The fact that you own some rental properties is not an assurance that you will make good money from them. You need to market your properties rigorously and reach out for potential tenants so that they can occupy them if you want to make money. As a landlord, you need to know that you do not enjoy a market monopoly and you are competing for same renters with other investors.
The following are five best ways that you can use to advertise your rental property and maximize occupancy.
1. List Your Property with a Popular Rental Manager
The majority of tenants in the modern society no longer go around estates looking for a vacant house to rent. Actually, most of the renters are very busy with other activities and have no time to look for a house to rent by their own. Others feel that going around estates is very tedious and time wasting. They, therefore, approach popular rental managers in these areas and ask them to look for a house on their behalf, based on their needs. This means that as a landlord you can increase the chances of reaching potential tenants by listing your property with a popular realtor within your locality.
2. Posting Your Property on Popular Rental Websites
The introduction of the internet has changed how people used to look for a vacant house to rent. Days have passed when potentials tenants could get into their cars and move around estates or from one realtor to another looking for a house to rent. Today tenants start by looking for properties posted on popular rental websites and only go out to see a property that has captured their attention on these websites. This means that landlords can easily reach potential tenants by posting their vacant properties on popular local rental websites.
3. Place for Rent Sign outside Your Property
This method of advertising rental properties was very popular in the past decades. Things have changed with time and some of these traditional property advertisement methods are becoming less effective. Nonetheless, this method is still effective, especially if you are targeting tenants above 45 years and probably those with a car and spare time to drive around estates. All that you need is to place for rent sign outside your property. The sign should include a few details about the property and a number that potential tenants can call and inquire more about the property. This method is very effective if you live near your rental properties.
4. Advertise Your Property on Social Media Platforms
Today social media has advanced from just a platform for social interaction to a platform where business people can market their products to potential customers. Similarly, social media platform are now being used for real estate marketing because they are cheap and convenient. All that you need to do, as a landlord, is to post images of your property together with essential details and your contact on a popular social media platform. Potential renters will view them, ask you questions when need be and even share your post with their friends.
5. Use Existing Tenants to Reach for New Tenants
This is a very effective method of advertising your rentals if you already have some tenants occupying your properties. It is worth noting that tenants prefer to live with their friends in the same neighborhood and they are likely to ask their friends to relocate to a property if they are comfortable and satisfied. As a landlord, you can take advantage of the situation and offer your existing tenants incentives so that they can bring you more tenants from their relatives and friends.