Keeping your properties full (with high-quality tenants) isn’t always easy. And current technologies aren’t making the process of finding tenants any simpler for independent landlords.
So, we’ve put together a few property advertising strategy suggestions to help independent landlords.
With a growing number of millennials entering the rental scene being able to reach them is vitally important if you want to keep your properties filled with quality tenants.
Craigslist is a great place to get started with nearly 50 billion page views per month it’s never been easier to get in front of prospective tenants.
On Craigslist, you can list your property details for free and quickly and easily get in front of relevant people looking for property rentals in that area.
Zillow is a free property listing website. There are thousands of homes for rent and sale on the platform and they get some 200m visits a month. It’s an invaluable resource for landlords.
Check out this video on how to list your video on Zillow:
The Facebook marketplace has been growing over the last couple of years and there property market place
As of 2018, Facebook had 2.38 Billion users. Pretty much everyone has a Facebook account, which means pretty much anyone can be reached through the platform.
On top of this their advertising capabilities are well tested and versatile allowing you to get your property in front of, not just a lot of people, but the right people.
Your own website
Setting up your own website is another great way to get your property out there and start building up a solid online presence.
This is especially useful when you have multiple properties.
On top of this setting up a good looking website has never been easier with platforms like Squarespace doing most of the work for you.
Despite the rise of the internet, a lot of people still find houses in a more traditional manner.
Partner with a Real Estate Agent
Real estate agents know what they are doing, they understand and have will have a great overview of the marketplace. Partnering up with a real estate agent takes a lot of stress and hassle out of the process. They will also be able to advise you on other aspects of managing your rental, for example how to get the right the Landlords Insurance, setting your rental price, and tenant screenings.
Hire a Locator
A locator is a specialized rental agency. As the name suggests they focus on helping locate prospective tenants their ideal home based on their needs. These are great sources for finding high-quality residents. You will likely be able to find a few locators in your area with a few Google searches. On average they normally take a commission (so you don’t have to pay if they don’t find you someone), this is generally around 50% of one month's rent. Which is less costly than a property manager's fee, but certainly more costly than free.
Encourage a positive online presence will definitely improve your chances of finding prospective tenants. One of the first things they will likely do is find out more about your property online if they quickly come across a selection of 5-star reviews then they are more likely to seriously consider your property as an option.
Whilst organic reviews are great, you should also be proactive to increase your number of good reviews. One strategy is to ask a resident for a review after fulfilling a minor maintenance request in a timely fashion.
Offer Good Old fashioned Customer Service
Good customer service isn’t much more than being helpful, timely and friendly. Respond quickly to questions and when possible offer additional information and value.
Even if you’re fantastic at the advertising part of property management, if you neglect to answer the phone or respond to messages quickly you will find a number of potential tenant disappearing from your radar as opposed to viewing your property.
On top of this, if your current tenants are happy because of customer service during their tenancy, they may even help you find new tenants through word of mouth.
A lot of people search for a home and will take advice and referrals from friends and family.
This brings us onto the final point in this section. To capitalize on this, you can incentivize your tenants to provide referrals. One approach, for example, might be to offer a cash incentive to tenants.
A fee of $300 paid 30 days after the execution of the new lease is not unusual. To advertise the referral program, deliver notes to your tenants’ doors, and send out friendly emails with the details of the referral program on a monthly or bimonthly basis.
This comes down to identifying the kind of tenant that you want in your property. Hard-working professionals in your properties location would be ideal, no doubt.
Look for local businesses in your area with the right demographics
Create a list of businesses that are in the region of your property(ies) based on your renter demographic. Office blocks and schools for example. Then, to generate leads, print out and drop off fliers, business cards, price sheets, floor plans, and site maps to these targets.
It’s important to always ask permission first, lest you anger the powers that be.
Use a corporate outreach program
A lot of major corporations will have employees that for some reason or other relocate to another office. These people have to find themselves rentals. Often these corporations even have a specific person whose sole responsibility it is to place their relocated employees.
This is a quick overview of tactics that you can take to advertise your property and keep them filled with high-quality tenants.
Other things that really need to be considered are getting high-quality photography of your property as well as how to write a good listing. Both of these things will improve your chances of finding prospective tenants.
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