Most investors will spend a quarter of a million dollars on a property but then get super cheap on the advertising for a new tenant. Take the time and money to invest in a good tenant that’ll continue to pay for the property’s equity.
Here are some of the main ways that we suggest advertising your property:
Print: Post an ad in local and community newspapers in the house for rent section in the classifieds.
Online websites such as kijiji, or craigslist are great ways to advertise your property. You can pay to promote your property as well. While you may think this is a waste of money, it can keep your property from getting lost in a long list of rentals. Don’t make people work to find your listing. In your kijiji ad, in addition to a write up and pictures, you can also include a link to a YouTube video of a walk through of the home. This is another great way to set your property apart. Taking the time to put together some sort of multimedia is a great investment. A video of the property can help people feel connected to it.
Front lawn sign advertising is also important. People driving/walking by may see the sign and may instantly want to act. Make it easy for them. A clear sign with a phone number where interested tenants can reach you is a must.
Directional signs in the neighbourhood (these are smaller signs that you put throughout a neighbourhood, on corners/intersections, directing people to the property that also have a number they can call for more information) can also be a good strategy, especially if you’re not on a main street. You want to direct people to your property and get them to act now.
You can also post ads on community boards in places such as the grocery store, libraries, hospitals, community centers, and bus shelters.
We have had some members go as far as having small post cards printed and they "flyer" an area with the information. While this may not work in every neighbourhood, it could work in others. It is all about knowing your neighbourhood. “Flyering” a high rental area, promoting how your property is special, and what it all has to offer could be enough to make someone call you.
It’s key to list your properties basic and best features. Separate yourself from other homes – what’s special?
Here are 4 keys to renting your home:
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