Author Topic: Under contract - when to start advertising?  (Read 2248 times)

Megma

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Under contract - when to start advertising?
« on: April 15, 2016, 02:29:50 PM »
Hello everyone, thanks in part to wisdom from y'all I'm on the cusp of achieving a dream - owning my first rental property!

I'm currently under contract and I am wondering if you think I can start advertising a little before I close officially? My timeline is horrendous because the closing date was chosen to be good for the seller and it happens to be about 4 days before I go out of the country for work/vacation for two weeks and I'd love to get some committee to renting the first of the month.

The place is move-in ready. I just need to sweep the floors beforehand, as they've gotten dirty from people going in and out.

Here are the dates/timeline:
May 16th (Monday): plaster my ads around the internet, setting any appointments beginning on Friday (after the closing)
May 19th (Thursday): close
May 20-22: Show the house/vet tenants
May 22 evening: leave the country until June 4th
May 23: take down ads until we are close to coming back if we don't find anyone

The first week I'm gone, my SO will be around to give keys or sign the lease if we show it to anyone who wants to move forward and is approved. He's just not comfortable doing the first showings alone or the tenant vetting (I will have internet and can do that from abroad).

What do you think? Am I crazy? Too rushed?

marty998

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Re: Under contract - when to start advertising?
« Reply #1 on: April 15, 2016, 04:17:53 PM »
Not sure how it works over there but over here you can:

- Ask the seller if you can show prospective tenants through
- Start advertising now


Most tenants are not homeless and are not going to be moving as a snap decision. The one's who need a place to stay from mid May are going to be looking now.

thedayisbrave

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Re: Under contract - when to start advertising?
« Reply #2 on: April 17, 2016, 09:31:14 AM »
Since you're able to do the tenant vetting from abroad, I would focus on showing the property while you are in the country.  I use TransUnion My Smart Move which just sends the prospective tenant an application to fill out for a background check.  You could even take it one step closer and hold an "open house" for potential tenants so you don't have to schedule individual appointments (or do both for max exposure). 

As far as leasing, there are a number of e-signature platforms.  I believe Adobe might even offer a free one.  I've had tenants also just print the lease and ask them to scan it back to me (Scannable is a great smartphone app that can do just that) and that is a rather quick process too.  For instance, I just signed a lease w/ 3 tenants all electronically - they've never seen the property (they are students abroad right now). 


NoNonsenseLandlord

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Re: Under contract - when to start advertising?
« Reply #3 on: April 17, 2016, 02:51:14 PM »
I'm currently under contract and I am wondering if you think I can start advertising a little before I close officially? My timeline is horrendous because the closing date was chosen to be good for the seller and it happens to be about 4 days before I go out of the country for work/vacation for two weeks and I'd love to get some committee to renting the first of the month.

What do you think? Am I crazy? Too rushed?

Yes, way too rushed.  Good tenants look 6-8 weeks out.  If you get a tenant that is moving in within two weeks, you will likely regret that you became a landlord.  People being evicted, etc. move at a moments notice.

get your credit score and criminal guidelines set in stone first, like now.  Know where to do a background check.  Know that people move, and you need a criminal check in each place they lived.  Know that a "nationwide" criminal check is worth nothing.

Good luck.

Megma

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Re: Under contract - when to start advertising?
« Reply #4 on: April 17, 2016, 07:11:01 PM »
Thanks for the advice everyone. I'm planning to do both background checks and credit checks on Cozy after seeing it recommended here, it says it's "county by county"  and also national criminal checks. Does that sound like what I want?

I'll also check out trains union smart move, thanks for the suggestion. Nice to have choices!

Ok, I'm not thinking I'll get someone to move in before I leave or anything like that (It seems June 1 is also too rushed, ok, I'll calm down), but just thinking I can show it to some people to possibly have someone committed even for July 1 (we'll be home June 4). And if no one passes the checks, so be it, I'll show it to more people when I get back.


SDREMNGR

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Re: Under contract - when to start advertising?
« Reply #5 on: May 04, 2016, 05:01:24 PM »
It's up to the seller.  It's still their property, not yours.  But having said that, I would put together an ad and get the listing out there to test out the market and rent pricing.  See if you get interested people.  Probably save yourself a few weeks to a month of rent.

clarkfan1979

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Re: Under contract - when to start advertising?
« Reply #6 on: May 10, 2016, 03:43:19 PM »
I wouldn't advertise until after you close. Your first mortgage payment won't be until 1.5 months after closing.