Property owners and landlords earn their money from their tenants, and the price of upscale properties is enough to give them a good source of income. The idea is simple; first is how to get a tenant and wait for the money to arrive each month. However, property rental is more complicated than that, and it all starts with how to advertise property right to get the best tenants.
Preparing Your Ads
Your ads should include the basic how-to information that will answer initial queries of your prospective tenants such as rental agreement, property feature and, number of tenants and pets allowed. The following are some additional tips regarding how to advertise property effectively.
In a tough and highly unpredictable market for rentals, locking in tenants with a full-year rental agreement is quite wise, as you can ensure earnings from your property for the whole year. However, if you want to raise the price of rent next year, then your best bet is to opt for a monthly rental agreement. Remember that, in many states, you need to give your tenants 30 days notice, but it's important that you check into the laws in your area in order to make sure you're complying with both state and federal laws.
Remodeled properties with updated bathrooms, kitchens, additional furniture, etc., can boost your advertising. Include special features of the property such as decks, patios, gardens, washer/dryer, hardwood floors, new carpet, dishwasher, etc., to grab the attention of prospective tenants.
Number of tenants allowed
Refer to your state's laws and housing code, some states allow more or disallow too many tenants in a single property. Also, consider how the size of the property and the number of bedrooms fit the actual number of your household. The standard rule here is to allow two tenants for every bedroom.
Do you allow pets?
Many potential tenants look for this factor from ads (and anyone who advertises) right away, and allowing your properties for pets will obviously broaden your market. Of course, you can issue nonrefundable security deposit fee to cover any damage caused by pets in the property in your advertisement.
Where and How to Advertise Property Rentals
A good advertising rental for property can spell the difference between how one acquires a good tenant and a bad tenant. When done right, advertising can attract the right people to occupy the property. On advertising a property for rent, it is important to consider all necessary provisions of the lease agreement, provide accurate information, and get people on the right track by correcting misleading and deceptive information. You can also refer to other property rentals in and learn how to advertise property from their strategies.
If you know how to advertise property, then you most likely know how to find the right tenants. Applicants show up like mushrooms as soon as you declare the property on the market. Here are the common places most savvy landlords use to advertise their properties and get good tenants.
Put up Lease Signs
Getting the attention of motorists and people walking down the street in front of your property is one of the most tested-and-proven ways to advertise. This is very effective, especially if the apartment or house is situated on a busy street, or somewhere near an intersection. Putting a large 'For Lease' sign in your front yard with the phone number is a must-do for most landlords and property managers. It advertises right away.
Get into MLS Listing
MLS (Multiple Listing Services) is a national database for all properties for sale or for rent. With its national scope, it is obviously a wise idea to advertise your property in their listings. However, landlords need to have real estate agent before they can set up advertisements in MLS. Many people simply can't do the advertising for a variety of reasons; that's why they hire agents for the job who truly knows how to advertise property effectively.
Take Advantage of For-Rent Sites
Property listing sites are great sites to advertise your rental property on. Once advertised, you can also post and emphasize details through photos of the property, such as the interior and exterior design, significant amenities, monthly rent, and other important info about the property to encourage applicants. They also offer good tips on how to advertise property. These sites may have some small fees for their services, but they're very affordable and certainly worth your every penny once advertised.
Encourage Word of Mouth
Remember how your friend or relative said, "I really can't find a place to move in!" or, "I want to live in a good neighborhood!" Letting them know about your rental property is a great way to get good tenants. Obviously, you already know your friends, colleagues, and relatives, so having them, as applicants will save you from doing the extra work of character background check. Send out flyers if they're looking for a good place to move in, and ask them to help you spread the word, they might know someone looking for a house or apartment. If you have many properties for rent, you can also ask your current tenants to help you spread the word. Word-of-mouth is very powerful; you'll be surprised how it can help you generate interested applicants.
Post on Bulletin Boards
Bulleting boards in your local laundry shop and supermarkets offer good spaces for your advertising - for free! Ask if you can post your rental advertisement on their board; make sure you include your name and your contact details are displayed prominently. You can also make use of the bulleting boards in your local churches, colleges (if you're looking for student tenants), community centers, etc. Make your poster attractive by printing it with a picture of the property (be it apartment complex or house).
Use Classified Ads in your local Newspaper and Print Rental Magazines
This is another one tested-and-proven method to advertise your rental property, as a matter of fact, you can find this tip in every "how to advertise property" tips online today. Despite the popularity of the internet, many people still prefer going old-school, and search for places to live in through classified sections in newspapers. In advertising in classified ads, make sure you include your contact number, basic features of the property, price of rent, availability of the unit, and security deposit. Some newspapers have internet versions of their daily copy; thus, advertising there is hitting two birds in one stone.
Many print rental magazines out there directly cater to residential landlords and property managers. These magazines obviously have a wider audience, as they publish their copies throughout the country.
Holding an open house
Hold an open house to show your rental property to prospective tenants that are quality renters. Be prepared by being early in the site and anticipate potential questions. Bring a business card with your contact information to make their follow-ups and leads easier.