🙌🙌🙌 QUESTION === What has been your experience with listing and marketing your property? If you did it on your own, how did you go about it? Leave your comments below!
We listed ours for free on Craigslist. We had heard there was a $5 charge, but we never had to pay anything. We have a 2BR 1BA... the 2nd bedroom is pretty small. So after a few unsuccessful showings, we changed it to 1BR and an Office. We started showing it to a whole new set of clients and were successful in placing a tenant in just a couple of weeks. Plus, we got $100 more than market rent!
Very interesting, Matt! Honestly never crossed my mind how that might be a more attractive listing. Usually is more BR = better, but sounds like in some cases an office may be preferred and you attract a different set of applicants. Did you rent out your property recently (when more people are working from home) or was this awhile back?
Richard Walls - Career Dev & Finance First month of our lease began in May, so right in the pandemic, and in Michigan! When we were listed as 2BR, we were getting people with kids as prospective tenants. Once we switched to 1BR + Office, we were showing to singles and couples. We are also somewhat lax on our credit requirements. We entered the REI game for two reasons: 1. To make a positive difference in our community; and 2. To earn passive income and equity. But number 1 is number 1 for a reason. Our place would normally rent for about $700 and we get $800. It’s a Class C neighborhood and we own it free and clear. Potential to cash out refi in November.
@@mattcourtney6002 Nice!! Really well done and great poisition to be in. What gave you the idea to market the BR as an office? Had you heard of others doing that?
I wanted to support a recent video of your since you've been such a great support to me! But I've already watched most of the recent ones. Anyways, keep up the great work!
Hi Richard! This is great! One question I have: not sure if you already covered in other videos, but how would someone price their property for renting?
Hi Silvia! Pleasant surprise to see your name pop up in the comments here. 🙂 I normally would look at other properties in the area that are available for rent with similar square footage, bedrooms, bathrooms, upgrades, etc, and base price off of that. You can do your research on Zillow or another similar site. I've also leaned on realtors I've worked with in the past to provide me market comps, which is just a list of similar properties that have recently be leased out and the rent that's charged. They'll have some perspective as well on what they think you could charge based on the attributes of your property.
Hey buddy! Awesome video! Quick question, I will be moving into my 2nd purchased home and my first one I will be putting for rent. I should be closing end of March 2024, what is the best way of transition so I don't end up with a long vacancy on my first rental? Should I list home now?
Hello Richard. New to your channel and I really appreciate the information. Can you also make a video of where to get rental agreements online and also where to get credit/background checks online for perspective tenants. That would be very helpful to us novice landlords. Thanks and keep up the good work.
Hi Juan - thanks for subscribing! Glad the info is helpful. I actually have a video on my channel on Avail.co, which is a DIY landlord platform - they actually include rental agreements that you can customize, as well as credit/background checks. Been using that platform for almost 2 years and have had a really good experience.
Hi John - haven't had any experience with commercial property leasing. I don't see any issue though leasing the whole property; just a matter of finding someone who has a need for the entire property.
As a real estate agent I got triggered by the title because it's so much more than paying us the money. However, I listened to what you have to say and you gave good advice. Obviously, I still think we are worth the cash because that's one less burden you have to deal with showing multiple times, leasing, and just all kinds of "colorful" attitudes and people, we also do a pretty good job with photography/videography etc. Anyways, great content.
Thanks for the comment, Saffeya! No doubt...it's a good amount of work, so definitely not for everyone to take on by themselves! I lucked out a little bit as one of the first prospective tenants that reached out ended up working out, so didn't have to do really any showings beyond that one.
@@RichardWalls First of all thanks for replying. i am asking can i list my home for rent in any state or city in US from my facebook marketplace and from my only one account or should i open multiple accounts, well i have no idea, please help me out in this matter. and secondly, you got my name wrong :) its Fareha . waiting for your response. :)
Thanks Kallie! My now tenant was also not a big fan. Didn't realize there were folks out there that didn't take kindly to air fresheners. 😂 I've always liked them walking into show homes.
🙌🙌🙌 QUESTION === What has been your experience with listing and marketing your property? If you did it on your own, how did you go about it? Leave your comments below!
We listed ours for free on Craigslist. We had heard there was a $5 charge, but we never had to pay anything. We have a 2BR 1BA... the 2nd bedroom is pretty small. So after a few unsuccessful showings, we changed it to 1BR and an Office. We started showing it to a whole new set of clients and were successful in placing a tenant in just a couple of weeks. Plus, we got $100 more than market rent!
Very interesting, Matt! Honestly never crossed my mind how that might be a more attractive listing. Usually is more BR = better, but sounds like in some cases an office may be preferred and you attract a different set of applicants. Did you rent out your property recently (when more people are working from home) or was this awhile back?
