When a tenant moves out, you are now tasked with finding another quality tenant to fill the unit. The sooner you can find a replacement, the better because vacancies don’t generate revenue. Filling vacancies can be a hard job; it’s difficult to know where to start or which advertising methods are most effective. With a mix of both traditional and new advertising avenues, you’ll have the unit filled in no time.
Traditional Ways to Advertise Multi-Family Building Units
Many people scoff at the idea of old school, traditional advertising now that rentals can be found online. However, these methods shouldn’t be overlooked, especially if you want to target an older demographic.
- Advertise in print: Advertising in print is a low-cost option for announcing that your unit is available. Whether it’s newspapers or rental magazines, many individuals still rely on print materials to find housing. However, newspapers and other print sources have very limited space for ads, meaning you have to convey the unit’s treasures in as few words as possible. When writing your copy, use abbreviations to save space. Place your ad in a Sunday paper to get the most traffic and exposure.
- Use bulletin boards and signs: This option of advertising is also cost effective. Put up flyers in business around the area such as churches, banks, libraries, grocery stores, bus stops, and laundry mats. The people doing business at these locations may be passing by quickly, so it’s important to make the flyer stand out and grab their attention. Use an image, a bold headline, color, and large type to attract tenants. Include tear offs at the bottom for individuals who are interested. It also doesn’t hurt to place a for rent sign in front of your property. You never know who may be driving or walking by.
- Use word of mouth: Word of mouth never fails to be a great source of advertising. Let family, friends, and current tenants know there are units available. You can also provide an incentive program for tenants currently in your building. If a tenant refers someone and they sign a lease, that tenant will get $50 or maybe even $100.
New Advertising Methods for Multi-Family Building Units
Because online information is so easy to access, many investors are turning to the internet to advertise available units. Younger tenants will look here to find a place to live.
- Advertise on rental websites: There are many websites that will allow you to place ads for your unit to generate exposure and interest. Craigslist will let you list your unit by location, which makes it easily searchable. 4rent.ca is a website used for finding places to rent, as well as rentboard.ca. Kijiji.ca is also a useful website for finding available apartment units.
- Advertise on social media: Advertising on various social media platforms will also help fill your vacancy. Use your personal accounts to announce available units and spread the word. Ask friends and family to share your post(s) to gain even more exposure. Post in rental groups specific to your location as well. Don’t forget about Twitter either.
- Approach companies and other organizations: Companies who bring in employees for long periods of time for work can be a great source for tenants. Nurses, lawyers, tradespeople, etc. are some professions that temporarily relocate due to work demand. Additionally, churches can be good organizations to approach as many of them help find homes for new pastors.
With a bit of luck, filling an available unit is easy. When there’s no interest, though, there are many advertising methods you can use to generate interest and exposure. Use a variety of both old and new advertising methods to find a suitable tenant.