Newbie Question --When to advertise your rental place

[ottawaman]

Hello to all again.



First, I apologize for this very newbie real estate investor question but I just want to know what your thoughts are and if this question was already asked, please let me know the link(s) to it.



Although I have several rental properties, 3 to be exact, I acquired these properties with tenants already in them.



I have an upcoming (will soon be vacant) property this coming Jan 1st.



Should I advertise it now? Is it too soon, is it too early? I am just scared that people might not "rent" during the winter season , especially on a January in Ottawa, Kanata.



thanks

 

[Alvaro Sanchez]

I would start marketing them now as it's difficult to have people willing to move on the 1st of January. You might also need to consider some time to do some maintenance (paint, fixes, repairs, etc).



The best tenants are always the ones who plan ahead several months in advance (yet, the most people leave to the end). Also, if someone is not "happy" with current landlord or their property, you are giving them the option to give proper notice and move to your place. Properties show better when no-snow.



Also, in the future, you might want to have tenants in different periods to avoid having 2-3 at the same time.

 

[ottawaman]

thanks Alvaro for this wonderful insight

 

[kfort]

Write your ad(s) now! Run them by the experts here for revision. Place a few to test the waters on effectiveness and projected rents. Take pictures now, as mentioned, snow covered pictures look ugly. Even if the only ones you can use are of the outside, take them now.



January is a very difficult time to rent here in the frozen tundra. You may be best to complete scheduled upgrades in that month and rent for Feb or even March. Certainly, spring weather brings more people moving and a bigger sea to catch fish in. With the help offered on the board, you'll be fishing with dynamite.

 

[wgraham]

It is never too early to advertise! I once filled a unit 6 months ahead of time!! In fact some marketing I NEVER take down because I want to gauge interest. Lots of interest...rents need to rise. No interest...do what ever I can to keep my tenant happy!

 

[ottawaman]

thank you all for the advices

 

[Dan_Eisenhauer]

Do NOT get sucked into this idea that tenants do not move in the winter. The tenant who is moving is renting or buying something else, and that proves my point.



Yes. There are fewer moves during the winter. But, there are moves. You chance of renting in January is just as good as it is in August because there is the same proportion of renters to vacancies all year long.



When I was a Realtor I had my first sale of the year on January 3rd. I have had tenants move in on January 15th and February 1st.



Do not spend large efforts on your marketing much more than 6 weeks ahead of your expected vacancy. Most tenants do not expect LLs to advertise their up coming vacancies until a month before, and as has been pointed out, most tenants leave the looking until the last month, anyway.



That does not mean you should not run test ads, as was mentioned. Someone may have been given a transfer and be looking now, rather than 3 months from now.

 

[terri]

I agree with Dan that 6 weeks is the "sweet spot" when it comes to advertising an apt for rent.



The other thing that I have noticed is that different apts have different "lead" times. For larger, more expensive apts, usually 6-8 weeks is ideal. For smaller, less expensive apts, 3-4 weeks prior is the busiest. My guess is that people that are looking for a bigger/luxury apt and willing to pay more are organizing and planning sooner, perhaps a little older or more mature. Potential tenants that are looking for something smaller or less expensive are a bit younger, don't need to plan as stringently, may be living at home with parents or friends and aren't in a situation where they have to give 60 days notice themselves.



Like everyone else said, it is never too early to start advertising, especially on free sites, like Kijiji and Craisglist, etc. It's a great opportunity to fine tune your ad if you don't find someone right away.



Good luck!

Terri