Richard Walls - Career Dev & Finance
First month of our lease began in May, so right in the pandemic, and in Michigan! When we were listed as 2BR, we were getting people with kids as prospective tenants. Once we switched to 1BR + Office, we were showing to singles and couples. We are also somewhat lax on our credit requirements. We entered the REI game for two reasons: 1. To make a positive difference in our community; and 2. To earn passive income and equity. But number 1 is number 1 for a reason. Our place would normally rent for about $700 and we get $800. It’s a Class C neighborhood and we own it free and clear. Potential to cash out refi in November.
@@mattcourtney6002 Nice!! Really well done and great poisition to be in. What gave you the idea to market the BR as an office? Had you heard of others doing that?
Richard Walls - Career Dev & Finance just crossed my mind one day!
Very informative video. I want to rent out my house privately and this video is definitely going to help me.Thank you Richard.
Glad it was helpful!
Awesome stuff! I'm planning on renting out my investment property soon I'll definitely use some of these tips! Thanks for sharing.
Sure thing, David. Thanks!
These are great tips man! Im panning on investing in real estate soon, so I'm loading up on videos to watch haha. Just subbed for videos my man! 👍
Thanks, Wagner! It's a pretty involved investment, but worth it in my opinion, especially as part of a diversified investment portfolio.
I wanted to support a recent video of your since you've been such a great support to me! But I've already watched most of the recent ones. Anyways, keep up the great work!
Much appreciated man!
I just rented out one of my properties and the realtor fees on a 12 month lease were $1700! Wish I watched this sooner ha.
Ouch! That can definitely make a dent in cash flow.
Great job my friend. Love your videos, keep spreading positivity and impacting other peoples lives. :) 🙂
Thanks Ahmet!!
Hi Richard! This is great! One question I have: not sure if you already covered in other videos, but how would someone price their property for renting?
Hi Silvia! Pleasant surprise to see your name pop up in the comments here. 🙂 I normally would look at other properties in the area that are available for rent with similar square footage, bedrooms, bathrooms, upgrades, etc, and base price off of that. You can do your research on Zillow or another similar site. I've also leaned on realtors I've worked with in the past to provide me market comps, which is just a list of similar properties that have recently be leased out and the rent that's charged. They'll have some perspective as well on what they think you could charge based on the attributes of your property.
Thank you!
Great tips Richard! Thanks for the great insight for absolutely FREE. Surely some tips everyone should hear.
New sub and keep up the great work
Thanks Jose!
Hey buddy! Awesome video! Quick question, I will be moving into my 2nd purchased home and my first one I will be putting for rent. I should be closing end of March 2024, what is the best way of transition so I don't end up with a long vacancy on my first rental? Should I list home now?
Great job! Thanks for sharing this.
Thanks Romel!
Hello Richard. New to your channel and I really appreciate the information. Can you also make a video of where to get rental agreements online and also where to get credit/background checks online for perspective tenants. That would be very helpful to us novice landlords. Thanks and keep up the good work.
Hi Juan - thanks for subscribing! Glad the info is helpful. I actually have a video on my channel on Avail.co, which is a DIY landlord platform - they actually include rental agreements that you can customize, as well as credit/background checks. Been using that platform for almost 2 years and have had a really good experience.
What if it's commercial property? And it's currently almost full but you want to find one tenant for the whole property and make a lease?
Hi John - haven't had any experience with commercial property leasing. I don't see any issue though leasing the whole property; just a matter of finding someone who has a need for the entire property.
As a real estate agent I got triggered by the title because it's so much more than paying us the money. However, I listened to what you have to say and you gave good advice. Obviously, I still think we are worth the cash because that's one less burden you have to deal with showing multiple times, leasing, and just all kinds of "colorful" attitudes and people, we also do a pretty good job with photography/videography etc. Anyways, great content.
Thanks for the comment, Saffeya! No doubt...it's a good amount of work, so definitely not for everyone to take on by themselves! I lucked out a little bit as one of the first prospective tenants that reached out ended up working out, so didn't have to do really any showings beyond that one.
Hello Richard, i have a question. can i list my house in any state or city?
Hi Rafeha - not sure what you mean?
@@RichardWalls First of all thanks for replying. i am asking can i list my home for rent in any state or city in US from my facebook marketplace and from my only one account or should i open multiple accounts, well i have no idea, please help me out in this matter. and secondly, you got my name wrong :) its Fareha . waiting for your response. :)
Interesting information, new Agent.
Glad you liked it, Lulu!
Ohhh this channel is going to be good! Subscribed!
Coming back to watch thanks for swinging by my channel!
Joe
Thanks Joe - right back atcha! Looking forward to seeing more content.
Great video. Those air fresheners are super toxic though lol not a fan!
Thanks Kallie! My now tenant was also not a big fan. Didn't realize there were folks out there that didn't take kindly to air fresheners. 😂 I've always liked them walking into show homes.
6:35 for bingo.
Wasting time video, not get to the point