What does football have to do with real estate? Strategy plays a big part in football —–and so it does in Real Estate.
A large side of my business is helping my clients by finding tenants, and managing their single family homes, condos or townhomes until they are ready to sell. I then get the listing and it is a “win-win” for all of us. Managing property is a tough business. Since I have been an Investor/Landlord for 20+ years I have honed my PM skills for a while. But I am always trying to find time saving methods to accomplish things.
Finding tenants can be a time sapper and a drudge, if you ask me. The phone calls, the irritating questions, the “lookie-loos”, the going back and forth to the property for the umpteenth time, only to have a no show. Add to this the high cost of gas, several vacant properties and you have a crazy lady running around on empty!
This is my plan. I run the ads, and will only accept e-mail inquiries. I have “NO PHONE CALLS PLEASE” in the body of the ad. If I had to answer the phone 20 times per property, you can only imagine how I would spend much of my time. 99.99% of people are fine with that, and the other .01% are probably not my market anyhow.
I then set up a “showing” at say, noon on Friday. (I usually wait 3-4 days after the ad is running to do this, to accumulate enough interest.) I also pre-screen by e-mail to make sure they don’t own a baby elephant or 8 kids (in a 3 BR home). I also insist they drive by the property, familiarize themselves with the area and its convenience and safety for them. When I find out their basics I tell them the showing time. Some are disgruntled and say they cannot make it because they have to work or they are out of town. Well you know what? I have to work too and if this place is really something you think will fit your needs, rearrange YOUR schedule. Take an early lunch or change your plans–and some have done that. I do not show at night— for safety reasons and to not disturb my tenants at dinner time.
The point is, a well-priced listing will rent itself if you set up the parameters to pull in the right people. I usually rent on the first “open house” and have deposits and applications in hand that day.
One important caveat: PRICE—–make sure it is competitively priced for the market, this is key.
As always, if you build it they will come!