Now that you’re a landlord, it’s time for you to find a renter, but how should you market your property? The answer depends on several factors. Here are a few strategies to help you find a renter when you need one.
Using the Internet
Online sources can be a great place to advertise your rental property. You can reach a large audience for relatively few marketing dollars.
Free Online Listing Services
1. Craigslist
If you’re not already on Craigslist, you really should be. It’s fast, free, easy, and everyone uses it. The site allows you to post your rental for free, but in order for your ad to be effective it needs to be updated weekly and stand above the crowd of other ads. Rent Monitor offers convenient stylized postings that are easy to create and update. Using the information and photos supplied through your Rent Monitor account an ad is created with just a few additional details. Click the Advertising button in your Rent Monitor account to get started.
2. Hotpads.com
This site allows you to list your rentals for free and helps renters find your listings by sending them out to a network of distribution partners. These partner sites can help you get more leads.
Paid Listings
If free postings are not generating enough interest, paid listings and pay-per-lead services might be a good addition to your marketing strategy. Paid listings are charged for the amount of time the ad is active regardless of the ad’s effectiveness. You will pay the same amount if one person responds to the ad or 100. With pay-per-lead options, you only pay for the people that contact you for more information and are, therefore, most likely interested in your rental.
3. Apartments.com offers enhanced paid listings including up to 20 photos for landlords that range from $75 – $99 for 30 to 60 days.
4. Rentals.com has several packages to choose from that range from free to $69.99 for a 30-day listing. Ad options include photo packages, unique phone numbers and highlighted top listings.
Pay-per-Lead
5. RentWiki.com costs $10 per lead with no contracts or set up fees.
6. Rent.com allows landlords with less than 50 units to pay $15 per lead.
Print Advertisements
7. Local Newspaper
Newspapers can be a great way to generate interest in your rental property, but it is usually more cost effective to utilize a local paper with a smaller circulation versus a national paper with readers outside of your town. Not only will you save money, but the local newspaper will reach a more targeted market.
8. Flyers
Flyers posted at local retailers can also be a cost effective way to advertise your rental. Chat with your local coffee shop, grocery store or sandwich shop to see if they have a neighborhood bulletin board where you can advertise your property. You will want to check on your flyer often to make sure that it looks nice and well maintained.
9. Property Signage
Although it will not reach as many potential renters, the tried-and-true sign posted on your rental property is another great way to advertise. It is cost effective and targets a very specific market since your potential renter has driven or walked past your property and either likes the location or the exterior of your rental. Just make sure that your property looks great. Curb appeal can peak interest or cost you a rental in seconds.
Word of Mouth
10. Referrals can be a great source for new tenants. These potential renters can come from family, friends, neighbors, current tenants or co-workers. You can also encourage more referrals by offering a referral fee that usually ranges from $50 – $100. The referral fee needs to make it worthwhile for the party sending you the new renter, but should not be paid until after your new tenant moves in.
With any of these methods, be sure you have photos of your rentals that are clean and show off your property in the best light. You also need to ensure that your contact information is clearly stated so potential renters can contact you as soon as they decide they are interested. It is best to gives renter the option to call or email for property details.
