So you bought a property, renovated and now it’s ready for renting, but you’re struggling to find tenants. We have previously provided advice on our blog about What Should the Perfect Tenant Look Like, but today we will focus on how to find them.
1. Listing with Assents Agents
Let’s start with the obvious one, listing with or using an experienced Realtor to manage your property is the best way. Assent Agents have a team of experienced property managers who can take care of your property and take all the stress out of being a landlord. Everything from collecting monthly payments, fixing problems and dealing with contract signings can be handled by our managers.
To find out more feel free to pick up the phone and give us a call.
2. Bulletin boards
This isn’t as effective as it used to be, but it can still work pretty well. Locate flyers in busy grocery stores and places where people stay stagnant for a few minutes such as bus stops and laundromats. Make sure the flyer or poster is clear, easy to understand and has a contact number for people to call.
Tip: Include a number tear off at the bottom of your flyer so people can easily rip of your number while keeping the advertisement in tact. Some won’t have a pen or mobile handy to write down your details.
3. Online sites
Websites such as Gumtree are will gain all sorts of attention for your property and it doesn’t cost a cent to list. Be careful when using any free online classified sites to advertise, there are many scams that go on and always inspect carefully who you decide to let into your home for a viewing.
4. Offer a incentive
If you’re really struggling to find a tenant to move in, or you want someone to move in ASAP, give them a good reason too. Buying a second hand washing machine for $250 may seem like a bad investment at first, but it may tempt a tenant to move in a month or two sooner. The initial outlaw of $250 has actually rewarded you with two months worth of rent that you may not otherwise have received.
Tip: The $250 spent on the washing machine can be written as a tax write-off against your property. It’s a win-win situation.
5. Word of mouth/ dig in a sign
Just by slapping a sign on your front lawn that you’re renting out your property will gain instant attention and get your neighbours gossiping to their friends about a wonderful house in the area to rent. It doesn’t take more than a few minutes to setup and best of all it’s free.
Getting the tenant through the door and singing the lease is only half the battle, see our other articles on Tips on Being a Good Landlord or ways to Find the Right Property Manager. Finding tenants can sometimes be tricky business and when in doubt, call on the professionals for help.