Renting a house is like writing a book: You only make money if people know about it. To build your customer base and connect with potential clients, you’ll need to market yourself and your property.
Below we have prepared the five best ways to advertise and, hopefully, start earning a return on your investment.
1. Leave it to the Professionals
So you have the property bought, furnished, cleaned, decorated, and ready to move in at the drop of a hat. Now what?
The easiest way to advertise is to leave it to people who already know what they’re doing. For example, if you’re looking for Property Management in Miami, your best bet is hiring a dedicated company in South Florida to help you. Managing any kind of online presence takes time, effort, and constant attention – you’ve got better things to focus on!
Many companies will also take care of small things you might miss, like hiring a maintenance crew, listings on websites you’ve never even heard of, and screening potential tenants.
This is the least hands-on approach to marketing and managing your rental properties, which gives you the most free time.
2. Online Listings
Organization is important for any business, and having everything on an online platform simplifies the hard parts.
There are tons of websites dedicated to listing rental properties that make organizing your listing easy. You decide on the title, description, price, and post any relevant pictures.
Online rental listings may offer extra services, such as processing rent payments and utilities. This way, you won’t have to worry about bounced checks or angry guests who don’t have electricity.
Social media is also an effective method of marketing for rental properties. Engaging with potential tenants directly can build up your credibility and trust, and if you do it yourself, it’s completely free. The only downside is you must dedicate time to managing the social media account indefinitely.
3. Newspaper Ads
Newspaper ads are probably the most expensive option on this list. A single ad can cost you thousands of dollars, though repeat listings can help you save money in the long run.
Newspapers may not have the same reach as the Internet today, but if your property is in a small town or somewhere rural enough that a good connection is scarce, the local newspaper may be your best shot of reaching as many clients as possible.
Don’t have the money to advertise in the newspaper but still want to reach a local clientele? You can print your own flyers with whatever design you like.
If you don’t have a printer, you can often find one for public use at your local library. You’ll have to pay per page, usually just a few cents for black and white printing, and up to a dollar per page for color.
Make sure to check your local laws on where you can post signs and flyers.
5. Word of Mouth
Talk to people. Seriously, tell everyone you know that you are looking to rent out your place, even if you don’t think they’ll be looking anytime soon.
Eventually, it will reach someone who wants to rent from you, and you’ll have much more credibility as a friend-of-a-friend rather than a stranger on the Internet.
Plus, it’s free, which is the best kind of publicity.
The Bottom Line
No matter how you choose to advertise, the hardest part is getting started. The process can even be overwhelming at times, but in the end, it’s worth it once you have renters and the money is coming in. You just need to get out there and show your future tenants that they have a new home with you.