Managing your properties is one of your most important responsibilities of a landlord, but from time to time, you will also need to advertise your properties. Whether you have a new unit or a vacancy, you will need to market it. If you happen to be in a highly competitive market, it may be necessary to touch up your marketing in order to make sure that your ad stands out and attracts quality tenants. Below are a few ideas to help you get started with marketing your rental properties.
If you want to attract attention from passerby and people driving by, this is definitely the way to do it. Regardless of the size of your property, a banner can grab the attention of anyone who passes by. The key to making the most of a banner is to word it in a way that will allow you to use the banner over and over. To avoid limiting the longevity of your banner, avoid including any short-term deals or terms in the wording.
For Rent Signs
These types of signs can be a very inexpensive way of advertising that you have a vacancy. You can also find them at almost any hardware store or discount store. Since they do not need to be printed, as is the case with banners, there is no lead time required. The only problem with these signs is that they will not last very long. If you are on a shoestring budget and do not want to invest in a vinyl banner, these signs can be the way to go.
Online Advertising and Classifieds
This is certainly one of the more traditional ways of advertising a unit for rent. One of the great benefits of this method is that you can often gain a lot of exposure during a short period of time. Of course, this may also mean that you will be fielding a lot of calls and many of them may be from applicants who are not qualified. VerticalRent allows you to advertise apartment vacancies very easily. We are working to establish additional partners to syndicate your vacancy ads across the web for additional exposure. One method is to rely on CraigsList, which many landlords often do to attract tenants. You have to be careful with CraigsList though to ensure you don't attract scammers.
Who knows your units better than your current tenants? If you have great tenants and would like to have more tenants like them, consider offering them a referral fee for bringing in tenants. In order for this method to work, the person making the referral will need to be acquainted with your minimum requirements.
Remember, regardless of the type of advertising that you use to attract tenants to your rental properties, you must always keep the Fair Housing Act in mind. It is imperative that you never indicate a preference for one particular group or try to steer a particular group away from renting one of your units.
How do you know which method is the most effective? If can vary from one market to another, so the only surefire way to know which method is most effective is track the source of your inquiries. Without tracking those inquiries, you have no way of knowing which advertising venue works the best and which methods are not worth your marketing dollars.