5 Inexpensive Ways to Attract New Tenants

As a property manager, one of your responsibilities is to find new tenants and keep vacancies at a minimum. While a low budget can make this a challenging prospect, a little bit of persistence and out-of-the-box thinking is all that you need to make it work.

To start with, here are five great ideas to help your rental property management company kick off your marketing campaign without spending a fortune.

1. Social Media

At present, social media offers the quickest, cheapest and most efficient way to reach a large number of new tenants and build strong relationships with existing ones. Keep the interest alive in your community by posting frequent updates and videos on your social media networks. Use your LinkedIn page to connect with other professionals (for example, real estate agents or attorneys whose services are complimentary to yours) who can send referrals your way. Run a contest or quiz on your website with a small prize like a six-month membership to a nearby gym.

2. Online Listing Sites

Since most people start their search for a rental home on the Internet, make sure that you make maximum use of free online listing sites like Craigslist, Zillow and Trulia to market your property.  Use eye-catching copy and high-quality exterior and interior pictures to drive interest and persuade more renters to come in for a viewing. If your property has unique advantages like eco-friendly design or proximity to good schools, remember to highlight those features.

Online newspaper ads are also generally cheaper than placing an ad in a traditional newspaper.

3. Existing Tenant Base

Reach out to your existing tenants and let them know you have a vacancy. If they are satisfied with your services, they would be more than happy to refer you to a friend who is looking for a rental home. You can also offer an incentive in the form of a discount or a $50 restaurant gift card if their friend signs a lease and make it a win-win for all.

Also encourage your tenants to write a favorable review or testimonial for your rental property management company that they or you can post on your website or social network pages.

4. Knowledge Sharing

Get your name out there in the community by writing informative articles for your local newspapers. Write some blog posts about new trends in your area. Position yourself as an expert in rental property management by offering free workshops or seminars on topics that are helpful to renters.

You can also work with other organizations and charitable causes to host small events on your property. They will bring in the desired traffic, and you may just end up getting renters for all your vacant units!

5. Promotional Signs and Gifts

You already have the customary “For Rent” signs out on your property. How about taking it a step further and getting permission to put up some promotional printouts and flyers at the malls, coffee shops and grocery stores? You can also order some pens and bookmarks made with your property’s info on them and distribute them to libraries, bookstores, schools, doctors’ offices and day care centers in your area for free. If you have plans to start corporate leasing, make sure you leave a bunch of brochures with local HR managers who may be helping new employees search for a place to live in your area.

Of course, you don’t have to do all these activities in order to find new tenants. Pick one that you think will work for you and focus on refining it to suit your potential tenant pool and current market conditions.

Kurt Jacobson is a snowboarding enthusiast with a background in real estate. Having moved 11 times in the past nine years, he thrives on helping others learn from his experiences. When he’s not out shredding the mountain, he writes about all things rental related for the website RentFinder.co and serves as a thought leader in the real estate industry.