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Landlord
Leasing Guide and Tips
Finding Tenants and Attracting Renters PART 2
If
you are a
landlord leasing out your rental property, attracting renters and
finding tenants will be a critical part of your job. Finding tenants
will be a breeze for you with our landlord leasing tips in this Part 2 of our
complete Guide to Finding Renters.
Have You Read
Method 1? If No, Click here to Part 1 for more
Landlord Tips and Tricks.
Method
3: Advertise Your Property with the Local Newspapers
Newspapers
are often the most common type of advertising that landlords and
property
managers use for attracting tenants. However, most of them end up with
sloppy, poorly worded advertisements that fail to do the job.
So
how should you advertise your property in the newspapers? Firstly let's
decide on the size of your advertisement. Let's say you have a $200
budget and you can either choose to post a single large ad for one day
or a small ad every day for one week. So how should you spend your $200?
Recent
studies by major newspapers publishers have revealed this shocking
fact:
If you run an ad for seven days, 90% of the people looking for housing
in the newspaper will see it, no matter how small it is.
In short, running smaller newspaper advertisements for longer period of
time gives you a much better return for your money if you are a
landlord leasing your rental property.
After
ensuring that your newspaper ads are seen, the next thing you have to
do is to make sure all interested tenants actually respond to your ad.
Attracting tenants to respond to advertisements will in turn depend on
how well
worded your ads are.
How should a highly effective newspaper advertisement for finding
tenants look like?
Here's a good example:
23 Victoria
Street, 3 Bedrooms
Air
Con, Next to Shopping Mall
$900
per month, Call 372-293-1145
Restricted by the length of the ad? You can always shorten the
same newspaper ad into:
23 Victoria
Street, 3 Bdrm
Air
Con, Near Shopping
$900,
372-292-1145
What are the
Ingredients for a Good Newspaper Advertisement?
- Your
Exact Address
(Preferred
over a approximate location because some potential tenants prefer to
pop over for a quick look at your property before contacting you)
-
Number of Bedrooms
-
Your Contact Number
- Nearby
Shopping, Public Transport and other Conveniences
-
Unique, Attractive Features of Your Property
(Examples
include air conditioning, heating, dryer washer hookups, garage,
cooking area, basement, swimming pool)
-
Your Rental Cost
(Optional
but highly recommended as posting your asking rent will ensure that
your ad will attract more qualified tenants who can afford your price)
Method
4: Hire a Good Real Estate Agent to Find Tenants for You
If
you need a lazy and convenient way of attracting tenants and finding
renters, you can always
hire a real estate agent to do it for you. The downside is
the money you have to fork out for their services. In some countries,
the agent fees are being paid by your tenants or evenly split between
the tenant and landlord.
Fees charged by real
estate agents for finding renters is often one month's rental for every
one year of stay signed
by the tenant. Depending on where you live and the range of services
being provided by the agent, his fees can vary from half a
month's rent
to three month's rent.
When you are hiring a real estate agent,
make sure that he offers you a complete package of landlord leasing
services for a
reasonable fee. This includes finding tenants, showing them around your
property, screening all potential renters and handling all the
necessary paperwork for landlord leasing.
Beware of lazy, incompetent
agents who simply toss any potential tenants your way and expect you to
do the rest while demanding fat commissions.
Read
what our visitors have to share below OR Scroll down to
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What are Your Best Tips for Finding Tenants?
If you are a landlord leasing out rental property, we are sure you have your own tried and tested methods for attracting tenants and finding renters. Whether it's a highly popular tactic or a stroke of pure creativity, share your valuable experience with everyone here - We will love to hear your tips, comments and real life stories:
What Our Visitors Have to Say When it Comes to Finding Renters
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Find New Tenants with Craigslist
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If you are a landlord leasing property in USA, be sure to check out the Craigslist website (www.craigslist.org) for your area. While many people use Craigslist ...
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