So you've picked up your first (or third, or tenth) income property, and it's a real fixer-upper. You've got a great team of contractors, and you know what they need to do and how much time and money it's going to cost to make it happen. The renovations are going to put you in the red and you're going to need to get a tenant in there ASAP. So as soon as you have the plan worked out with the contractors you run an ad and start showing the place, right? Not if you don't want to throw away money, you don't!
Prospective tenants lack imagination, and this is never so evident as when you're showing them a place that is missing walls, is covered in construction dust, badly needs a paint job, has a gutted bathroom . . . you get the idea? "Curb appeal" is a concept that refers to the attractiveness of the outside of a house. Equally important is what I call "Foyer Appeal," which is how the inside looks when you're standing in the front door. If your curb appeal is poor (which is likely while you're renovating, since your money is best spent on the inside problems first), half of your appointments will be no-shows because they assume the outside is representative of the inside. On the flip side, poor foyer appeal will turn off the ones that actually walk in the door. No matter how clearly you explain what work you've got planned, the best you're going to get is, "I'd like to see it again when it's finished," and you'll be lucky if a third of them offer that level of commitment.
Let me put it another way: if you're savvy enough to know the importance of online marketing, you also know that pictures are the most powerful part of your internet ad campaign. Are you going to take pictures of a construction zone, or a place that looks like a tornado hit it, and expect a high response rate? Or maybe you'll just skip the pictures entirely, so that ninety percent of your potential tenants just scroll on by without a second glance? Having good pictures could cut your advertising time from two or three months to under a week.
If you're putting money into a property, it stands to reason that you're going to want to recoup that investment as quickly as possible. Showing an apartment that isn't ready for a resident wastes your time and advertising dollars, could permanently turn off potential tenants, and might give you an unearned reputation for low-quality housing. Start your marketing when the punch list is cleared, and your prospective tenants will be far more likely to sign on the dotted line.
© 2005 Terence P Ward, all rights reserved. Terence P Ward is the President of Landlord for Hirehttp://www.landlordforhire.com, a residential property management service of Green and Clean Corporationhttp://www.Green-n-Clean.biz, based in the Mid-Hudson Valley of New York State. You may find contact information for him on either of his company's web pages.
These are real building questions that I received from readers... Read More
Did you know that the sales flyer is the most... Read More
Las Vegas is known for it's over the top hotels... Read More
Real estate continues to be a very important part of... Read More
Over the last two years there has been so much... Read More
People sometimes confuse a home inspection and an appraisal when... Read More
Zero down? Why would a seller want to walk away... Read More
There are three important questions that you must understand and... Read More
If you haven't figured your credit worthiness and borrowing power... Read More
Great, now how do I actually INVEST in real estate?Investing... Read More
What is a loft apartment? At the most basic level... Read More
Books on real estate are a dime a dozen-and most... Read More
Fourteen Top Tips for Overseas Property Investment:1. Buy what you... Read More
Consider these parameters for a real estate deal:Property Value: $250,000... Read More
So you're interested in entering the world of property management?... Read More
As you continue to read about real estate investing, you... Read More
Have you ever wondered what it would be like to... Read More
As sure as the spring flows at the Fountain of... Read More
San Diego is home to millions of beautiful apartments, condominiums,... Read More
When investing in real estate, it is highly desirable to... Read More
Moving to a new community can be a great adventure,... Read More
One of the most effective and frequently overlooked methods of... Read More
With the never-ending changes in our Real Estate Markets real... Read More
The Real estate market in Spain keeps gaining momentum and... Read More
If you've just bought a house, you may be able... Read More
Many experts say you can't lose if you put your... Read More
The Real Estate Industry is HUGE and is a golden... Read More
It might not seem necessary to involve a real estate... Read More
Are we in a housing bubble? To answer that question... Read More
Learn how to sell your property faster and at the... Read More
Our complex IRS code requires that your, as a real... Read More
Real estate investing is pretty unusual in lots of ways.... Read More
Why offer seller financing when you sell? A higher price,... Read More
These real questions on new home starts and interest rates... Read More
There are several different types of listing contracts. Few of... Read More
When I first started getting active in creative real estate,... Read More
Let's say you've had your home on the market for... Read More
Financial literacy is the means of empowering consumers to make... Read More
As a native Midwesterner, the first thing I noticed when... Read More
When property investing, pay the seller their asking price but... Read More
Today's volatile real estate market involves complex laws and fluctuating... Read More
Letting agents play an important role in the buy-to-let industry... Read More
Imagine making $5000 a year from real estate investing without... Read More
YEEHAW!!!!!! The south will rise again!! Can't you just imagine... Read More
Hopefully all goes smoothly when you purchase your home. In... Read More
So, you're thinking of purchasing a rental property... Read More
Many real estate investors enjoy "flipping houses," or buying and... Read More
Looking to quickly build a million pound property portfolio? You... Read More
Every one should have a home inspection before purchasing any... Read More
There are several small businesses that retain hundred year old... Read More
If you're looking to sell your home quickly, and for... Read More
The best price to sell your home is always determined... Read More
We are selling our house. We have lived here for... Read More
There is a relatively new and not always well understood... Read More
Many who have bought and sold properties through Realtors numerous... Read More
Lease Purchasing affords wonderful benefits and opportunities to sellers, buyers,... Read More
Lying on the edge of Europe facing out to the... Read More
Excluding some professional real estate agents buying a house is... Read More
Financial ConcernsOf the three types of income property, industrial property... Read More
Unlike traditional residential real estate mortgages, real estate investment financing... Read More
Today we discuss escalation clauses because much of the country... Read More
Many folks dream of becoming real estate investors, but not... Read More
Every Realtor KNOWS that a home should be shown in... Read More
Lighting is the most important detail of interior Design Psychology... Read More
"Begin With The End In Mind"I first heard the phrase... Read More
In this country millions of homes are sold every year.... Read More
Real Estate |