Effective ways to seek tenants for your apartment

Renting out residential property comes with a host of challenges. This is particularly true when the property is not located in an upmarket area, has fewer infrastructure facilities compared to other areas in the vicinity or where the demand is less. Hence, it may take longer time to find a tenant than it might in normal circumstances.

Apart from issues relating to the area, there may be other factors as well that may be hindering the possibility of finding a tenant for your rental residence. These factors include the disproportionate rental values sought compared to the normal rentals prevalent in the area, not reaching out to the right target audiences, not using the appropriate methods to scout for prospective tenants etc. In such cases, it is imperative that the owner employs all methods at his disposal to find the appropriate tenant for his residence.

Publicity at Residence

The most common method employed by owners to find prospective tenants is to publisize that his house is for rent. This can be done by putting a ‘To-let’ or ‘For rent’ board at the residence. It is important that the board is clearly visible to those passing by. Additional information like the type of house (2 BHK/3 BHK), the sq.ft. area as well as the contact number of the owner can be mentioned along. This is the cheapest and most common method of scouting for prospective tenants.

Inform Neighbours

Informing neighbours as well as people residing in the vicinity is also a cheap and effective method to look for prospective tenants. This method has been found to be effective as neighbours who know of friends, relatives, acquaintances or colleagues looking out for rental residences in the area would inform the owner immediately. Moreover, they would prefer their acquaintances staying close to them. The more the number of people in the vicinity who are informed, the higher is the chain of finding a prospective tenant. Besides, there is a better chance to get a decent tenant as the neighbour can vouch for his behaviour and habits.

Informing commercial establishments

Owners can also inform shops and small commercial establishments in the locality that are frequented by people regularly. These include restaurants, grocery stops, vegetable vendors, etc. The possibility of getting a tenant is quite high through such sources as prospective tenants generally make enquiries at these places regarding the availability of rental accommodation in the area. Besides, as in the case of informing neighbours, it is a good way to reach out to prospective tenants, who may also be friends, relatives or acquaintances of the owners of such commercial establishments. It works profitably for both parties as they do not have to pay any commission in such cases.

Apartment registers

This is another effective method of reaching out to prospective tenants in apartment complexes. If the rental accommodation is in an apartment complex, a register is generally maintained that shows the apartments that are available for rent/sale. Hence, it is a cheap and effective method for getting prospective tenants. Besides, such owners can also inform the apartment office, neighbours as well as commercial establishments in the complex. Owners can also place a notice on the notice board of their apartment block as well as place a ‘To-let’ board on their apartment door.

Publicity through company

Owners can also scout for prospective tenants through their company portal or notice board, in case such companies have a provision for the same. This is especially effective in large companies with thousands of employees. Besides, owners can also ensure the credentials of such prospective tenants through company sources.

Real Estate agents

This is one of the most common methods for scouting for prospective tenants even though it involves the payment of a commission/brokerage to the real estate agent/broker. This method is extensively employed due to the chances of obtaining a tenant within a short time being greater.

Newspaper advertisements

This is another common method of looking for prospective tenants on a wider scale where, for instance, the coverage is across an entire city. Other than the paid ads placed in the classifieds of leading newspapers, owners can also place free advertisements which will repeatedly appear in such exclusive weekly/fortnightly publications.