A vacant property rental costs money each day it is unoccupied. Thus, it is important that void times are very low.
There are many strategies to market a vacant rental unit or property. It’s always a good idea to use several different ways and not limit yourself to only one method. Here are some marketing ideas to help you fill your rental vacancies quickly.
- Find tenants through word of mouth
Spread the word about your rental vacancy. Inform your relatives, friends, co-workers, neighbours and your other existing tenants that you have a vacancy available. They may have a friend or a family member who is looking for a new place to stay. Always have flyers to hand with information about the vacant unit and your contact details so you can hand them out when needed. For an added incentive, you can even offer a referral fee or finder’s fee for a successful referral, which could be in the form of a discount on rent (for existing tenants) or a gift card.
- Place a ‘For Rent’ sign in a prominent window, unit door or the front lawn
This will get the attention of passers-by, pedestrians or motorists in your neighbourhood. A passerby in the area may be looking for a place to rent or may refer someone your way if they see your sign.
- Place a newspaper ad
Some prospective tenants still resort to the traditional method of looking for rental properties in the newspaper’s classifieds section. For traditional paper newspapers, advertise your vacancy on the weekend for more visibility.
Many newspapers already have an online version. Check your local newspaper online and inquire how to get your property listed.
This kind of method will cost money, but it is a good way to increase exposure for your property.
- Free online listings
Post your vacant property on rental websites or free online listing sites. A prospective tenant browsing through the site would be able to further narrow the search criteria based on rental price, or a number of bedrooms and bathrooms.
- Use social media to find tenants
Take advantage of the power of social media to market your rental property. Put images and information on Facebook, Twitter, and LinkedIn. Facebook also has a marketplace where you can list your property.
- Approach a letting agent
If you’ve decided to enlist the services of a letting agent, they will take care of all the marketing of your property, saving you time and effort to get you a good tenant as quickly as possible.
As a landlord, you are looking for an agent with low voids so you can ensure you are getting a regular income. At KeyRing Lettings, we prefer a minimum rental period of 12 months, guaranteed rents and very low void rates. This means your property is likely to be occupied quicker and longer.
We use social media, our website and Gumtree to market vacant rental properties. However, we have access to a list of tenants who are in great need of affordable housing, meaning properties let us tend to get snapped up very quickly. We fully reference tenants using a reference agency.
Find out more about our services to landlords by contacting us today.