Landlords: Use the Internet to Find Tenants

Using the internet as a marketing tool is essential for landlords today in finding tenants for their rental properties, whether they be residential or commercial. By using the internet as an advertising vehicle, you will see great rewards in finding your next tenants. For the purposes of this article, I will focus on residential real estate, rental homes and apartments.

Most residential properties are rented by the 22 to 30 age group. These young adults grew up using the internet as a research tool, and odds are they will turn to the internet when looking for an apartment or house for rent.

There are several means of advertising on the internet – some free, some quite expensive.

One critical mistake many landlords make when using the internet for advertising is leaving out pictures and floorplans, and using too much shorthand to describe their offering. The internet is a visual medium – and the more words the better in most cases.

You absolutely must have a Web site. This does not have to be an expensive proposition, but if you are a landlord of any size (10 or more units) without a Web site, you will have a lower ‘credibility factor’ with your potential tenants, especially if what you are renting is an A-class property. You should also analyze the Web sites of the largest landlords in your area, and try to emulate (not copy!) those with front page search engine rankings.

If you live in a Metropolitan Statistical Area (as defined by the US Census Bureau) of 250,000 or more people, odds are that there is a Craigslist.com site dedicated to your area. Advertising on Craigslist.com is free, and you do not have to resort to clunky abbreviations in order to describe what you have for rent. Including pictures and/or floor plans are also highly recommended options.

Many cities also have smaller, regionalized message boards for finding and renting property. These are also generally free, but may take a bit of digging to locate. Locating them and getting a listing there will probably help raise your Web site’s rank in the search engines, and thus the number of potential tenants.

Most newspapers have Web sites that include the listings from their classified ads on them. Depending on the paper, the cost of being listed is free, or comes at an additional cost. If the newspaper you are advertising in does not have this as an option, and you have a different option available, take it! Some newspapers offer an internet-only option at a lower cost than the print version. Test the success of going this route, you may be surprised at its effectiveness.

There are several listing services on the internet for which a landlord pays either a one-time, annual, or monthly fee for having their name and link included. If you have an advertisement in the Yellow Pages, be sure that your listing is included on their Web site. Be sure a link to your company’s Web site is included.

There are several ‘rate your landlord’ sites springing up. Most are unmoderated, and most contain nothing but gripe sessions from prior tenants about what they perceived as bad landlords. Do not ignore these sites – if you have a current tenant who is happy with you, direct them to one of these sites and ask them to talk up what is good about you. If you have a bad rating on one of these sites, try to have it removed, if the claims are false.

Make use of the internet effectively and creatively, and your job as a landlord for finding new tenants will become a much easier one.

Five Pitfalls for the First Time Homebuyer

You’re reaching for the dream, and have decided to buy that first home. Be sure to avoid the five pitfalls that lie in wait, and could turn that dream into a nightmare. Watch out that you do not make the same mistakes that other first-time home buyers make.

1) Get the house inspected. Ever since the boom in this industry started in the 1980s, many states now require that home inspectors receive specialized training and be licensed. Ask to see the home inspector’s license, and get a list of five of his clients from six months ago for you to call. Most problems with a property will surface in that short time.

2) Get the house appraised by a reputable appraiser of your choosing. Appraisers are usually licensed real estate professionals familiar with the local market. Do not trust that the agent you’re working with will choose one best for you, they are working for the seller, not you! Get a list of potential appraisers from the mortgage lender you’re working with who are acceptable to the lender.

3) Budget accordingly! Many people do not realize the hidden costs of owning a home. You should plan on a minimum of five percent of your gross (pre-tax) income being devoted to the maintenance and upkeep of the home, whether the home is new or existing. Sock that many away every year, or when your furnace goes out, you’ll be left out in the cold.

4) Don’t offer full price. The price of the home has probably been set at a price anywhere from five to 15 percent higher than the seller is willing to accept. This is especially true if there is a real estate agent working with the seller, because they have access to sales records giving a good indicator of what the actual value of the house on the open market will be. Also, the agent has a hidden psychological motivation to pressure the seller into accepting a reasonable price, since they only get paid when the house sells.

5) Shop Shop Shop! Do your homework! The first house you see may seem to be your ‘dream’ home, but take your time. Most homes take roughly ninety days from the time it goes on the market to the time a buyer is found, so you can look around and possibly find one you’ll like even better.

Do your homework on the neighborhood. Ask the police department for crime statistics. If you have children, check closely what the school choices are. Also check for the availability and accessibility of essential services, such as groceries, pharmacies, etc. If it is a rural property, find out the condition of the well and septic system.

The longer a house sits on the market, the more likely it is that the seller will accept a less-than-full-price offer. As a first time home buyer, you don't want to buy more than you can afford, and you don't want to make mistakes that could leave you stranded if you make the wrong decision.