How to reno and show a place @ the same time?

[ejplimley]

I`ve got a place in Montgomery that I need to Reno the bathroom, and install laminate flooring on the main floor. The place will be vacant on Aug. 1st and I would like to rent it for Sept 1st. How do you reno a place and show it to prospective tenants when it is a disaster? How do you guarantee it to them that it will be completed on time? How do you keep from scaring them away when they see the mess? Should I advertise it now or wait till the reno`s are complete?Thanks guys, EJ

 

[orei]

I`ve rented a place that had been completely trashed - just after the delinquent tenants had moved out. I simply asked the prospective tenants to ignore the current state of the house and showed them my plans for restoration of the unit. I then proceeded to give them a signed letter guaranteeing what work would be done.

It worked swimingly...

 

[JohnS]

As well, if you have a bunch of places, take pictures of the others, and then use those pictures to show the quality of your average place.

Have a good one!

JohnS

 

[CarrieKoch]

I always have better luck just waiting until the renos are 90% complete. There are certain conditions that I would not bother to show an apartment in. If your there and it`s no big deal...but I have 30 or so rentals I`m working on and I find showing units under construction is just a waste of time. I always focus on the ones that are up to standard and then work like crazy to get the reno`d ones done the last 2 weeks of the month.

Most tenants seem to not be able to see past construction. They go looking for one that looks move in ready. They like to know exactly what they are getting before they apply.

 

[adamturner]

If you hustle you could line up two seperate contractors to start work the first week of august. Depending on the size of your bathroom and the amount of flooring to put down, you could get this done in a weeks time roughly. this would leave you with 3 weeks to do showings and get a new tennant.

Adam

 

[dplummer]

First impressions count. I find it`s better to wait & show completed. A bathroom & laminate flooring should be completed in 7-10 days.

Doug

 

[kboughen]

QUOTE (ejplimley @ Jul 17 2009, 02:48 PM) How do you reno a place and show it to prospective tenants when it is a disaster?
I have used this approach twice recently, although in both cases the renovations were extensive. In both situations, the leases were signed during construction and the move-in date was immediately following construction (providing at least an extra month rent Vs waiting). I used the following strategy;

• Advertised exclusively on Kijiji highlighting that property is being completely renovated from top to bottom, "move into a better than new home", "act quickly and choose the paint colour, flooring, fixtures etc." (of course they would choose from your short list)
• Included lots of great pictures in the Ad (artists conceptions if you need to)
• When booking the showing, I made sure they understood that they were entering a "construction zone"Had samples of flooring, paint, fixtures….. during the showingHad a stack of applications at the showing

I found this strategy created good energy and enthusiasm, the potential tenants seemed motivated.

 

[Ready4Rent]

We have showed units mid-construction and have had excellent results. As said above, let the potential tenants pick the paint, flooring etc. Of course from a pre-determined list. It works well. Some people cannot envision the end result but most people can.

John