AgreementsEtc presents DIY hints!
With the Residential Lease Agreement being one of our most popular we thought we would kick things off with some information on how to promote your rental property.
Residential Advertising - What to do and How to do it!
There are several types of advertising methods to use when renting your property, and the best to use is, well, ALL OF THEM! Using a variety of advertising mediums will allow you to reach the most amount of people with the least amount of money spent on your part. The kind of advertising that will work best depends on a number of factors, including the characteristics of the particular property, its location, your budget, and whether you are in a hurry to rent.
- Rental Signs
The most common method of advertising is using a “For Rent” sign in front of the property or in one of the windows. This method works best when the property is located in a high traffic area with both pedestrians and vehicles. This method also only works well if the actual property is as attractive as the rental unit inside. If you’ve got a diamond in the rough, which neither the neighborhood or the exterior of the building does justice, you’re better off using another method that won’t discourage renters.
- Neighborhood Flyers
Most neighborhoods have public bulletin boards at grocery stores, laundromats or coffee shops. Consider posting an ad on one or all of these. Include tear-off strips with your phone number. Consider whether your rental ad will appeal to the people visiting these establishments.
- Online Listings
Online rental services have dramatically increased in recent years with new online companies popping up everywhere. These services range from a national to a regional scope. Finding one in your area is easy by using your search engine to look for residential renting.
- Newspaper Ads
Newspaper ads are as traditional as rental signs, and now they’re easily accessible online
Many tenants will begin their search with the classified ads, and those who are from out of town will log on to the local paper from afar. Ads work best in papers that have many residential listings.
Try to target your ads to produce the collection of prospective tenants you want. If you rent primarily to college students, your best bet is the campus newspaper or housing office. To be on the safe side, list also in a newspaper of general circulation.
- Home and Apartment Searching Services
Searching services are very popular since landlords pay to list their properties and just wait for people that are interested to apply.
- Word of Mouth
Some landlords find that instead of advertising and having to screen many potential tenants in an effort to sort the good from the bad, it makes better sense to market their rentals through word-of-mouth. This is done by telling friends, colleagues, neighbors, and current tenants. After all, people who already live in your property will want decent neighbors. If you know a vacancy is coming up, you might wish to visit or send a note to all tenants whom you or your manager think well of. Ask them to tell friends or relatives about the available property.
- University Offices and Corporate Housing
If your rental is near a large college or university, consider posting the rental through their offices. Same goes for big employers nearby with employee assistance programs. Most college and corporate housing offices will list your rental for little or no fee. Corporate housing is often a very good bet for landlords, since you know the tenant has a job, and you also know that the tenant has passed many of the same screening tests that you’ll use.