Property owners who want to maximize rentals need to use a combination of marketing techniques, including paid advertising, word of mouth and formal referral programs. In addition, getting professionals to market your property for you puts you at an advantage over landlords trying to go it alone. Incorporate a mix of print, broadcast, Internet and word-of-mouth promotions to keep your properties rented and generating cash.
Brochure and Website
Start your efforts to rent your properties by creating an attractive, detailed brochure and a website that describes and shows your property or properties. Prospective tenants want to see the exterior and interior of the building, floor plans, rates and lists of amenities and local conveniences. Once you have created these, you can direct potential tenants to them via a phone number or URL you place in your marketing messages, such as ads, signs and links. Add keywords to your website that help people who are looking for the kinds of properties and amenities you have find you more easily.
Check your area’s rental publications, which often are distributed free in racks at a variety of locations around your community. Call the publisher and ask for a media kit, which will provide you with the publication’s circulation, target reader, frequency of publication and rates.
Human Resources Departments
Contact the human resources departments of corporations and universities near your property to find out about any referral programs they have. Offer discounts or other incentives to employees, faculty or students.
Offer current tenants a cash incentive or rent deduction for each new tenant they refer who signs a lease. Make the offer attractive enough so that it motivates renters to remember the program and promote you to friends and business associates. Recognize tenants who have referred new business to let other tenants know that the program is working and that their neighbors are participating and receiving rewards.
Consider hiring a property management firm to handle all aspects of securing tenants, taking care of their needs and keeping your property in good repair. Some property managers specialize in vacation, executive, commercial or home rentals. Contact local real estate agencies to determine if they offer property management services to supplement their home sales.
Type the name of your city or town into a search engine along with words that describe your type of property to find online property rental websites. These services, which can be local or national, help renters from around the country looking to move to your area find rental properties. Contact the online company to learn how you can get listed.
Offer long-term renters an incentive to sign with you, such as the first month’s rent free, allowing tenants to spread out a security payment over the term of the lease, free parking or other option you have to offer. Look at any benefits or services you upsell and consider offering these as incentives.
Contact your town or city to learn what your options are regarding onsite signage. Some municipalities allow landlords to put large, permanent signs on their buildings, while others limit signage to smaller areas and allow temporary promotional signs.