Once you decide to invest in real estate, there are a couple options to consider when looking at potential properties. You have to decide if you want to sell the property or if you want to rent it out. If you decide to rent out a property and become a landlord, you need to think about how you are going to find tenants. In order to fill vacancies, potential renters need to know that the units are available. To make that possible, you need to advertise your open properties. In this day and time, there are multiple ways to get your information in front of the right people.
Using online resources
In the world today, we are able to reach millions of people within seconds, with just a couple keystrokes. So why not use it to your advantage? Do a quick search of your area to find any local websites that allow you to post an available rental property. There are an abundance of websites that allow you to post your vacancies. Turbotenant.com is a website that offers assistance with posting a property vacancy, as well as online rental applications and many other services. Craigslist.com is another website that allows you to post a rental for specific areas. Millions of people use Craigslist everyday to search for rental properties. Appfolio.com also gives a list of 5 other websites that allow you to post a rental. Do some research and find the websites that best cater to your needs and start posting.
Another way to use the internet for advertising your rental is social media. Facebook, Twitter, Instagram or any other social media outlet that you use, can all be used for advertisement. Post pictures and information about the property as well as contact information, on your social media pages. If you have multiple units or a business, you can make a business page specifically for advertising. Facebook also has the marketplace as well as thousands of groups that you can post to daily.
If you choose to use any of these internet options for advertising there are a few things you should keep in mind. Once you find a tenant and your rental becomes occupied, you will need to remove or update your posts. So I would recommend making a list of all the websites you decide to use, along with your usernames and passwords. This will make it easier to locate, update, or remove any posts when necessary. Also do a quick search every now and then to make sure that you ad, property, and information hasn’t been copied and used by a scammer. Once your information is out there, it is possible for someone else to attempt to use the information. This could cause you issues and cost you potential tenants, so be vigilant.
Using the internet is a great way to reach many people. However, you also want to make sure that you are reaching the right people. You always want to use as many local options as possible to ensure that people in the area of your property are seeing it as well. Run an ad in the local newspaper. The classifieds are a great way to reach people. With this method, you only get a limited amount of space, so make sure you highlight the important information. You can also advertise on local bulletin boards. You can make up a stack of flyers and hang them in community centers, flea markets, churches, and any other place you are able. Of course there is always the option to put a sign up on the property. The standard “For Rent” sign with contact information put up in the front yard will catch the attention of people passing by.
Word of mouth
All of the options that I have covered so far contribute to the advertising method of word of mouth. The more people you can share the information with, the better. Once the information is available, you can let other people do the work for you. Someone may see one of your advertisements and remember that their friend or family member recently mentioned looking for a place and they will pass the information on or share the available ad. If you have current tenants, let them know that you have a vacancy. They may know someone looking for a rental. As a bonus, you could even offer incentives for referrals. You could offer a referral fee if someone refers a prospective tenant to your property. You could also offer something like half off the first month’s rent if a tenant is accepted and moves in by a certain date. Added bonuses typically get people talking, as well as motivated to take action.
If this will be the first time you are attempting to fill a vacancy, it is important to remember that once you advertise, people will be contacting you. If you aren’t comfortable with giving your personal contact information, make sure that you have an alternative ready to provide on your advertisements. You can set up an email account specifically for rental inquiries. You can get a prepaid phone or even set up a free google voice account that is used only for property inquires. No matter how you choose to be contacted, make sure that you respond in a timely manner. Check your email or phone for new inquires as often as possible and return calls or reply to emails promptly. If they are reaching out to you, there is a good chance that they are reaching out to others as well, in an attempt to find a place. Always set up a meeting to do a walk through, fill out an application as well as a screening process to ensure they will be a good fit for you and your property.