Free rental ads - More Harm then Good?

I recently had a vacancy in my house in Myrtle Beach, SC and decided to post a "Free" rental ad promoting my property in one of the largest "Free online classifieds" website. I've posted here before and have had good luck and bad. The good being I got lots of leads...the Bad being someone duplicated my ad and posted it for less rent and was trying to get people who responded to his ad to send him money to secure my property. From this lesson I learned never to display your name, nor the full property address on your ad. This way you don't have angry people coming to your property asking for you by name and saying they sent you money but have no keys to the property.

But my recent posting for my Myrtle Beach property really took me for a loop. No name displayed on ad and I only put the street name...no house number. Close enough so they could get a feel for the neighborhood if any prospects did a drive-by. And of course attached lots of pictures to the ad...cause prospect like to see pictures.

Then one day I got an email from a prospect. I called her and we talked and I told her the rent was $995 as stated on the ad and tenant pays all utilities. She followed up with an angry tone stating my ad was being advertised for $700 and all utilities are paid by owner.

I told her this must be a different ad, but sure enough there was an ad just like mine, same title, same pictures, same content except the rent was like she said.

But, what was really wierd was the full house address was on this ad.
How could this be? I never put the full address on my ad.....who could possibly have known this?
I contemplated for awhile, got angry at why this was happening to me and wondering if this happens to everybody else?

Then I took a closer look at the fake ad and something caught my eye. There was an email address given if you wished to reply to the ad. Something looked familiar...I recognized that name...where have I seen that name before......

OMG...That's my previous tenant! What on earth is he thinking? He moved out a month ago due to job relocation. Was a fine tenant while he was there, paid on time. I didn't throw him out. What was his problem?

Okay so I had to deduct part of his security deposit for some damages. That's normally what you do...tenant does the damage...tenant pays for damages.

I'd thought I'd seen it all, but that one, I wasn't ready for. My own tenant, trying to get even, would go out of his way to find my ad, duplicate it and steer potential tenants away. Unfortunately it's easy to do, cost him no money because it's Free and he can be anonymous (as long as you don't use your full name in your email address).

So now I ponder the pros and cons of free rental ad sites and wonder am I doing more harm than good. I haven't come to a conclusion yet. I do like Free, but I believe it may come with a price.


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Featured Property Manager of the Week - Lamoureux Property Management Co.

Lamoureux Property Management Co. - Everett, Washington

You've worked hard to get to where you are. It's time to start reaping the benefits of your efforts and cut the leash of worry that binds you to your investment properties.
Managing a rental home can be a daunting task. Washington State laws are very "tenant-friendly" and can often leave you at the mercy of your tenants' every beck and call. You need peace of mind. You deserve to have the freedom to leave town without wondering who will answer that emergency call in the middle of the night.

Lamoureux Property Management will answer that call!

As a full service property management company we provide the professional knowledge and expertise to actively market your property using quality, proven, marketing techniques in order to find you a suitable tenant.

Our contracts are easy to understand and are specifically written to protect you, the owner, to the fullest extent of the law. We have active and attentive property managers and an emergency maintenance and rental hotline available at all times.

So stop worrying and let us manage it!

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Selling Occupied Rentals

Author: Lambert Munz

Our leases, and many others, address the showing of units to prospective buyers. The agreement language refers to this as "exhibiting the premises to prospective or actual purchasers".
When a tenant is given notice to allow agents to show units as well as being reminded that their lease requires them to do so, guess how they feel. They are upset because a) strangers are going to disturb their daily routine and work schedules. b) They are going to be kicked out as soon as it sells. At this point they do not give a tinker's damn about the owner's need to sell. They are going to be hard to reach and are not going to cooperate by taking off work to show units. Also, the tenants are probably in no mood to clean the unit every time an agent calls.
What about putting a lockbox on door allowing agents to enter when the tenant is gone? At our company, we reserve the right to cancel our contract if a lockbox is put on a door without the tenant's permission. It is a liability we don't wish to share. If a tenant does agree to the lockbox, then we will ask in writing that we be excused from liability as we have no control over who is entering the home. The listing agent doesn't even know who the parties are and agents will enter without calling. Anyone could walk in the middle of something private/personal.
THE SOLUTION TO THE PROBLEM IS SO SIMPLE - It is called compensation, AKA money. Money does wonder to gain cooperation. Resentment seems to vanish.
This reminds me of a story about my wife. Years ago, she was managing a large community of over 400 units. The owner decided to sell. Of course, my wife became concerned about whether or not the new owner would retain her or that the company she worked for would transfer her to another job.
This was a large transaction and the seller was a sophisticated investor. He told my wife's boss that he wanted to give my wife a $4,000 bonus for help with the sale with the new buyer. The boss told the owner that this was not necessary. The owner insisted that my wife be given this bonus as he wanted the transaction to go smoothly. He knew my wife had other concerns besides his successful sale. However, with the added bonus, my wife was enthusiastic to help the sale be consummated. With a $4000 bonus, she could worry about another job later.
The magic of cooperation is so simple and is often overlooked or purposely ignored.
The tenant is being inconvenienced and their privacy disturbed. It only makes sense that they should be given the courtesy of compensation for their cooperation.
An addendum can be prepared that will give them a free month's rent or a move out bonus. A condition of receiving the bonus will be a tidy house for showing and agreed upon showing times. No knocks on the door without proper notice.
Agents should use this same strategy regarding property managers when needing their cooperation with the sale of an owner's property. The property manager at this point is thinking that they will no longer manage the home and the enthusiasm for helping is disappearing. Think about cutting them a bonus if the sale goes through. The result will help in spades -- simply because nobody else does it.
I had an agent one time ask me if I would show the units for her. Guess what my answer was.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Dept of Real Estate. I currently am President of Arbour Real Estate Management, Inc. Background was as a Buyer's Broker for Investment properties. Currently a property manager and have been for 27 years. We offer residential and commercial management services. I hold two designations: RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers. Past President of NARPM Sacramento chapter. My services are available in Sacramento CA.
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Featured Property Manager of the Week - LB Property Management

