There are many different ways a landlord can advertise his / her rentals property. The kind 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.
1. ‘For Rent’ Signs
The most common method of advertising is the putting up of a ‘For Rent’ or ‘For Lease’ 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.
2. Advertising in the Newspapers
As much of a tradition as ‘For Rent’ signs, newspaper ads are also available online, if the paper has an online version. Many potential tenants begin their search for a place to rent by scanning the classified ads in newspapers, while, out-of-towners can log on online to the local paper from wherever they are. Ads should always be placed in papers having many residential listings, as it has been found they work best.
And, they should be targeted to produce the right kind of prospective tenants i.e. if a landlord primarily rents out to college students, the best bet is to advertise in the campus newspaper or put up a ‘For Rent’ sign in the housing office. To play it safe, it is also a good idea to list the rental in a general newspaper, as well. One of the drawback to Newspaper advertising is that it doesn’t seem as if they have caught up with the times because they are the most expensive per listing advertising that one can do.
3. Neighborhood Flyers
As well, a landlord can post ads on neighborhood public bulletin boards 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. This is also not the best method if you have a commercial property that you are trying to offer to a business or professional service.
4. Listing Online
Online rental services have mushroomed like crazy in recent years, from national in scope, to regional. After deciding on property listing website, you can add your property to it, in most cases for FREE. Some commercial listing websites say that property owners can list their properties for free but often after the property is listed they start receiving calls on how to make sure their listings stay visible. Leasefor.com will never call we are here for commercial property and residential real estate owners, period. We do our best to share and spread all of the listings on our site to as many other websites and social media outlets to ensure maximum exposure for your properties.
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 instead of advertising widely and screening potential tenants, find it easier to market their rentals through word-of-mouth i.e. telling friends, colleagues, neighbors, and current tenants. After all, people already living on your property will invite decent neighbors. So, when a property becomes vacant, simply send a note around to every one, 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.
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.
The only way to avoid unnecessary litigation is by screening prospective tenants and conducting background checks. There are many websites out there to assist you in obtaining a background check, such as Intelius, always be cautious of sites charging reoccurring fees to use their services.
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