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Effective and cost efficient advertising strategies: Vacant properties still
don't pay well.... Advertising is a key factor. You need to have as many
potential renters as possible know about your property. Below is a list of
advertising methods we employ that given the right pricing.... work very well.
1) Signs- Place a sign on the property. Also place signs in the area that point
to the subject unit. We are the only firm in the city that uses street signs.
If you have a condo, inside a complex, how is anyone driving by the complex
ever going to know that something is available inside unless you put a sign
outside the complex?.
2) MLS- We use the Multiple Listing Service (MLS) to alert approximately 10,000
other Realtors that your property is available. Of course there is a referral
fee involved when an outside source brings a tenant, but isn't it far cheaper
to pay this fee, once a qualified tenant is accepted, than to have the property
vacant?
3) Referral Agencies- These firms charge a prospective tenant a fee for giving
them a list of available units. As a whole they are not very effective.
However, they don't cost anything for the additional exposure.
4) Newspapers- We attempt to customize each advertising program to each owners
wishes and property type. Some owners want constant newspaper advertising,
while others do not want any at all. Most owners want some. We have found that
serious tenants look for affordable housing seven days a week, not just on the
weekends. Consequently, we recommend a program of advertising M-W-F in the
second half of the month when more tenants are "searching".
Advertising during the week is cheaper than on the weekend and concentrating in
the 2nd half of the month reaches more potential tenants per ad displayed.
Initial advertising funds will need to be placed into the Owners account prior
to an ad being placed. Owners are given a copy of the bill after it is received
from the newspaper, and deductions are made from the funds in their respective
accounts. Owners can place the ads themselves, however, the Nevada Real Estate
Division requires that our name and phone number be placed in the ad. Otherwise
it could be conceived as "bait and switch". Some tenants, because of
their rental history, do not want to deal with a property management company.
They know their only chance at getting a property is through an individual that
probably does not have the resources to research their history or is out of
state and would have trouble evicting them. When a generic ad that covers
several properties can be used those charges are shared by all of the vacant
properties to which the ad applies.
5) Govt. Agencies (HUD Sect 8) - When the properties qualify and the owner is
interested to renting to tenants that receive government support, then we
contact all agencies so they can post the available property in their
respective agencies. This can be a gold mine for many owners. Usually people in
this program are unwed mothers or individuals with medical/mental conditions
that prevent them from holding down a job. There really isn't much difference
in handling this type of tenant. They have the same Security Deposit
requirements and the eviction process is the same. Since the Federal Government
has been cutting back on many social programs, the HUD tenants are now required
to "toe the line" so to speak. This was not always the case in years
past. Now there is more pressure on the tenant to be responsible in maintaining
the property or they will lose their benefits.... because there are hundreds of
other potential recipients waiting in the wings to take their place.
6) Internet- More and more people are using the Internet to locate their goods
and services, including rental properties. Tenants can find your property
through this Internet web site as well as many others, like the MLS Web site,
and the hundreds of other web sites that we are linked to.
7) Yellow Pages- We have two Property Management ads in the phone book. The
first addresses owners but is used by renters as well because they know we
handle the properties. The second, and probably more important ad is a block
listing under "Real Estate Rental Service".
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