5 Inexpensive Ways to Attract New Tenants
Your primary role as a property manager is to fill your vacancies with new renters. This can become a costly prospect if you are not careful, between running advertisements and marketing materials. So to keep cost down but still attract new residents, here are five inexpensive ways to attract new tenants and potential renters.
1. Real estate listing sites
The internet has made it easier than ever to market your listing. You need to take advantage of all the free listing sites that are available. Trulia and Zillow are two well-known options, and they don’t charge you to list on their sites.
It is important that you have an idea of where your average renter comes from. Most renters in today’s market will probably start their search online. The quality of the pictures and description goes a long way in the effectiveness of your listing.
2. Social media advertisements
Social media platforms are great resources for building interest in your property; and the best part is they are completely free. Post ads on Facebook, Twitter, and Instagram and make sure that everything you create is shareable so people can see the properties and share them through their networks.
You can also use these platforms to speak directly with potential renters and really pique their interest. Plus, publishing information on social media doesn’t take a lot of time, so you can save money there as well.
3. Open houses
One of the most important things you can do if you are looking for tenants is to allow yourself enough time to find one. This means that you need to start your search while your departing tenants are still in the property.
Ideally, you will have an understanding with them to keep the property clean and that you will need a few hours every other weekend. This gives you the opportunity to keep the house open. Anyone in the area with an interest in the property should be allowed to see it. Create an atmosphere that puts the property’s best foot forward.
4. Resident Referrals
If you have great residents, more than likely they know great potential renters in their network. Offer a referral program with a great reward like discounted rent or even a gift card to a local restaurant. That way your residents do the work for you. Most people want to live in a community with their friends, so it is a win-win solution to finding new renters.
5. Make The Exterior Attractive
It is not very expensive to do a little bit of landscaping that will make a property look well-maintained and inviting. Make a front flower bed, put out potted flowers, or put in some landscaping rocks. Make sure the lawn is cut and that the yard is neat and tidy.
Final Thoughts
Before waving the white flag and enlisting the services of a real estate agent, try these inexpensive ways to attract new tenants first. It is important to stay consistent and do something to find tenants every day. With all of the options available, this is something you should be able to do on your own.
Source: rentalhousingjournal.com
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