Have you decided to rent out your unit? In your search for potential tenants to rent your property, you can't just expect people to find you on their own. You have to get the word out using various strategies in order to reach as many qualified tenants as possible. To be able to advertise your property the best way, it's important to define your target tenants.
On this topic, several questions arise:
1. What are great methods to find tenants for your rental property?
2. What is a good alternative to Open House which offers you more flexibility?
3. How do you know which marketing method works best for you in your neighborhood for the property you are renting out?
4. What makes social media a great way to advertise your unit?
5. What are the best practices when using photos of the rental unit you advertise? What should be included in your rental unit's photos?
Let's talk about the first of these 5 questions. What are great methods to find tenants for your rental property?
- Open house - This can be a great way to advertise your rental property to the public for a specific period of time. You can set a schedule in which you are available at the unit so potential tenants can visit within that time frame.
- Craigslist.org - One of the best online resources where you can list your rental unit is Craigslist.org. This website has a wide readership which makes it a good platform for reaching more potential tenants. The best part is that it's free to use.
- Human Resources Departments - You can call companies to check whether they have an HR department and whether this department of theirs keeps any sort of a housing list. A lot of times, companies hire out-of-state workers. These workers need housing. If you have a short-term furnished unit, this advertising method would be an excellent option.
- Military sites - If you live in a military town, you can check if these sites have housing offices. Have your rental property listed so you can cater to these military families.
- Bulletin boards - Bulletin boards are found at any location - libraries, grocery stores, bus stops, colleges, gym, and more. See if you are allowed to put a small flyer to advertise your property.
- Newspapers - Some newspapers are expensive to run ads in. However, there are still a few people reading the newspaper. Some newspaper companies have online websites. You can advertise on their sites too.
- Social media - Today, we have multiple social media platforms where you can feature your unit. It's free to signup for an account on Facebook, Twitter, Instagram, and more. Social media has billions of users and this alone gives you an advantage.
- Colleges - If you live in a college town, check out for the college paper, bulletin board, or student housing office. They might allow you to advertise your unit especially during the time when students are getting ready for the new school year.
- Travel nursing - Sign-up for travel nursing agencies. These agencies assign travel nurses in other cities. This would be beneficial for you if you have a short-term furnished rental.
- Property signs if allowed - Putting up some property signs may not reach the masses at once but this method is great for passers-by or neighbors who can recommend you to someone they know who happens to be looking for a home.
For the rest of this lesson, existing Landlord Prep students should log-in to the module entitled Between Tenants - Finding New Tenants & Advertising.
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