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Granada Hills – Property Management – Advertising Your Rental Property

PROPERTY MANAGEMENT GRANADA HILLS

Advertising Your Rental Property

There are many different ways an owner can advertise his / her rental property. The kind of advertising that works best depends on many factors that include property characteristics, location, landlord’s budget, and how quickly he/she needs to rent the property/unit. There are many methods of advertising landlords and property managers use to achieve the best results, some of which are listed here:

1. Signs “For Rent”

The most common method of advertising is the putting up of a ‘For Rent’ sign, either in front of the building, or in one of the windows. A relatively cost-free method, it works best if there is a lot of traffic ie; foot and motor traffic goes past the building. It also helps if the building is as attractive outside as it is inside. A property manager can help with keeping the building in tip top shape.

2. Advertising in the Newspapers (Not used as often anymore)

As much of a tradition as ‘For Rent’ signs, newspaper ads are also available online, if the paper has an online version. Many potential tenants begin their search for a place to rent by scanning the classified ads in newspapers, while, out-of-towners can log on online to the local paper from wherever they are. Ads should always be placed in papers having many residential listings, as it has been found they work best. If you have a property manager they should advertise as soon as they get notice there will be a vacancy.

And, they should be targeted to produce the right kind of prospective tenants i.e. if a landlord primarily rents out to college students, the best bet is to advertise in the campus newspaper or put up a ‘For Rent’ sign in the housing office. To play it safe, it is also a good idea to list the rental in a general newspaper, as well, your property manager should know this.

3. Neighbourhood Flyers Best suited for room for rent)

As well, a landlord can post ads on neighbourhood public bulletin boards to be found at grocery stores, Laundromats or coffeehouses, complete with tear-off strips listing their phone number. However, if the property is upscale, this is not the best way to advertise for it, though there might be takers at the high-end gym down the street.

4. Listing Online

Online rental services have skyrocketed in recent years, from national in scope, to regional. After finding a residential rental listing for your area, you can add your property to it.

5. Home Or Apartment Finding Services

Home or apartment-finding services are very popular in some areas, with landlords paying to list their properties, though sometimes it is the tenants themselves, who pay the fee when the unit is rented.

6. Spreading the Word

Some owners instead of advertising and screening potential tenants(I strongly advise against not screening), find it easier to market their rentals through word-of-mouth by telling friends, colleagues, neighbours, and current tenants. After all, people already living on your property will invite decent neighbours. So, when a property becomes vacant, let every one know, and ask them to tell friends or relatives about the available apartment.

7. Real Estate Office

Many real estate offices handle rentals, but of course, there is a fee involved.

8. Property Management Firms

Going through a property management firm is the easiest way to do it. They handle advertising, showing tenants around, as well as, screening and selecting tenants, collecting rents, and interacting with residents during tenancies, they also handle the bills, hiring repair persons and emergencies .

Once, the advertising has been done, the next step is to create a rental application and select a tenant. When advertising vacancies and selecting and rejecting applicants, read up on the Fair Housing Act, so as to avoid any inadvertent lawsuits.(Property Management Companies are on top of all laws). Evaluate prospective tenants by thoroughly checking out their rental applications, past landlords and tenant consent forms for contacting references, performing credit checks and criminal and background checks.

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.