In: Finance25 Jun 2013
You find yourself with a property to rent. Maybe you’ve moved into a new home, and have decided to rent out your old one. Another situation is where you have done a basement renovation and have a suite that is available to rent. How do you find a tenant?
It’s a good idea to spend some time crafting your ad well, as you want it to be selected by possible tenants that you’re trying to find. Have a lot of details about the property in the ad. The language you choose should evoke some emotion from the reader. You should have a lot of information in your ad, including the number of bathrooms and bedrooms, parking, the date the unit is available, parking, laundry, pets and other terms of the rental. This will save you a lot of unnecessary phone calls.
Having pictures in your ad will make a huge difference. When there are no pictures, most people don’t take the ad seriously. Don’t forget to include your contact information: name, phone number, email address. You want to make it easy for them to contact you.
Put your advertisement on the market
It’s a good idea to use several avenues for your ad. Don’t forget to think about the renters you want to target. Renting out a small bachelor unit is not the same as a large penthouse suite, so advertise appropriately to find your target audience.
Using Craigslist is a good option as it is free, and many people use it all over the world. The sites make it simple and convenient to place your ad, and it’s easy for potential tenants to search. Put around 4 colour photos in your ad; 1 exterior photo, and 3 more of the inside of the premises. Some rentals may have a nice view behind it, be sure to get that in the photo. People will stop and look at that.
Using Facebook or Twitter and social media sites like these can be helpful, as people you know can recommend trustworthy tenants.
Putting a sign in the window can work just fine, and some landlords still use this method to find tenants. People who live in the area will see the sign and recommend it to a friend who is looking for a rental, or someone just visiting the area may see it and inquire about renting. Try and put a lot of details on the sign, like the bedroom and bathroom number, price, the availability date, etc. The more information on the sign, the fewer phone calls you will have to deal with. Be sure to include your phone number in large print, visible from the street.
Another good way to find tenants is to simply tell your friends, word of mouth works well for this. People you know may have the perfect tenant solution, knowing someone who needs to rent a unit like yours.
You could always put a sign up at a community center, the laundromat or grocery store, and even your local library. The flyer you use should have tear-offs at the bottom with your contact information, and don’t forget some nice full colour pictures to make your place look more attractive.
You may want to get your property rented quickly, but don’t jump at the first person who’s interested. You want tenants who are responsible, pay their rent on time, and will take care of your property as if it was their own. See evaluating and selecting tenants.