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Tips for Marketing Your Property To Make More Money.
You will make significantly more money and get better tenants if you lease/option your property.
Folks who put down a lot of money and pay a monthly premium who intend to purchase your property generally make much better tenants. You will also save a significant amount of money in rehab and appliances if you offer lease/option incentives at the back end of the deal. In the rental market, you will rehab your property at least every 3rd tenant. With a lease/option it is about every 5th tenant.
Plan your tenant strategy before we go into escrow.
Most investors are so exhausted once a property goes into escrow that they go to sleep. They throw away a whole month of income away while they dilly dally and debate between renting or doing a lease/option. Decide now so we can get a tenant by the time we close! If a tenant wants a particular home in a particular neighborhood, they will be elated to find out what repairs will be made and when they can move in.
You don't have to wait for repairs to start marketing a property.
Many investors think that if they show a property that hasn't been repaired, they have lost that tenant forever and that those prospective tenants would have chosen the property after it was repaired. WRONG. Tenants pick a property just a few weeks before they actually move. Tenants will spend 2 days shopping and then they are done. If you miss those 2 days, you have missed that prospect forever regardless of property condition. If you tell a tenant what will be fixed and let them choose the carpet, you've got a fighting chance of getting them.
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