One of the biggest challenges for any landlord is to catch the attention of potential renters in his area. In old times when there was no internet, all rental property owners relied heavily on classifieds in popular newspapers in there are. Today, with most of the renters starting their search for a property online, internet has emerged as the best place for placing the ads of your property. There are still newspapers carrying for rent classifieds, but these ads prove to be very expensive for the property owners. In such a scenario, is it prudent to give For Rent ads in local newspapers in your area? Let us find out.
The answer to this question lies in the target group of the property owner. You need to identify the group of renters that you want to allow in your property to know whether you should place ads of your property in local dailies or not.
Young students and professionals
If your target group of tenants is students in colleges and young professionals starting their careers, you should focus upon only internet. These teenagers and individuals in their twenties are very tech savvy and go for their smartphones and laptops whenever they need to search for anything. In fact, these youngsters don’t even read newspapers as all news and information is always on their fingertips courtesy digital devices. Your own website and Craigslist are the best options for you to place ads of your property. These youngsters look at places to visit and things to do on weekends in locally weekly newspapers that can also be a good choice for you as the landlord.
Families from working class
This is a group of tenants that is of high value for most rental property owners. This is because families with kids look for a place where they can stay put for long term as it becomes difficult for them to search properties and move frequently. This group is not very tech savvy but they also do not read newspapers on a daily basis. You need a heady mix of advertisement on internet, in newspapers, and also through use of signs around your property. In fact, families simply drive around in neighborhoods that they like to see if they can locate a For Rent property. Order large size signs with your phone number prominently written over them. Place these signs in vantage points in your neighborhood to catch the attention of this demographic. In addition to be ready to answer the calls of these renters, you should also be ready to show your property to them at a very short notice.
Professionals and high end families
If you want high income group families as tenants in your rental property, you will have to adopt a different strategy. If the head of the family is an executive in a multinational, you can expect the family to stay for only 1-2 years in your property. This group also includes professionals from the business class who have a desire to live in a nice neighborhood of the city. They usually search safe localities with excellent quality schools in it for the education of their kids.
For high income group families, you need to advertise your property in local newspapers as well as over internet. This is because they read newspapers and they are also tech savvy. These tenants can easily find you if you have a presence on the web. You will also need to place beautiful signs around your property as these families also like to explore the neighborhoods of their choice.
In the end, it would suffice to say that ads in print media are losing their relevance with passage of times and the search behavior of potential tenants.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
