credit: NZ Alex
Once you’ve purchased a rental property, its time to fill it with renters. This isn’t always as easy as it seems. A sign staked into the front yard might not attract a lot of people, depending on where your location is. An ad in the newspaper may get lost among all of the others. Hiring a Realtor may not be the most cost effective way to get prospective tenants. All of these are options, and they might be the right option for you, but a better approach is to combine several traditional options with a few of the creative ones listed below to get the right tenants.
Before you advertise for tenants you need to figure out what sort of tenants you want. Do you want high-income earners or would you be happy with lower income tenants? You obviously want reliable renters, no matter what their income. Once you’ve created a list of desirable traits its time to consider where you can find those tenants and then try to target them directly.
If you’re looking for students, then hit student billboards, newspapers, offer incentives for students with flexible lease terms that fit their schedules and advertise these deals.
If your area is saturated with available apartments, try reaching new residents through internet avenues such as Craig’s List. Or contact your local welcome wagon to see if they will let you advertise, or even offer a coupon to new renters.
Be flexible and think about your target group, if you’d like to have a place filled with young couples then set up a booth at a wedding fair. For a creative, artistic group, consider handing out business cards at art fairs.
Use several methods to find the tenants you want, and make sure your environment is suited to their needs so you will seem more attractive than your competition.