One of the most common challenges for Smithfield property owners is finding a quality tenant. So much depends on renting your property to someone who will not only pay their rent each month and on time, but who will also take good care of the property. Here are five great ways to find a suitable tenant for your property. As a whole, these methods may help you keep your vacancies short and the rental income flowing.
1. Hang a “For Rent” Sign
Most renters these days use the internet to look for properties to rent. However, nothing can truly take the place of posting a “For Rent” sign in the yard. A well-placed sign at the front of the rental property can help draw in prospective tenants who are searching for a rental home in specific neighborhoods or near certain amenities. It is simple, inexpensive, and yet effective.
2. Rental Websites
Advertising your rental property is important. It would give you an advantage if you listed yours on different rental websites. It has been shown that the vast majority of renters in all age groups start their rental property search online. The more visible your property, the larger the pool of applicants.
3. Social Media
Aside from rental websites, social media presence is critical to effective advertising. Most people spend a lot of time on social media. It’s an advantage if you have information about your available property circulating there, too. Due to its significant advantage of being shareable, social media allows people to forward posts about available properties to people they know who are looking for a new home.
4. Classified Ads
Depending on your target demographic, classified ads may also be an effective way of drawing prospective tenants to your property. There are some inexpensive options to advertise in, such as local newspapers, online classified ad websites, and even community bulletin boards (both physical and online). Knowing where your ideal tenant goes to get information about rental homes will enable you to become more strategic in placing your advertisements for maximum visibility.
5. Word of Mouth
Advertising professionals profess that few modes of advertising are as effective as word of mouth. When you have available rental properties, you should tell people about it. Friends, family members, neighbors, and fellow property investors can all be beneficial in spreading the word. Prepare some flyers and bring them with you wherever you go. Offering a referral fee for an added incentive is also a good way to encourage others to spread the word. Having a network of personal contacts will help you find your next great tenant especially when you also engage with the public in a significant way.
At Real Property Management Dominion, we take care of advertising and leasing rentals for you. Call us at 757-395-4274 or contact us online to discuss strategies we implement in our rental property management plans!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
