- 1). Call around to verify rents for competitive properties in your area before setting a rent for yours. According to MSN Real Estate, “A competitive rent price reflects prevailing rates, so simply adding up your cost of ownership won't do. Check newspaper ads, call property management agencies and look at online classified ads such as Craigslist.org, Realtor.com or Move.com to assess the price range for similar units in your locale. Visit a few to hone your research.” You can also use these sites to list your property for rent.
- 2). Advertise in your local newspaper. According to Propertydo.com, “Newspapers are often the most common type of advertising that landlords and property managers use for attracting tenants.”
Recent studies by newspaper publishers show that if you run an ad for seven days, no matter how small it is, 90 percent of the people looking for housing in the newspaper will see it, the web site says. - 3). Employ a property management company to post your property for rent. MSN Real Estate says, “When you add up the responsibilities, there's much to be said for hiring a professional." A property manager will charge about 10 percent of the rent collected, perhaps a smaller percentage for high-rent properties.
- 4). Hire a real estate agent to find you a potential renter. As stated on Propertydo.com “When you are hiring a real estate agent, make sure that he/she offers you a complete package of landlord leasing services for a reasonable fee." Such a package includes finding potential tenants, showing them the property, screening their finances, and handling the paperwork.
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A happy renterhigh flyer 4 image by Earl Robbins from Fotolia.com
Post flyers on or near college campuses. Most of your potential tenants will hang out in the libraries, bookstores, cafes, or the student union or activities center. Some of these locations have bulletin boards where you can advertise your property for rent. - 6). Use rental signs to lure in potential tenants driving down the street. Put them up in the yard or at the corner of the street the house is located. You can purchase “For Rent” signs at your local Wal-Mart or other home goods store.
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