So you've got a property, and you want to rent it out to someone. There are plenty of articles out there covering everything you need to do to get set up for it, but what about the most important part of renting? The most fundamental, essential part, without which renting is completely impossible? Take a guess, what do you think it is.
Chances are, if you've stopped to think about it, you've probably come up with a lot of different things. Maybe you've thought about getting the property ready for renters, and making sure the building itself is up to scratch. This is undeniably important, as there is no point in trying to let something that nobody wants.
Or maybe you're thinking about the legal side of things. For example, preparing a good application form, that includes everything you need to know. Deciding how you are going to pick which tenants to allow in, and how to arrange for payments and deposits. You'll need to put together a comprehensive business plan, and ensure that everything you are going to do is planned out and clear in your mind.
Possibly, you are thinking about future issues after you have begun renting. For example, deciding rules on pets and subletting, or how you intend to resolve disputes. I hope that all of this has been included in your business plan, but as I'm sure you're aware, it can be difficult to plan ahead when you don't know what's coming. So perhaps, the most important thing, is being ready for anything. Unfortunately, not quite- but a good guess none the less.
The most important, and overlooked, part of letting a property is very simple- finding someone to rent it! You've got a building, and set it all up ready for people to move in, with a detailed business plan, and then you suddenly find that it's all useless because no-one is interested. So what are you going to do?
So the first thing that you need to do, is to get the word out. "Build it and they will come" may have worked in the past, but it is certainly no longer applicable. You need to think of some way to advertise, so let's take a look at a few ways to go about it.
Physical signs. This can include notices, posters, billboards, or anything else that is out there for people to look at. This is particularly good if you want people from a specific location, for example, if you are looking to attract students from your local university. Unfortunately, it can be expensive to set up, and often doesn't give the best results.
Newspapers. A better idea, this can reach a much wider audience. Just post your ad in the local freeads, or similar paper. In fact, you can even place ads for free in many cases, although this is still far from the most effective system. Can work will in combination with others, though.
Broadcasts. This includes television and radio, and is very expensive and rarely worth the effort. I wouldn't even consider this unless you are a big property mogul, with a lot on offer.
What does this leave you with? The internet, of course. The world wide web is an excellent tool for just about everything, and advertising is included in this. Pretty well everyone uses the internet now, and you'll generally get a pretty good response from it as well. Of course, you still have to find the right place to place your ad.
A quick search through google will immediately reveal a host of different places to post your ads online, although you may have to think a while to decide where to go first. I would suggest that you start with the looks of the page, as you want something that is simple, and easy to navigate, with clear categories. Anything less, and visitors will have difficulty finding your ads, much less responding to them. Then also think about the number of properties on offer. If there are a lot, then it's a popular site, but on the other hand you have a lot of competition. Try to find some sort of balance.
In the end, as you are looking through all these sites, you'll probably notice that there is something similar about all of them: they are charging you to post on them. As wonderful as the internet undoubtedly is, you may think twice about using it when you see what is charged. I know I did. However, you now have another option- free sites. Only occurring recently, there are a small number of excellent websites that actually offer their services completely free.
To give you an example, you can have a look at localets.co.uk. An extremely well designed site, it has everything you may want, as well as being totally free. Who says that advertising must be costly? The prices I've seen in some places are outrageous. Take the time to find a few sites like this one, and sign u to all of them. Perhaps you will sign up to a few of the bigger sites, if you really want to, but make sure you take advantage of all the free help you can find.
There you have it. The most important part of property rental is finding someone to rent the property, and the best way to do that is to advertise online. So what are you waiting for? Get on with it!
