The biggest challenge facing landlords is finding new tenants for empty rental units. Filling up your apartments is the first step in the real estate business. If they aren’t filled, then you aren’t going to be making any money, right?
Earlier today I wrote a post on advertising your apartment online. You can view it here. It basically discusses how great of a resource the Internet is for advertising your empty apartment units. The post started me thinking more about advertising rental units. Sure, there is little doubt that the Internet is the best place to advertise your apartment, but there definitely are other effective ways of advertising. That’s what this post is about – five other ways to effectively advertise your apartments as a landlord.
I know that I said I would be discussing other ways to advertise your apartment, but it is worth mentioning the Internet as an apartment advertising mecca once again. Simply put, the Internet is going to be your best friend when searching for tenants for your apartment. Craigslist is by far the most effective online listing site – it is free, a ton of people visit it daily, and it is easy to use. What more could you ask for?
Advertise On Your Building
A lot of landlords simply decide not to (or unaware that they can) advertise their empty unit on the building that it is in. Doing this is especially effective in high traffic areas, but it is just as beneficial in out-of-the-way neighborhoods. Hang a banner or a sign from your building declaring that you are renting and are currently looking for tenants.
Advertise to Your Other Tenants
The tenant application process can be tricky and time-consuming. You must do a thorough tenant screening process or you risk renting to an unreliable tenant. One of the best ways to find new reliable tenants to rent to is to advertise to your current tenants. Oftentimes, your current tenants will have friends, family, or acquaintances that are in need of a new place to live and will point them in the direction of your empty apartment. I’ve actually had a lot of success renting to people in this manner.
Advertise in the Newspaper
Not as many people look in the classifieds section of the newspaper as they used to, but it can still be a good spot to advertise your apartment. Usually, it is relatively cheap to place a small ad in the newspaper and, at the very least it is a good way to get your apartment out there.
Advertise on Bulletin Boards
Recently I have begun to advertise on community bulletin boards. I print out a small flyer with a picture of my unit, its address, my contact information, and some quick details on the unit and go downtown to hang it up. My best luck with this method of advertising so far has come from the library. I’ve had no problems getting permission to hang up my flyer there and have gotten quite a few calls from people wandering by who have seen my flyer.
Keep in mind that the five ways to advertise your apartment that are listed here are just that – five ways.