Advertising to Rent Property
In the rental business it is inevitable that you will want to rent your property as soon as it becomes vacant. The true cost of owning a property is different from buying it. There are all sorts of charges from land tax to water bills and maintenance involved if you own a property. When the property is rented out, these costs are borne by the tenants. However, if there are no tenants you have to make these payments yourself. Getting tenants for your property is of utmost importance but not advisable if you plan to sell your property. Experienced real estate investors will tell you that they generally consider the vacancy factor when they evaluate any property for sale.
It is advisable to spend a good amount on advertising. Not advertising will cost you more. However, advertising needs are different for a commercial property and a residential property. You need to know a lot about people and their mind set to be a successful real estate investor.
Here are the most commonly used ways to advertise if you want to rent property to tenants.
* Sign On The Property: These generally work the best. If anyone is looking to rent a property in the neighborhood where you have one, you could just post a sign on the property. It is almost free and has good visibility. Make sure that the sign is large enough and has your contact details on it. This will encourage passers-by to give you a call if they are interested.
* Listings: Traditionally newspaper listings would work if you had to rent out property. But with the advent of the internet, the rules of the game have changed. There are now many websites which run classified listings of such properties. Buyers generally flock to these websites to narrow down their search. It is important that you convince the buyer on the listing site itself. Most buyers will look no further if they like your deal.
Most listings are free. There are, however, some charges in case you want to use additional features like a virtual walkthrough or uploading pictures of your property. These features help you to rent property faster. It is advisable to list your property on multiple websites to get the fastest results.
* Real Estate Agents: The traditional real estate agents work just fine. Apart from the regular customers that visit their office, they too hunt for customers on the internet. The good thing here is that you will not have to pay for the listings, the agent will. He or she will only charge you once they successfully help you rent property out at the terms and conditions that have been agreed upon.
* Networking: In case you have multiple units in a single property or have a very good rapport with your tenants, it is advisable to ask them to spread the word to their friends and family. You will be surprised to see how often the older tenants will help you get newer tenants. Also since they know each other, there will be fewer hassles between them. You could also hold an open house and encourage prospective tenants to come and look at the property and bid for rentals.
* Flyers: These work best for commercial units. You need to have prospective tenants in mind. Then you could just make a database and send flyers to them. That way, you will get a good response.
Do not consider marketing expenses as costs, they help you rent property faster and minimize opportunity loss. But be careful, like all investments these need to be diligently and frugally done!