Marketing can be extremely expensive, so before taking out your checkbook take time to post your advertisements in as many free places as possible. You want to get maximum exposure, so take advantage of the free advertising, and then begin paid marketing campaigns. Here are a few ways you are able to get the word out about your property without losing a big chunk of change.
1) Word of Mouth
Let your other tenants know you have a vacancy, tell your friends, family, coworkers, spread the word! Old-fashioned word of mouth can be a great marketing tool and cost absolutely nothing.
2) Online Listings
Use sites like Zillow, Trulia, and Craigslist. These sites get tons of hits, and more importantly are free to use. You should also research local or regional listing sites that include rental property listings.
Although it might seem tacky or outdated, a classic “For Rent” sign can capture local traffic. Popping a sign on the front lawn can draw a lot of attention to the property. Even if someone isn’t looking for a place themselves, they might notice the sign and tell their friend who is looking. Put the sign up, what’s the harm?
4) Newspaper Ads
Nothing like an old-fashioned newspaper ad right? Well not quite old-fashioned, as newspapers have now moved to an online version. While newspapers across the country are fading, online papers are thriving. Many people still use online newspapers to find listings regarding jobs or homes in their area. Check out local newspaper websites and see how much it would cost to place an ad in the paper.
5) Real Estate Offices
Contact a local real estate office. Real estate offices that handle rental properties like the supplemental income, and this also helps them make contacts with current tenants whom will eventually become homebuyers.