{"id":973,"date":"2019-06-06T19:10:04","date_gmt":"2019-06-06T19:10:04","guid":{"rendered":"https:\/\/rentals.ca\/blog\/?p=973"},"modified":"2019-06-07T13:39:09","modified_gmt":"2019-06-07T13:39:09","slug":"uncommon-ways-to-attract-new-tenants","status":"publish","type":"post","link":"https:\/\/rentals.ca\/blog\/uncommon-ways-to-attract-new-tenants","title":{"rendered":"7 Uncommon Ways to Attract New Tenants"},"content":{"rendered":"

Canada\u2019s rental market is booming. \u00a0Not only is the average rent going up, turnover rates are going down.<\/p>\n

Yet, finding and attracting new tenants remains the toughest challenge of a small landlord<\/a>. \u00a0There\u2019s a lot of fish in the sea, but the perfect one never seems to bite.<\/p>\n

In this article, we\u2019ll go over some creative ways to attract new tenants and give you practical advice on how you can implement these strategies.<\/p>\n

Use Old School Techniques<\/b><\/h2>\n

The internet plays a pivotal role in our lives. \u00a0We use it for everything.\u00a0 However, most landlords have forgotten the old ways of attracting a new tenant: classified ads in the local paper, posting ads on telephone poles and the classic \u201cFor Rent\u201d sign.<\/p>\n

While this strategies have a much smaller reach than the internet (a potential tenant has to physically see the sign), they\u2019re not competing with the rest of the rentals in the city. \u00a0Physical advertisements only compete with what\u2019s around them.\u00a0 And guess what, people that notice your ad are likely the ones that are looking for an apartment in that area.<\/p>\n

So what \u201cold school\u201d techniques still work best?<\/p>\n

The \u201cFor Rent\u201d sign remains the most cost and time-efficient advertising tool<\/a> in a small landlord\u2019s tool bet. \u00a0Just buy it, write your phone number and post it somewhere visible on the property.<\/p>\n

Advertise Where Potential Tenants Hang Out<\/b><\/h2>\n

This strategy is a mix of the \u201cold school\u201d techniques from above but with a bit of creativity sparkled in.<\/p>\n

If your property is near amenities or entertainment that make your neighborhood a desirable spot to live in, why not advertise in or around those establishments? \u00a0The people who visit those spots are the same ones that would want to live in the area.<\/p>\n

Many coffee shops, co-working spaces, theatres and even restaurants have bulletin boards at the entrance. \u00a0Ask the owner if you can post a sign in their business (most will say yes).\u00a0 If there aren\u2019t billboards available, put up signs on telephone or electrical poles in the area around your rental.<\/p>\n

Ask Current or Past Tenants for Referrals<\/b><\/h2>\n

Ask your past (or even current) tenants to refer the property to some of their friends. \u00a0Of course, this is assuming you\u2019re asking tenants that aren\u2019t\/weren\u2019t problematic and with whom you built a positive and professional relationship with.<\/p>\n

Why is this an efficient strategy?<\/p>\n

For the most part, similar people attract and socialize with each other. \u00a0If you didn\u2019t have any problems with the previous renter, odds are you won\u2019t with one of their friends. \u00a0Of course, you still have to properly screen every potential tenants.<\/p>\n

That said, small landlords should avoid lucrative incentive strategies for referrals (ie current tenant gets one month\u2019s rent free). \u00a0This can incentivize tenants to refer friends who aren\u2019t the right fit.\u00a0 Worse yet, you may get too many referrals.\u00a0 You\u2019ll waste\u00a0 your valuable time showing the property and screening potential tenants.<\/p>\n

Advertise on Online Rental Listing Platforms<\/b><\/h2>\n

Gone are the days of listing rentals on sites like Kijiji or Craigslist.<\/p>\n

You\u2019re advertising real estate, not a used waffle maker!<\/p>\n

Here\u2019s why online rental listing platforms like Rentals.ca<\/a> are better than general market places:<\/p>\n