How to Advertise Rental Property for Free
What is the best way to advertise rental property for free? Learn the test-and-tried methods of advertising your rental properties today.
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Advertising Your Rental Property with "For Rent" Signs
Putting up "For Rent" signs is a proven and time-tested method to advertise your property to passers-by.
Because it is so cheap and effective, this method of advertising rental properties is one that you simply cannot afford to pass up. Some landlords refuse to put up these signs because they feel that doing so will attract burglars and vandals. However the chance of crooks invading your property is rare unless it has been left vacant for a long period.
When you are using these signs, make sure that they are displayed in a highly visible location. If you're lucky enough to own real estate where there is heavy human or vehicle traffic, you can simply leave your sign in front of the property. If your property lacks passer-by traffic, you can put up the signs (with your unit number) along main roads in the neighborhood.
The look and feel of your signs also matters. Sloppy signs give potential tenants a bad first impression before they even set foot onto your property.
When it comes to signs for finding renters, always make sure that they are short and highly readable. To make this happen, you should stick to the classic white text on red background and use standard fonts such as Arial, Helvetica, Courier or Times New Roman. Personally, I rather avoid the hassle and go for ready-made "For Rent" signs on Amazon.
Since some people will be driving past your signs, they will only have a few seconds to steal a quick glance at your sign. Try to limit your sign to 6 words or less. Popular words to advertise rental property include, "For Rent", "Vacant" and "Available Soon". Make 120% sure that your contact number is clearly printed on the sign.
Word of Mouth Marketing by Co-Tenants and Neighbors
Getting co-tenants and neighbors to get the word out is one of the most overlooked methods of advertising your rental property for free. Most landlords are surprised to learn that up to 15% of tenants are found by word-of-mouth.
Other than its notable results, word-of-mouth marketing is free and it takes very little effort on your part. You're basically getting the other people to do the work for you.
Of course, it works better if you let them know in advance - It usually takes up to 2 weeks for word-of-mouth marketing to reap any results.
If you are the landlord of a multiplex and one of units will be available for rent soon, let the other tenants living in your property know. Since they have a vested interest in who their future neighbors will be, they will be more proactive in promoting your rental property to their own circle of friends and contacts.
While your family and friends are usually a weaker source of tenant recommendations, it never hurts to let them know that you have a property up for rent.
To multiply the effectiveness of this method, you can also offer a small finder's fee. This will give everyone a much stronger incentive to advertise rental property for you.
