BY: ERIN EBERLIN
Whether the market is strong, or struggling, finding tenants is a quintessential part of being a landlord. With all of the digital opportunities, you’d be selling yourself short by simply placing a sign in the yard of a vacancy. With that said, the first step is to place a sign in the yard of a vacancy.
Some landlords may be hesitant to create a lot of exposure for their vacancy, given the work load this might create, and the non-stop ringing of the phone (although in the property management world, this is a good problem to have). But if finding the best tenant is truly the end goal, then these tips may help you land that tenant a little easier.
Erin Eberlin outlines a some solid suggestions in her article “Great Ways to Find Tenants for Your Rental,” on thebalance.com.
Place a “For Rent” Sign in the Window – Or in the lawn. Make sure to include a phone number which can be clearly read from the street.
Find Tenants on Rental Websites – The internet is a great way to reach the masses. Sites such as Craigslist and Trulia allow you to post free rental listings that are visible to anyone with internet access.
Use Social Media - Millions of people use social media sites like Facebook, Instagram, and Twitter. You can post a status, post a photo, or send out a tweet of the rental.
Find Tenants Through the Newspaper – Some prospective tenants still look for rental properties in the newspapers. There is some cost, but it’s a good way to increase exposure for your property.
Advertise on Local Bulletin Boards – Put up flyers for your rental in the community where the property is located: colleges, grocery stores, churches, laundromats, and bus stops.
Find Tenants by Word of Mouth – Don’t underestimate the power of the spoken word. Let current tenants know you have a vacancy. They might have a sister, cousin, brother, hairdresser, boss, or mechanic who is looking, or knows someone who is looking, for a place to live.
Let a Realtor Find Tenants for You – Brokers usually charge a commission, but this route can save you a lot of the hassles and headaches that come with dealing with prospective tenants. You will typically get additional exposure through Multiple Listing Services (MLS) as well.
Find Tenants by Offering Incentives - People always like the idea of getting a deal or a discount.
Respond Quickly to Prospective Tenants – Respond to prospective tenants immediately. If you don’t call or email back promptly, another landlord or realtor will.
Don’t be Too Eager - Take your time with each applicant, no matter how desperate you are to rent out your property. A little caution will serve you well in the end.
To view the full article, click here.