LB Property Management - Sherman Oaks, California

Apartment Management has been the cornerstone of our company since it's inception in 1988. LB is the recognized leader in successful apartment management. LB Property Management has an extensive background in all aspects of apartment management including taking projects from the ground up successfully. We have specialized departments that work together in meeting all of your property's needs. Once the contract is secured you will be assigned a supervisor who will be your main contact. There will of course be a team of people assigned to and working on the project however the property supervisor will be your liaison to the other team members. You will have access to all those working on your project. All of our supervisors carry blackberry phones so they can receive e-mails in the field and so that clients can reach them when needed.


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Featured Property Manager of the Week - MySmartlease

MySmartLease - San Bernardino, California

Our People Make the Difference - We believe that the key to our success is in the personal relationships that we have developed with our customers over the years. MySmartLease Management has assembled some of the most talented residential property managers in Southern California. Our experience and knowledge in managing single-family homes means savings for you. Our entire staff is well-compensated employees of our company with ongoing training surpassed by few in the industry. Leasing Consultants - Because we average dozens of prospective renter calls each week to our office, we dispatch our leasing consultants who show rental homes 7 days a week. Our leasing consultants are specially trained in the art of assisting prospective renters and leasing properties. This increase in showing efficiency, coupled with specialized training means results for our property owners, not to mention a tremendous benefit in time and savings to our qualified renters seeking quality homes. Video Taped Property Inspections - If you believe that a picture is worth a thousand words, then Video Taped Property Inspections are just one more reason why you should hire MySmartLease as the property manager of your single family home, condo, town house, etc… There will be little question as to "What the property looked like prior to move in". Adding this enhancement provides peace of mind property management for property owners who want to protect their property AND their residents who want to ensure the return of their security deposit. We Show Rental Properties 7 Days a Week - MySmartLease is open for your convenience 6 days a week, (excluding national holidays). We realize that often time’s renters seeking quality rental homes must have after hour or weekend appointments. We also realize that the management of rental properties doesn't stop on Friday's at 5:00PM.. We have property managers on call 24 hours a day to handle any situation for our customers.

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Featured Property Manager of the Week - Bluebonnet Properties Inc.

Bluebonnet Properties - Waco, Texas

Our business background is founded on the principles expressed by James Cash Penney, founder of The Golden Rule Store, in 1902. When you first contact us, you will receive a Welcome to Bluebonnet Properties to read. It will lead you to the story, How to Love Your Landlord, a story detailing the plight of a person who needs to rent a home. In the story, you will find who we are and how we feel about what we do. Realtors don't like being property managers. Owners don't like being property managers. Property managers don't usually like being property managers. We all like it and that's why people hire us. If you would like to see a list of referrals, I can send you emails and phone numbers of people who have hired us and are satisfied with our work. Most of our clients have never met us in person but stay with us over long periods of time. We hardly ever have a client leave us for reasons other than our completing our mission, selling the house after it's value as a rental is expired. I can always be reached. Call me. Mickey



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Adversity For Some Brings Opportunities For Others

Author: Lambert Munz

This economic crisis has caused a great deal of hardship for many. Losing a home and losing a job is devastating. For others, this may be an opportunity to buy affordable homes that were unreachable before. If people have a job and feel comfortable with the future, now is the time to take advantage of the low prices and interest rates.

For investors, now is the time to buy investment property if they are able and ride on up the increased values that will happen again.

I knew the market would eventually crash, and when a realtor friend asked me if I was planning to "move up" using all of the equity I had acquired with my present home, my response was, "my home is overpriced and so are the others". I remember Alan Greenspan, the former fed chairman, stating that real estate would experience a soft landing. I thought, well, he is an expert he should know.

I secretly felt that the market would crash, but didn't want to appear negative to my real estate buddies. Anything that increases in value that quickly will come down hard later, especially when the values are higher than the median income of the community.

What then, was driving the market?
Speculation along with fraudulent loans made to unqualified people. Speculators sell to other speculators until the last one gets the one before the crash.

I feel very lucky because I bought my home nine years ago and the value went way up but later dropped about $200,000. Yet, I still bought $55,000 less than the current value today. Some financial planners will tell you to not pay off your home quickly, but rather to invest in more lucrative investments that will return more than what your current interest rate is along with the tax deduction. I wonder what they are saying today.

I am not a financial planner, but my advice is to pay your home off as soon as you can. Some will say I will lose my tax deduction. Think about this scenario. You are paying $1.00 and depending on which bracket you are in, for example 30%, you are saving 30 cents. I have a plan for you - pay off your home and pay me the amount of your former house payment for real estate services and deduct 30 cents for each dollar you pay me. You will have a free and clear house and still have your tax deduction.

My best to you and good luck in the future. Good times will return again.

My name is Lambert Munz and I have been licensed as a Real Estate Broker for 44 years with the CA Dept of Real Estate. I currently am President of Arbour Real Estate Management, Inc. Background was as a Buyer's Broker for Investment properties. Currently a property manager and have been for 27 years. We offer residential and commercial management services. I hold two designations: RMP Residential Management Professional and MPM Master Property Manager. Awarded by NARPM National Association of Residential Managers. Past President of NARPM Sacramento chapter. My services are available in Sacramento CA.

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