So you took the plunge and bought your first rental property. Congratulations, you are on your way to building long-term wealth and monthly passive income.
But buying the property is just one part of real estate investing. Once you have the key, you need to get it ready for renters, and then invest in rental property advertising in order to attract high-quality tenants.
Unfortunately, unless you are in the absolute best neighborhood in town, putting up a "for rent" sign in the front yard isn't going to cut it. Prospective tenants aren't driving around looking for homes anymore.
So where should you list your rental property, in hopes of finding the best tenants? Keep reading to find out now.
Your Property Management Company
The first place to start is with your property management company. If you have a property manager, they will handle all of the property marketing on your behalf.
They have a database of rental locations, with a huge client base who are ready to apply and move in right away. Aside from marketing, they will also handle the rental leasing process, tenant screening, collection of security deposits, and ongoing maintenance of your investment property.
If you are tired of working as a landlord, then reach out today to see how Penny Realty can make your portfolio management as easy and passive as possible for you, filling your vacancy in as little as 3 days. Penny Realty also has a 14 day Rental Guarantee.
Real Estate Websites
In the past, prospective tenants picked up the newspaper or drove around town looking to find homes for rent. Today, they just open up their web browser on their smartphone, looking for rentals in a specific zip code.
The most popular websites for rental listings include Zillow, RedFin, Avail, Apartments.com, Rent.com, and Cozy. While these services do cost money, they can speed up the process of finding qualified tenants.
Facebook Marketplace has become the ultimate garage sale and real estate listing site in recent years. While it was originally launched as a way to connect local buyers and sellers of merchandise, such as furniture or toys, it has evolved into much more.
Today, you can list your rental property on Facebook Marketplace, where people searching in your specific neighborhood can find it with ease.
Local Ad Sites
There are also many ways you can advertise specifically to your local market. Craigslist is one example. While it's not quite as popular as it used to be, thanks to Facebook Marketplace, plenty of people are still searching Craigslist daily.
Many large cities, or entire states, will also have local directories. These are often free to use for both landlords and tenants. For example, if you have a property for rent in Florida, you can list it on a site like FloridaHousingSearch.org.
Rental Property Advertising Made Easy
There are many tools available today that make rental property advertising very easy. While there are some free options when it comes to listing your property, your best bet is with high-traffic, paid listing sites.
Of course, if you want to outsource your property marketing and management altogether, the team here at Penny Realty will ensure your property is rented out and generating income as soon as possible.
Ready to get started? Contact us today so that you can start generating passive income.