As a landlord, you need tenants, and if you’re new to renting out a property, you may not know where to find them. Fortunately, there are many good ways to find tenants if you have a vacancy you need to fill.
It is imperative to find a tenant as quickly as possible as every day a property stays vacant costs money. At the same time, you don’t want to find just any tenants as bad tenants could cost you more than vacancies over the long term. You may need to use a combination of the following methods to find prospective tenants.
Numerous free websites allow you to offer a property for rent to prospective tenants. Since most tenants, especially those in the 20 to 30 age group, rely completely on online websites, rental websites offer a great option for finding tenants quickly. For example, you can post a free ad on Zillow rental manager as long as you have an account. If you want to post an ad for a rental in a specific area like Murfreesboro, posting on a free site like Craigslist allows tenants to search for a rental property in a specific area. There are various websites that also help you with other aspects of handling tenants, such as online tenant verification, etc., and even collection of rent.
Hiring a rental property management company in Murfreesboro or in the city where your property is located, can help you to find suitable tenants. Evernest, RentVision, PFSuites, etc., are some of the companies in Murfreesboro that will make sure you can keep your properties consistently full without having to offer low rent prices.
Millions of people use social media on a daily basis, and it provides a direct way to approach them. Create an Instagram account or a Facebook page for your company if you have one, or simply use your personal accounts to let followers know you have a property to rent. Listing your property on Facebook Marketplace is an option and an Instagram post showing great images of your rental could help to stimulate interest. Your followers may even direct people they know want to rent in your direction.
Advertising your rental in local newspapers could be helpful depending on the area in which the property is located. Advertising your vacancy on weekends could be more successful as this is when people tend to read newspapers. Placing an ad in a newspaper doesn’t cost much so it’s an inexpensive way to increase exposure for your property. Your rental ad will usually be pretty small so you will have to find a way to make it stand out and may have to use abbreviations.
Local bulletin boards
Placing ads on local bulletin boards in libraries, at local colleges, in churches or community centers, and even at bus stops can be effective. If you choose to use a flyer for advertising in this way, you will need to have a bold headline and colorful photos to attract attention. Including tear-offs with the property address and contact information on the bottom means people can get the information they need on the run.
Most landlords use a combination of channels for advertising to find suitable tenants and this is where word-of-mouth publicity comes into play. When a friend of yours recommends your property to a friend of theirs, the chances of getting a deal closed quickly are higher. This is because your friend helps to establish your credentials as a landlord and vice-versa. Tell your current tenants about a unit you have to rent and they may convince a family member or friend to approach you. You can even offer a referral fee as an incentive.
Use a realtor
Realtors will charge you a commission of about a month’s rent for using their services so this is the most expensive way to find tenants. It does save you all the hassles of tedious advertising and marketing, as well as dealing with prospective tenants yourself.
They will ensure they respond promptly to prospective tenants and make sure they screen them using the same qualifying standards so they don’t violate the Fair Housing Act. It’s worth interviewing several realtors if you want to go this route to find one you’re most comfortable working with.
Post a ‘for rent’ sign
Many tenants want to rent a property in their current area. If you post a ‘for rent’ sign outside the property, this could be very effective without costing you much. Make sure people can clearly read the phone number on the sign from the street.
If you fail to answer your phone or respond to emails quickly enough, you can be sure prospective tenants are already talking to other landlords. For landlords who don’t feel comfortable giving their personal phone numbers online, setting up a Google Voice account can be a great tool.