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This Old House - Do-it-Yourself

Expand Your Offerings - Property Management Continued

Written by Posted On Wednesday, 12 June 2019 05:00

Expand Your Offerings...The real estate world is changing, commissions may be at risk moving prepared.

Marketing - Advertising

How are you going to cost effectively get the word out to prospective tenants?

1. The most effective means of advertising a rental property is a sign, located so as to achieve maximum exposure to the walking or riding public. It should be easy to read, number of bedrooms and baths and a phone number is all that is required.

2. Community bulletin boards are free and often times effective in advertising your rental. They should be neatly prepared and placed in grocery stores, laundromats, department stores, hospitals, etc. Be sure to get permission before placing the notice.

3. Personnel departments of large companies may be appropriate. Many large companies and military organizations have departments which seek out housing for newly arriving personnel. You should find out which individual in the organization is tasked with the responsibility of assisting new arrivals and send them a resume of your rental, reviewing what is being offered and how much you are asking. Also include a picture.

4. Resident managers of nearby apartment buildings can be helpful. Establish rapport with several and always let them know when you have a vacancy coming up. May be you can offer them a monetary incentive for referrals. Before you offer any money, check local laws and customs.

5. Newspaper classified advertising is expensive if not done correctly. The categories are usually furnished and unfurnished, with the lowest priced rent being at the head of the column. You will pay by the line so be brief yet descriptive. Be sure to list the address and your phone number. If you are not at home to take calls, invest in an answering machine. Weekends and close to the beginning of the month are usually the best time to advertise. If you have just replaced the carpets, say so. Anything which makes your unit stand out from the competition should be mentioned. If you accept pets, state such. Many owners do not allow their tenants to keep animals.

6. Hotel and motel managers have contact with new arrivals to the area. Distribute information to a network you establish.

Now that the word is out, how do you handle calls and show the unit?

When a prospect calls, be pleasant and also alert. This gives you a chance to gather information about the tenant and also lets you "sell" the unit to the tenant. Speak clearly and distinctly. Be courteous and establish rapport. Make sure you get their name, determine if they have the financial means to rent the property (this includes an appropriate security deposit) and be ready to give directions to the property from almost any location. Give the EASIEST way, which is not necessarily the shortest way or the way you go. If possible, route the past points of interest, shopping centers, schools, churches, recreational areas, parks, major transportation routes and the like. Mention the amenities, but be careful not to oversell. If you build it up too much, they may be disappointed when the get there. Always try to make an appointment to show and try not to do it at night. It may even be a good idea to have someone go with you if you must show it in the evening. If the power is off, schedule the showing for the next day.

The property should have "curb appeal". There should be no deferred maintenance on the front of the building. Keep the driveways, patios, and walkways clean. Take care of the landscaping. If you take care of the property, there is a good chance that the tenant will also take care of the property. Make sure it smells fresh and clean, if you need to use a room deodorizer or spray, use it.

Read 1149 times Last modified on Friday, 07 June 2019 09:14
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Saul Klein

In 1948, doctors told my father that his life aboard submarines on war patrol in the South Pacific and the depth charging he experienced had rendered him sterile. Although controversial and not widely applied, he was treated with an Ayurvedic therapy called “shivambu.” If you are unfamiliar with this term, I recommend you Google it because against all odds, I came to exist.

That was a loony segue into my life but is a fitting precursor to a career that would be just as incredible.

Like my father, I joined the Navy. However, due to a medical inconvenience, I was honorably discharged after 6 years of commissioned service, all on Sea Duty. This was an opportune misfortune that led me down the path to a successful career in real estate. Both my father and grandfather flirted in real estate brokering and flipping part-time, and I followed suit but making a lifelong career out of it.

With over 40 years in real estate, it is impossible to talk about my experiences in this small window. But I can proudly say that I am well-recognized as an industry pioneer, especially in real estate syndication and education, and one of the few luminaries that paved the way for real estate’s transition to the online world.

Some highlights of my life’s work:
● Co-created ePRO, technology certification course that certified 70,000 students
● Created the first online communities for real estate professionals to network, learn, and sell
● Created "Opt Out" Listing Syndication, aggregating over 1.4 Million Listings in 18 months
● Built the #2 National Listing Syndication Service, Point2 Technologies, sold to Yardi in 2010
● Founder of the California Association of Buyer’s Agents
● Member of the first Team, pre-IPO, responsible for obtaining first 500,000 listings
● Helped Zillow and Trulia build up their MLS data inventory

Today I continue to lead efforts that bring new technologies to the real estate industry. Feel free to reach out and learn more.

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