I Need Source to Advertize Rentals - Posted by Nancy(NC)

import · May 21, 2006, 7:17am

Posted by John Corey on May 21, 2006 at 13:50:38:

Mark,

Is there a problem with your email address? I did a private reply (nothing that needed to be on the forum) and the bounce says:

:
207.155.248.168 does not like recipient.
Remote host said: 554 : Recipient address rejected: No valid mailbox for wmark@deltanet.com
Giving up on 207.155.248.168

import · May 21, 2006, 7:17am

I Need Source to Advertize Rentals - Posted by Nancy(NC)

Posted by Nancy(NC) on May 21, 2006 at 07:17:46:

Hi:

I recently bought a townhouse I want to rent. The HOA restrictions do not allow For Rent signs on the property. I did put a sign in the window that said “available” but got no responses.

Do any of you know a good source to advertise online for rentals? I do have a real estate license and could join the Assoc. of REALTORS but hate to do that for one or two rentals a year. I have tried the local newspaper but it’s expensive and I got no responses.

Thanks for any help.

Nancy(NC)

import · May 22, 2006, 2:19am

Re: I Need Source to Advertize Rentals - Posted by Innovator

Posted by Innovator on May 22, 2006 at 02:19:47:

Nancy,

When I run into HOA restrictions on the property I increase the directional signs. Instead of “House for Sale”, I’d have “Propery/Condo for Rent”, “Rent to Own” or whatever you do, with space to write in the address. I have put out as many as 15 signs (the more the better). The HOA can’t restrick what you do outside their property. I hardly ever pay for newspaper ads, because they are expensive and the results usually “suck”. Yard signs and directionals are cheap by comparison and can be used over and over again, and of all the marketing methods I get the best responses from signs at the location.

Also, I don’t agree with lowering your price, especially if what you are asking is in line with the rest of the neighboorhood.

import · May 21, 2006, 6:00pm

Re: I Need Source to Advertize Rentals - Posted by Nancy(NC)

Posted by Nancy(NC) on May 21, 2006 at 18:00:46:

Hi:

Thanks for the comments. I did advertise during the weekends and I know the rent price is good. Normally I would agree with lowering the rent, and I may, but others in the complex are renting for what I’m asking or more. I know because I own 3 in this complex and have talked with other owners with rentals.

I also like to put a “for rent” sign in the yard or window but it’s forbidden in this complex.

I was just hoping to find a source that potential renters who go online could find like yahoo or some other sites I don’t know.

Thanks for your suggestions.

Nancy(NC)

import · May 21, 2006, 11:29am

Re: I Need Source to Advertise Rentals - Posted by John Corey

Posted by John Corey on May 21, 2006 at 11:29:30:

Nancy,

If you are advertising in the local papers and have received no calls your rent is too high.

Try craigslist if there is one for your area.

As to the cost of running an ad. If there is a major paper in the area that is where you need to advertise. Focus on the weekend. The cost is the cost and it is not too high compared to keeping the place vacant.

If you have a vacancy for 1 month that is the same as having dropped the rent by 1/12 more or less. Hence do not be resistant to reducing the price quickly to stop the vacancy. When there is a dominant paper in the area look up the rents for similar properties. I would take the price in the paper that feels to be about average for the same sort of property and reduce that number by $25 and place an ad.

Even consider calling the folks with places to rent and cut a deal to buy the contact details of people who called but did not rent (only pay for success or pay a tiny amount per lead).

BTW - My best results were always from a ‘For Rent’ sign in the home’s front window. There were no restrictions about signs for these properties. I just like using the front window. In all cases I was renting a SFR. Normal urban center residential so normal traffic patterns.

John Corey

import · May 22, 2006, 7:00pm

Re: I Need Source to Advertize Rentals - Posted by Nancy(NC)

Posted by Nancy(NC) on May 22, 2006 at 19:00:57:

Hi:

Thanks for your email and suggestion about signs.

Nancy(NC)

import · May 21, 2006, 12:45pm

Re: I Need Source to Advertise Rentals - Posted by Mark (SDCA)

Posted by Mark (SDCA) on May 21, 2006 at 12:45:49:

“If you have a vacancy for 1 month that is the same as having dropped the rent by 1/12 more or less. Hence do not be resistant to reducing the price quickly to stop the vacancy.”

Could NOT agree more with this! If the property stays vacant for a month but you get $50 more in rent, how long does it take to recoup that lost month? I always set my rent slightly below market.

I also keep it below price points ie 995 instead of 1000. 875 instead of 900 and so on.

GL,

Mark