Properly marketing your rental property is an essential part of acquiring long-term tenants and filling vacant spaces. There are several ways to advertise your property, but most landlords and property managers utilize a mixture of different advertising techniques to get their rental on the market. We’ve put together a short list of marketing strategies you may want to utilize, based on your budget and time, when advertising for a vacancy in your commercial or residential property.
- Visibility – If you have rentals available in a multi-family complex or an unoccupied office for lease, you’ll want to make your property as visible as possible. Place a “for rent” sign on your property in a noticeable area. Utilize a vacant store front by placing signage announcing the space’s vacancy. Include contact information and key details about the property on all signage. Take advantage of your property’s location by advertising the available space. If you choose to advertise for your space using signage, make sure it looks professional and attractive. Don’t forget to contact your city government about the rules and regulations regarding on-site signage.
- Print – Use both newspaper and online sources to get your property into print. Ask your local newspaper about purchasing a commercial or residential listing. Target publications within your rental demographics (i.e. college students are more likely to look for listings in their school publications). You may want to purchase a listing on Craigslist. When advertising in print both on and offline, make sure to include as much information as possible about the available property. You may also want to distribute flyers and hang them on the appropriate community message boards around town.
- Social Media – Post your rental on your social media networks. Ask your friends to share it. Include your current contact information and detail where you prefer to be reached, if you don’t want people contacting you via your social networks. When creating posts for social media, don’t forget to include pictures of the property and where it is located.
- Word of Mouth – Word of mouth can be a powerful tool, especially in smaller communities. Don’t be afraid to contact your friends, family, coworkers, current tenants, etc. Let them know you have a wonderful property available for lease. Sometimes you may find your best tenants come recommended from others.
- Host an Event – Host an event at your property. This may include an open house or a commercial event in your available space. Advertising your space with an event will increase your chances of finding a tenant. Include take-away materials detailing property information for your guests.
- Property Management – You may also consider hiring a property management company to advertise and manage your space for you. Property management companies have a wealth of resources at their disposal to properly advertise your space and to ensure a tenant will be found in a short amount of time. While property management companies require a fee for their services, they assume responsibility for finding and choosing a tenant for your space. This alternative option will save you a significant amount of time.
