There are many different ways a landlord can advertise his/her rental property. The type of advertising that works best depends on numerous factors that include property characteristics, location, landlord’s budget, and whether he/she is in a hurry to rent. There are many combinations of advertising methods landlords and property managers use to achieve the best results, some of which are as under.
Getting Your Rental Property Rented
1. ‘For Rent’ Signs
The most common method of advertising is the putting up of a ‘For Rent’ sign, either in front of the building or in one of the windows. A relatively cost-free method, it works best if a lot of foot and motor traffic goes past the building. It also helps if the building is as attractive as the rental unit.
4. Listing Online
Online rental services have blossomed like crazy in recent years, from national in scope, to regional. After finding a residential rental listing for your area, you can add your property to it.
5. Home Or Apartment Finding Services
Home or apartment-finding services are very popular in some areas, with landlords paying to list their properties, though sometimes it is the tenants themselves, who pay the fee when the unit is rented.
6. Spreading the Word
Small-time landlords find it easier to market their rentals through word-of-mouth i.e. telling friends, colleagues, neighbors, and current tenants instead of advertising widely and screening potential tenants. After all, people already living on your property will invite decent neighbors. So, when a property becomes vacant, simply spread the word around to everyone, asking them to tell friends or relatives about the available apartment.
7. Real Estate Offices
Many real estate offices handle rentals, but of course, there is a fee involved. You’ll have to do your research to determine which ones will work best for you and what exactly is involved when they take this over. Some firms may only offer a certain amount of advertising that won’t suffice your needs. Be sure to ask specific questions to get the best deal possible.
8. Property Management Firms
Going through a property management firm is the easiest way to do it. They handle advertising, showing tenants around, as well as, selecting tenants, collecting rents, and interacting with residents during tenancies (handling repairs, etc. etc.). A paid service, it is for landlords with large rental properties and no time to spare.
Once, the advertising has been done, the next step is to create a rental application and select a tenant. When advertising vacancies and selecting and rejecting applicants, read up on the Fair Housing Act, so as to avoid any inadvertent lawsuits.
Evaluate prospective tenants by thoroughly checking out their rental applications, legal residency forms, and tenant consent forms for contacting references, performing credit checks, and criminal and background checks.