For everyday your rental property sits empty, your costs overtake your incomes. This is why it is important for every landlord to learn how to reduce the time between interviewing and qualifying tenants.
Speaking of which, here are a few way you can reach out to prospective tenants by advertising vacant residential units:
1. Online Listings
There are numerous services that are free like online listings and classifieds that work as a virtual marketplace for landlords and potential tenants. Zillow and Craigslist are, perhaps, the most familiar platforms for this purpose, however, you are bound to find plenty of others.
Oftentimes, tenants also refer to regional or local listings for this purpose, and therefore, it would be wise to make use of these as well. For instance, tenants looking for luxury apartments along Royal Palm Beach in Florida, might refer to Townsouthernapartment.com.
2. ‘For Rent’ Signs
Putting up one (or a couple) ‘For Rent’ sign outside your rental property is a cliche but, rest assured, it works. Try putting up a prominent sign that is easily noticeable by passerby pedestrians or motorists in your neighborhood.
Even if we were to assume that these passersby aren’t looking for a home themselves, there is a significant possibility that they might know someone who does.
Additionally, if you believe that your rental property is situated in a place where people will not notice your sign, you can always consider putting up signs in a busy street that is nearby or at a park strip. An arrow pointing towards your property will also make a huge difference on your marketing efforts.
Note: Before putting up signs anywhere other than your rental property, make sure that you aren’t breaking any laws and whether you need special permission to do so.
3. Word of Mouth
You probably knew this was coming when you read about the passer bys. Well, word of mouth is definitely a powerful tool when it comes to advertising vacant rental units and you should make use of every available opportunity. For instance, you can always ask other tenants to spread the word amongst their friends, relatives or co-workers.
While you’re at it, don’t underestimate the power of social media platforms like Google+, Instagram, Twitter or Facebook. All of these (and more), will amplify your efforts and get the phone ringing in no-time.
4. Property Management
While large real estate companies can be trusted for tenant referrals, they generally do so for a handsome commission. Property managers, on the other hand, are more affordable and can be trusted for a wide range of services other than tenant referrals.
Why waste resources looking for tenants when a property manager can streamline all your duties as a landlord for you?