Pump Up Your Energy
Because now you have to look for a new tenant!
The procedure to find a new tenant kick-start long before your existing tenant actually moves out. It starts spreading word of mouth to whoever you know! We’ll see in detail.
There are many ways to find a tenant, however, just a few of them are effective in today’s internet age. Also, it’s about the personal reach. If this is your hometown and have lived here in the town all your life or if you know many fellow landlords, the people looking for rental space would approach you without any of your efforts.
So let’s discuss 7 best ways to find new tenants.
1. Words of mouth
For you as a Landlord, It’s the best and cheapest method to find a tenant. If you look around, the followings are your best resource who could be in touch with people looking for accommodation at the present moment.
- Existing tenants (you should only consider the ones with good standing)
- Your previous good tenants
- Fellow Landlord whom you know
- Any other friends or acquaintances living in the same area
There is a likelihood that someone searching for a rental place have recently approached one of these contacts of yours to inquire. You may tap this resource. Because the prospective tenant is referred to by the known contact, there are more chances that you would get a better candidate to choose from. Sometimes, your existing tenants take it upon themselves to find a new tenant as they would like to have a better neighbour.
This may not be a very effective way as your effort reaches only a few people to search for the tenant. But there is more possibility to reach the interested party with a good reference this way.
2. Online advertisement
Your next best resource to find a tenant is popular websites like Craigslist, Trulia etc. Every day huge numbers of renters make contacts with the landlords through online advertisement in both the US and Canada. This is the most convenient way for a renter to find a place available for rent. It’s also free, no cost to either tenants or landlords to place ads. Hence, as a landlord, it’s logical to place ads on such a website. The Craigslist, Trulia.com, Zillow.com and Rentals.com are the examples of such websites. Kijiji.ca is the most popular website for rental ads in Canada.
To place an online ad, you have to learn how to write an ad. This should not be a rocket science for you. Take good photographs with lots of light. Make sure the photographs shows cleaned corners of bedrooms, bathroom, and clean and tidy kitchen. When it comes to photographs, More the merrier! Other essential details to be included are rent amounts and location of your property. Check out a few ads written by others and you should be good to go. We have a detailed discussion on how to write an ad here.
The above 2 are the most popular and cheapest among the best ways to find new tenants.
3. Ask the Realtor to find a tenant for you
This method is more popular at the higher end of the real estate market, with a higher rent amount. Of course, when you higher a professional, there is a cost for his or her service. Different jurisdiction has a different commission rate for the service. Usually, the commission amount is from half a month rent to one month rent or more. The service includes listing the property with MLS system(also
realtor.com), scheduling an appointment and showing the property, screening the tenant, and negotiating the price with the prospective renter and close the deal. This is the way to go for the landlord who outsources all the landlording responsibility.
4. Sign on the lawn or at the window
This is a common sense method to find a tenant from the neighbourhood. Usually, there is a 30 to 60 days period for notice, which present tenant has to give to the landlord before he can vacate the rental place. During this period, the landlord can start his or her efforts to find a tenant by installing a yard sign or window sign of the vacancy. The only requirement here is to make a sign with bright or fluorescent colours and install it at the place where it’s most visible to moving traffic. Essentially the sign should have your contact information.
5. Pamphlet advertisement on the bulletin board at the local store and community centre
The local store and community centre ads are old school method, still works well. Again you have to ensure to make the pamphlet with bright colours and stick it at a very visible place on the bulletin board. You also need to keep an eye on the bulletin board as your ad pamphlet may get lost or invisible by other ads pamphlets on top of yours.
6. Social media
Social media platform is also becoming popular. However, I’d leave it upon your judgement to decide if this is an effective way to find a tenant. The advertisement placed on facebook or twitter would be looked upon by visiting user who may not be exactly looking for a place to rent. It’s like your yard sign, where it’ll get exposure to moving traffic. It may click or it may not.
7. Newspaper Ads
The Newspaper advertisement is losing popularity. There are 2 main reasons. One is the visibility. In today’s age, the whole generation of the content consumers has shifted to online resources from the traditional newspaper. The newspaper ads still charge a whole lot of money compared to free ads on the internet.
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