How to Find Tenants for your Rental Property

How to Find Tenants for your Rental Property

Attending a business seminar a few months back, I remember the speaker repeatedly telling the audience that whatever business you get into it's inevitable that you'll be in the marketing business as well. Makes sense, doesn't it? Regardless of the product or service your business provides, you need to market to let people (your potential customers) know that you and your product exist.

It's the same in the rental business. For you to find tenants, you need to go out there and let everyone know that you have a vacancy. According to Erin Eberlin, "The truth is, in order to find a tenant for your property, he or she has to be able to find you!" So how do you that? Below are some tips to help you increase your chances of being found:

1.) Harness the power of the internet

It should no longer surprise you that most people nowadays prefer doing online search. It's quick and easy. You just type in the search box of Google and viola! The internet also lets you connect to the whole world. Post an ad from Manila and your ad can be viewed as far as the other side of the globe. Yes, the whole world can be your audience. The internet is that powerful and nothing is stopping you from taking advantage of its power. Look for websites that will let you advertise your property for free. Rentpad is one site that offers free ad posting of rental properties. You can also post in sites such as Craiglist, Sulit or AyosDito.

You can also use social media in finding tenants. Millions of people across the globe use social media such as Facebook and Twitter. You can use your personal account or create a company account if you have one, and list your property on Facebook's marketplace or look for inquiries on Twitter. Consider popular online forums as well such as PinoyExchange and iStorya.net. These forums allow you to post ads for free and popular ones have a wide readership which could increase your property's exposure.

2.) Advertise in your local newspaper

This is the old-fashioned way of doing classified ads. It's quickly becoming outdated because of the internet but a lot of people still rely on classified ads when looking for properties for rent. A good day to advertise is usually on Sundays as this when newspapers get the most traffic.

3.) Put up a "For Rent" sign outside your property

This can generate the least traffic but it can have the most potential of zeroing in on a prospective tenant. It doesn't hurt to put up a "For Rent" sign. People interested in renting at a particular place sometimes go around looking for rental signage within the area. A passerby might be interested or he/she may know of someone who might be.

4.) Advertise by word-of-mouth

Don't underestimate the power of word-of-mouth so you should never miss out an opportunity to mention to people you know that you have a vacancy. Your family or friends might know somebody who's looking for a place to rent. Your current tenants can also be a good source of referrals. Just before their lease term expires, ask them if they can refer tenants who might be interested in renting your property after they move out. If they were happy with their stay, they will gladly advertise your place to people they know.

5.) Get a real estate agent/broker

This is by far the easiest yet most expensive way of finding a tenant (their commission is usually one month's rent), but the advantage of getting one can be worth the price. A broker or an agent already has a network of clients they can refer your property to. They also have a network of other brokers and agents who may have clients looking for properties similar to yours. If you don't have the time to entertain prospective tenants and you're not really keen on getting headaches in dealing with them (let's admit it, some will give you a hard time), go for brokers and agents.

Some of the tips listed above will cost you some money (getting a broker, paying for classified ads and creating signs or tarpaulins) so it's important that you decide on a marketing strategy that will fit your budget. Draw your plans based on how much you're willing to spend on marketing. If you're on a tight budget, look for websites that will allow you to post ads for free. Advertising online is as effective (sometimes even more effective) as advertising in print media.

Goodluck in finding tenants and happy renting! :)

source : rentpad.com.ph
 
Back to Top