look at it. It's not a turnkey... I am changing a few things, minor stuff.

Since I am doing some work I'll probably just wait. I'll keep that in mind though for my next deal.

Bjorn Ahlblad · Answer

@Gayle Melnick after you get possession make sure the place is spotless and ready to rent, take some really good pics and then get it listed. All the best!

Adam Martin · Answer

Something I ran into on my last one if Zillow still shows it as pending you can’t post it for rent until they mark it sold so make sure if it listed there they take it off at or right after closing.

Theresa Harris · Answer

I'd wait until you close.  You can list it as you get within a few days of closing and as Joe said mention showings start after XXX day.  You will want to make sure everything is okay inside and out as first impressions are important.

Gayle Melnick · Answer

@Adam Martin interesting, great tip. You suggest communicating that request to the seller?

@Mike Cumbie thanks for the advice! While I’m hoping that nothing will delay closing, I know that things can happen. Lining up a tenant and then having to delay the move in date probably isn’t the best idea.

Mike Cumbie · Answer

I am all about waiting and not marketing until you own it. Deals delay all the time (I would say Most delay in the current market where I am). When some title issue that pushes things back a week happens, having expected renters calling every day just adds to the difficulty of the transaction.

Just my 2 cents and good luck!

When do you start advertising available properties?

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