“Tips In Advertising Your Buildings For Lease” written by Mike Marko
Are you looking for ways to effectively advertise your buildings for lease?
The way you advertise vacancies in your rental property business is important. Failing to advertise the property can result in longer vacancies. That means your buildings for lease won’t be making money.
After all, zero tenants means zero rent.
So advertising is more or less a necessary expense for any rental property business. But naturally, there are right and wrong ways to do it.
In today’s blog post, I’ll show you the right ways to advertise your buildings for lease.
How to Effectively Advertise Your Buildings for Lease
Generally speaking, advertisements will cost you money. But since they can help you get tenants, they have returns that justify their expense.
That said, I did note earlier that there are wrong ways to advertise too. For example, you could be advertising your buildings for lease in places where your target tenants aren’t even present.
Or you could spend money on a TV commercial aired on a channel your target tenants don’t watch.
All of these can lead to you wasting your advertising budget. That’s why it’s a good idea to learn how to advertise your buildings for lease properly.
So if you’re ready to learn that, here are some tips for advertising buildings for lease.
Set the Goal of Your Rental Ad
Set a specific goal before you make an advertisement for your buildings for lease. This is actually a must for any advertising campaign. Otherwise, a lot of missteps are likely to happen.
Generally, your ad’s goal is going to be attracting tenants for a rental property. That’s not the end of the matter, though. You need to add specificity to it.
For example, you should think about which tenants your ad’s trying to reach. What sort of tenants do you want to get for your buildings for lease? What sort of tenants are likely to be interested in those buildings?
So as part of your ad goal-setting, identify your target audience. Identify the sorts of people you want to reach with your advertisement.
Doing this can help you clarify a lot of things. For instance, it tells you where it would be best to place or publish the advertisement.
If you know the sort of people you’re trying to reach, after all, you can do research on where they are. You can find out what websites, locations, or media channels they frequent.
This will help you advertise your buildings for lease more effectively.
Know the Different Ways to Advertise Vacancies
Don’t just use a single medium in advertising. As I more or less said earlier, there are different ways to advertise vacancies in your buildings for lease.
You might miss out on reaching more potential tenants if you advertise on only one place or medium.
Now some people may get worried about the idea of high advertising costs. After all, if you put out more than one ad, that means you’ll have to pay more than one fee, right?
That only applies to paid ads, though. There are a fair number of free advertising options nowadays if you’re advertising buildings for lease. Even the paid options are often relatively inexpensive.
So putting out more than one ad for your buildings for lease is definitely feasible. To help you with that, let’s talk a little about some methods you can use to advertise vacancies.
- Social Media – Social media is a great way to get word out about your vacancy, especially if you have a lot of connections willing to share your post. Some people just post an ad for their buildings for lease on their Facebook or Twitter accounts, for instance.
- Free Listing Sites – Many websites such as Craigslist, Trulia, or Socialserve allow users to post advertisements for free. Since you’re advertising for free, though, expect that you’ll end up competing with a large number of rental businesses.
- Word of Mouth – Advertising through word of mouth is an old way of advertising but can still be highly effective. Word of mouth advertising tends to be limited to the people you know, though.
That’s why you need to find a way to capitalize on your relationships with real estate agents, brokers, and property managers. Advertising vacancies with them will help you get high-quality tenants because they can help you spread the word to the right people.
- Bulletin Boards – Most cities have a chamber of commerce or a central location where they allow free advertising on bulletin boards.
Posting flyers about your buildings for lease on those can be a good option if your target tenants are locals. Post ads near colleges, grocery stores and other businesses in the area. Usually, these places have bulletin boards too.
Since posting a flyer on a bulletin board is often free, you only need to spend money on making the flyers. There are a lot of cheap ways to do this. If your handwriting is nice enough, you can actually handwrite one flyer, then simply photocopy it to make others.
An even more reliable method is to create a flyer using your computer, print it out, then photocopy it again.
- Newspaper – Advertising in a newspaper is another way to reach the target audience in your area. Even with the Internet, many are still subscribed to local papers.
Advertising on a newspaper is obviously more expensive than advertising on a bulletin board. Expect to pay around $50. With that said, it’s advisable to advertise in several newspapers in your area every Sunday.
Doing this will ensure you’re reaching the target audience of your advertising efforts because people often read newspapers on Sunday. They’re far likelier to see your ad about your buildings for lease then.
Put Important Data in Your Advertisement
A rental advertisement can be short but it must give all the necessary information a prospective tenant needs to make a decision. After all, prospective tenants themselves do screening.
Where you’re screening tenants, though, they’re screening vacancies.
They’re looking for buildings for lease that fit their needs, in other words. Depending on the situation, it may be a building with two bedrooms, for example. Or it may be a building that’s near a particular school. It may even be a building that allows pets.
Giving them all the information on points like that makes it easier for them to find you. In turn, it’ll be easier for you to attract them.
You need to be specific in your ads about what your buildings for lease are and what your leasing terms are. This will help prospective tenants figure out if they’re right for the place and vice versa.
The following must be stated regardless of the medium that you’re going to use in advertising your buildings for lease.
- Contact Information – Make sure to include your phone number, email, or office address. Prospective tenants may want to ask you additional questions about the property, after all. Giving them a way to reach you ensures they have a way to do that. Of course, if you’ve already provided enough info in the ad, they’re less likely to need this… but it never hurts to be sure.
- Basic Information about the Building – Specify the number of rooms and approximate square feet of the rental space. Be sure to note how many of each room type is present in the property, by the way. For instance, note how many bedrooms there are, how many bathrooms, how many kitchens, etc.
- Monthly Rent – Give details about the amount of monthly rent and your preferred or allowed forms of payment.
- Security Deposit – Provide the amount of security deposit you require and specify how it will be used.
- Address of Your Building for Lease – This is obviously necessary data. Be sure to include the city and state of your buildings for lease whenever you’re placing an ad online, in particular. To go with this, some people even specify important buildings nearby. The type of building you mention may depend on your target tenant, though. For example, if you’re hoping to get families with children in your buildings for lease, you should probably note the nearest schools and hospitals.
- Details Regarding Utilities – State in your advertisement if the expenses for the utilities are part of the rent or not.
- Terms Regarding Pets – Specify if pets are forbidden or allowed in your building for lease. If there are additional conditions regarding them, state those conditions as well. For example, you may only allow 1 pet per person in your buildings for lease. You may also have a restriction about the size of pet allowed. For instance, some property managers specify that only small to medium dogs are allowed on their premises.
- Lifestyle Clauses – More and more property managers are adding this to their lease contracts, so you might as well note it in the ad if you have any. Typically, these include terms like tenants not being allowed to make noise or play loud music past a particular time of day or night.
Final Thoughts on Tips in Advertising Your Buildings for Lease
In this blog post, I talked about some vital tips in advertising your buildings for lease effectively. The first of them was to always set a goal when you’re making an advertisement for your property.
Aim your advertisements at your target audience and always consider using different forms of advertising. Doing the latter can help you maximize the amount of exposure your ad gets. This increases your chances of getting the tenants you want.
You can advertise your buildings for lease through the Internet, social media, word of mouth, bulletin boards, and newspapers. Several of these options are free.
Finally, remember to be meticulous about describing your buildings for lease in your rental ad. A properly made rental advertisement should give the prospective tenant all the needed information.
It should give details about the building for lease, amount of rent, security deposit, utilities, etc. It should also give the prospective tenant a way to get in touch with you if he has further questions.
That should take care of your advertisement for your buildings for lease. If you have more question about advertising vacant buildings for lease, leave them in the comments below.
If you need help marketing your business online then check out IM Consultant Services.
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