Old Bay Insurance Agency Blog
Renting your property can be a good source of passive income, allowing you to have more monthly expenses. However, in order to enjoy the additional cash, you’d have to find a tenant fast, and it can be a challenging task for the landlord. Through this article we’re giving you 9 easy tips on how to find tenants for your property.
Use Rental Websites
You can advertise vacancy on rental websites, such as Craigslist, free of charge. This way you can reach potential tenants whose needs fits what you offer in terms of price, location, and facilities.
Spread the word
Sometimes all you have to do is tell the people around you that you have a vacancy. It’s possible that they know someone who is in need of a place to stay in.
Advertise in newspapers
Some people still read the newspaper regularly, so it’s not a bad idea to put a small advertisement there. Maximize the information you give with the small space available by using abbreviations.
You can print flyers and put it in bulletin boards on places a lot of people go to. Make sure to make the flyer enticing to read, and include tear-offs with your contact number and the property’s address.
Utilize Social Media
You can either use your personal account or create a page to advertise vacancy on famous social media platforms such as Facebook, Twitter, and Instagram.
Hire a Real Estate Broker
You can pay a broker to help you find tenants for your property for the price of around a month’s worth of rent. Despite being the most expensive option, it would free you from having to advertise the property or dealing with tenants.
You can provide incentives such as discounts for tenants to interest them further in moving in. You can also use these incentives to encourage the tenants to move in before a certain date.
Put up a sign
Simply put a clear sign on the window stating that your property is for rent because perhaps there are people passing by who are in need of a place in that area.
Don’t let potential tenants wait too long for your response. Reply messages and emails quick and always be ready for a phone call. You can even set up a toll-free number to make things easier for future tenants.
Note that some tenants may end up damaging your property, and the usual homeowners’ policy wouldn’t cover that. Consider having a rental property insurance that will protect your estate while it’s being rented. At Old Bay Insurance Agency, Inc., We put our clients first by offering them policies that they can afford. You can get more information about our products and services by calling our agency at (410) 777-5390. Get your free quote today by CLICKING HERE.