MARKETING VACANCIES/SETTING RENTS AND TERMS

1. WORD OF MOUTH
 Free, Easy, Painless, Might yield excellent tenants.
 Tell family, friends, current tenants and more. Tell them the basics (location, no. of bedrooms and
bathrooms, price and whether utilities are included, when is it available), and ask them to
recommend anyone who is looking.
 If no one is interested, offer a finder’s fee. It could be a discount in a special service or it could be
cash, without it becoming a major expense for you ($30-40).

2. CLASSIFIED ADS
 Become familiar with which newspaper do most people in your town use for classifieds. You can ask
long time residents.
 Contact the newspaper to find out the cost of a classified. Get a good deal for running it more than 3
weeks. They charge per word / character, and newspaper circulation is also a cost factor.
 Enquire if the paper has an online edition and if it automatically includes classifieds.
 Check the deadlines. An ad for the Sunday papers needs to be submitted around Wednesday or
Thursday.
 Start advertising as soon as possible.
 Write your ad. Check out sample ads in the paper. Count the words and characters to get an idea of
how long should it be, then check the price to see if it is affordable. Mention the basics, and some
other selling points that might stand out about your property, like convenient location, large size,
heart shaped jacuzzi.

3. SIGNS ON PROPERTY
 Many people shop for a home by location. They will notice your sign from the sidewalk or the road
and take note of your property. This is effective in hot neighbourhoods.

4. FLYERS AND HANDOUTS

 Handing out flyers increases your chance of catching people’s attention. Print out a copy a notice on
8” x 5” flyers. You can also include a good photo. You will need to distribute them in your
neighbourhood or other ones where you feel potential tenants might be residing.
 Stick one under every car’s wiper, slide one under every screen door.
 Ask local businesses if you can tape it to their windows, stand on a street corner and hand them out.

5. NOTICES ON BULLETIN BOARDS

 Check out bulletin boards in your local cafes and grocery store, workplace, church, kid’s school and
other community buildings.
 Write the description in neat handwriting. Coloured text and paper helps you get more attention.
Provide your contact info in tagged cutouts at the bottom.

6. RENTAL LISTING BOOKLETS

 There are national, regional and local publications that advertise rental properties, mainly for major
metropolitan areas. These free guides are available in supermarkets and other businesses.
 Check your area for a local version by contacting the local land-lord association or by browsing area
convenience stores.
 Generally, these ads are more expensive than classifieds, but it can be worthwhile to try it depending
on your area.
7. LIST WITH A RENTAL AGENT
 There are many companies and agents who will take the responsibility of marketing your property
and finding you an tenant. There are some pros and cons of working with an agent.

PROS
 They will do all the work, including making decisions on how and where to advertise.
 They are likely to find higher end tenants – especially if the tenant is paying the agency fee.
 They are a good way to open your marketing to people who are relocating to your
town/neighbourhood.
 You do not have to pay till they find you a tenant.

CONS

 They may spend a lot of money on advertising if your contract does not specify what are the included
costs.
 If you pay the fee, it will cost you around one month’s rent.
 These relocators may not likely rent for a long-term.
 They make a while to find a tenant, while you are losing money.

8. TARGET GOOD TENANTS

 Your target market should be responsible, financially stable, long-term tenants. Appeal to this crowd
by stressing the quality of your property, its cleanliness and upkeep.
 If you accidently undervalue your property, you may attract people who cannot afford the real price.
Do not be afraid to slightly overvalue and see if it gets an offer from a tenant.
 Where you advertise helps target the population you are advertising to. Only let the locals know
about your property if you are in a wealthier neighbourhood.
 For the 1988 Federal Fair Housing Act, do not include any hint of discrimination in your advertising.
Avoid describing the type of tenant you are looking for to keep getting from legal trouble.
 Do not include “no children please.”
 Do not suggest that your one-bedroom is great for singles.
 Do not point out that your property is close to a church or a synagogue.

9. SHOW THE PROPERTY

 If your advertising works and the timing is good, you will start getting many calls. Now your jobs is to
start the screening process and make the callers come and visit the property.
 Taking calls and showing the property is the most time-consuming part of the process. So when you
start advertising, set some time aside to talk to callers, plus travel time to the property, plus waiting
time for latecomers and no-shows.

10. MAN THE PHONES

 If you are unable to handle too many calls, or most callers want to know the basic property facts, then
you should screen initial calls with your answering machine or voice mail.
 Record a greeting containing the basic details of your property. Tell callers more than that you
advertised and address any questions you have heard already.
 Screen unwanted tenants by stating your policy on pets etc.
  Return any phone messages asap. Callers are mostly working their way through a list of properties,
and you want to reach them before they become someone else’s tenants.
 If you are in a noisy environment, or in a meeting, so not answer your phone. Listen to the message
and return the call from an appropriate place where you can give the caller your full attention.

11. AT YOUR FINGERTIPS

 Every time you answer your phone, make sure you have these things with you:
 A cheat sheet on the property, especially if you are a beginner.
 Directions to the location from north, east, south, west including public transportation so are ready to
tell them how to meet you there for the showing.
 Your personal calendar so that you can book appointments without them clashing with one-another.

12. FULL-TIME WORKER, PART-TIME LANDLORD

 If you have a job, record a greeting saying that you are unable to take the call right now, but will
return their call after 5 pm, or whatever is appropriate. That way the callers will not be frustrated.
 Once you are on the phone, give them a chance to ask questions about the property first and use this
opportunity to point out some more good features.
 The first phone call is your first chance to screen your tenants. Find out who will be moving in, where
do they live now, when is their current lease up, and their financial state. The most diplomatic way to
handle the financial question is to tell them what you require up front.
 Take notes of the conversation, and ask if they want to visit the place.

13. SCHEDULE THE SHOWING

 Your property looks best during the day, so schedule at least an hour before sunset.
 Ask for the caller number if you have to reschedule. This makes them feel obligated to come to the
showing. Be specific about where will you meet? Will you be inside the property or waiting outside?
Let them know so they feel more confident about the meeting.
 When it is time to meet, you should have:
 Notes from the phone conversation so you remember the person
 Several rental applications
 Pencils/pens
 Copies of your policies to very interested people
 Cell Phone