Does Craigslist make sense?

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22 Jul 2016
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Property Management Expert Series

In a strong rental market, it can be tempting to be of the opinion that you could easily and quickly get your long-term rental rented without the help of any professional. The Lowcountry definitely qualifies as a strong rental market. So why is this train of thought problematic?

Well, ask yourself this. If you’d like to self-manage your long-term rental property, where is the first place you plan on listing it?

Did you answer “Craigslist”? It makes sense if you initially did; Craigslist has millions of rental listings, ranging from one-room subleases to five-bedroom homes for rent.

So what’s the problem?

The problem is that consumers are becoming more wary of Craigslist-exclusive listings, as both anecdotally and with hard-data they are shown the dubiousness of some of the site’s listings.

Recently, a study by researchers at the New York University Tandon School of Engineering found that Craigslist fails to identify more than half of scam rental listings. In just five months, the team of researchers found 29,000 fradulent or scam listings in 20 major cities. Additionally, they noted that suspicious postings often linger for as long as 20 hours before being removed. In a competitive rental market, 20 hours is plenty of time for hundreds, if not more, would-be renters to fall victim to these scams.

When people fall victim to these scams—often faux credit checks that steal renter data—they warn their friends. When people get enough of these warnings, they start to change the way they operate on the internet. They start to change the pattern of thinking that going to Craigslist to find a place to live is the highest and best option.

Instead, they start looking at specific property management websites in order to see the (clearly verified) listings available. They refuse to give information about their background or credit history to any person or entity they cannot verify is as legitimate as claimed.

At Island Realty, professionalism is incredibly important to us. We want to be the property management company renters trust most, the one they think to search as soon as the need for a new home arises.

So far, we believe we’re doing a good job. Our longevity—almost 40 years of property management—and our prominence in the community certainly play huge roles in establishing an air of trust that potential renters appreciate.

Now, ask yourself this: “Where should I be listing my property so that the best potential renters are being reached and intrigued?”

Now did you answer “IslandRealty.com”? It really makes sense if you did.

Call our long-term rentals department today and find out what we can do for you, your property, and your future renters.