In the age of modern technology, there are countless ways to market rentals property. The different ways to advertising rentals that are most affective depends on many factors. These factors include property features, location, actual rents, and if a potential tenant is in a hurry to move. There are several advertising methods landlords and property managers use to achieve results, here are a few.
The oldest method of advertising a rental is simply displaying a 'For Rent' sign, either in front of the property, or in one of the windows facing the street. It's a free method of advertisings, and it works if there's foot and motor traffic passing the property. It's also a big help if the property is as attractive and have curb appeal.
Along with posting 'For Rent' signs on the property, newspaper ads paper ads are also available online, if the paper has an online version. Potential tenants begin their search for a place to rent online browsing classified ads in newspapers, while, people looking to relocate can browse online local papers from wherever they are. Online ads should always be posted in papers having many residential listings, as it has been found they work best.
These ads should be focused to attract your ideal tenant. Here's an example, if a landlord rents to college students, its best bet is to advertise wherever students are likely to view your ad, and a good idea is to put up a 'For Rent' sign in the housing office. It's always a safe bet, to place your ads in the local paper as well.
Additionally, a landlord can post ads in the local real estate magazine to be found at grocery stores, Laundromats or coffeehouses, complete with tear-off strips listing their phone number. However, if the property is upscale, this is not the best way to advertise for it, though there might be takers at the high-end gym down the street.
Home or apartment locater services are very popular in some areas, with landlords paying to list their properties on local sites, though sometimes it is the tenants themselves, who pay a small fee when the unit is rented.
Small landlords should advertise widely to find more potential tenants to screen. This creates a way to market rentals through word-of-mouth i.e. potential renters will tell friends, colleagues, neighbors, about the new rental on the market. After all, people looking for a rental property will inform their neighbors of the potential move. So, when a landlord screen a tenant, simply ask for referrals, ask them to tell friends or relatives about the available property.
Many real estate offices handle rentals, but of course, there is a fee involved but the fee is worth it. Listing the rental in multiple listing service gives your property much more exposure. It's also a way to build relationships with local Realtors for future rentals.
Using property management firm is the easiest way to find renters. They handle advertising, showing tenants around, as well as, screening and selecting tenants, collecting rents, and dealing with the headache of being a landlord (handling repairs, etc.). It's a paid service, and it's ideal for landlords with several rental properties.
Once, the advertising has been done, the next step is to create a rental application and select a tenant. While advertising vacancies and selecting and rejecting applicants, follow all housing regulations of the Fair Housing Act, 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.
Lastly, keep in mind the best way to avoid unnecessary litigation is by screening prospective tenants and conducting background checks. Always remember that most potential tenant find rentals via the internet so do you due diligence while screening.