You’ve got a great property, now you just need great tenants. But how do you go about finding suitable tenants to lease your building? The key is to use several different avenues to advertise your property and reach out to potential renters.
- Newspaper ads: This is a traditional approach, but one that still works. When people are looking for a new place to live, they often search the Want Ads in the local newspaper. Call the paper and find out the rate to place your ad in for several consecutive days or weeks, making sure to hit at least a few weekends to grab those tenants who are diligently circling ads on a Saturday morning. Be sure to find out what kind of online presence your ad will receive on the newspaper’s website.
- A sign on the property: If your property doesn’t have a “For Rent” sign on the most visible side of the building or yard, you’re doing yourself and your property an injustice. Don’t overlook the importance of getting the attention of those simply driving by — if they’re in your neighborhood, chances are they live and/or work in the area and could be the perfect tenants.
- Websites: Websites like Craigslist.org are a great resource to use when looking for tenants. Be sure to use a catchy headline in your ad, and always include pictures. Many prospective tenants will skip right over an ad with no pictures.
- Word of mouth: Get the word out the old-fashioned way — tell people! Send an email to colleagues who might be interested or know someone who is. Spread the word to friends and relatives that you’ve got a great place to rent.
- Social Media: If you’re a property manager, create a Facebook page to let current tenants know about pertinent news, and to garner interest in commercial or residential properties coming available for lease. You should also create a Twitter account and build up a following of local businessmen and women. Send tweets to let people know of rentable properties on the horizon.
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