Renting Apt by Owner - Tips Needed
Hi all, I have started trying to rent out an apartment in my 3-fam brownstone in park slope w/o a broker for the first time. I am having trouble for the first time finding a tenant and getting really worried. Does anyone have any tips to finding a good tenant? I have it posted on…
Hi all,
I have started trying to rent out an apartment in my 3-fam brownstone in park slope w/o a broker for the first time. I am having trouble for the first time finding a tenant and getting really worried. Does anyone have any tips to finding a good tenant? I have it posted on craigslist, but not sure how often i should re-post it there or if there are certain key words or anything else crucial that should be included in a post. Any and all advice is greatly appreciated. TIA!
Landlords are always reluctant to drop the price, but if it sits empty for a month, your revenue is going to be 11 months instead of 12 which means you’ve inadvertently dropped the price by a couple hundred already.
I recently rented one of my apartments through this site:
http://jumppo.st/9GzD34
I had to select Park Slope as my neighborhood since they did not have Windsor Terrance as an option, but other than that I had a great experience. I also was not getting hits on CL or through several brokers. It also helped that my listing was the only one with pictures so it stood out. As a HUGE bonus I received $500 via paypal “as advertised” once the new tenants signed their lease. Incredible!
Best,
allan s.
Thanks so much for your suggestions. they really are so helpful – especially the need to repost on CL daily AND delete prior post. I have a few pictures up which i think are OK and as far as i can tell the price is in the range of what’s avg for the area. If it is not rented soon we may try dropping the price a bit.
In terms of using a broker – in the past we always used brokers and had no trouble renting the apartments quickly. This time around the broker we used has not been able to get it rented for us. I’m not sure why that is, other than a changed market from the last time we tried. So after a few weeks of leaving it up to the broker we dove in ourselves.
Anyway – thanks again for the suggestions – I will definitely look into rdny as well.
Aside from some of the good ideas above, you should list your apt. with RDNY.com. It’s free to list and it’s a no broker fee site that verifies apartment information with the owner before posting any listings. The renters have all paid a nominal fee to use the service, and so they are serious about finding an apartment, not window shopping like so many craigslist viewers.
The website is: RDNY.com
You can list your apartment free at: http://www.rent-direct.com/dynamic/rdny.4d?Listing&start&RD
In addition to all the above, make sure it is listed as being in Park Slope and for rent by owner and no fee. Plus in the listing give the street and cross street, how many rooms total, and how many bedrooms.
I have no problems renting out units via craigslist. i never ever use a broker etc… check prices to make sure its reasonable for the area. other than that it should rent out fine. even without pics. yes i have rented few times without pics before. i should get a new camera.
I’ve found that you need to refresh your ad on Craigslist DAILY, as hundreds are added each day so something even a few days old is ancient history.
Create a strong headline–e.g., No-fee 1-Bedroom in Prime Park Slope, and give specifics–owner-occupied, condition, special features, square footage, etc.
Photos help if they’re good photos.
I agree about your price, there’s a good rental broker in park slope, Scott Morrow (347) 725-3370, he gets top rents usually in just a few days and at no cost to you, the owner. The renter will pay commission to him, I think usually one month’s rent.
If you go CL route you need to delete and repost your ad daily for best effect. We used NYTimes and didn’t feel $99/for two weeks was worth it.
Really pricing is everything but brokers can often get you more. We got $2,000 per one bedroom floor-thru on CL.
if you are not getting bites on craigslist, your pricepoint is probably unrealistically high…check the local realtors for same conditions and square footage, and price a hair below the comps