If you are a property owner who, for whatever reason, is moving from your current home, but you don't want to or can't sell it, then you need to know what steps to take that will get the home rented for the most money in the shortest amount of time. These same steps also apply to investors who buy homes to rent them out while letting them appreciate in value. Real estate is still a great long-term investment. The only way a potential tenant is going to know about your rental property is if you advertise it.
What is considered the most effective way to advertise your property for rent? Statistics show that of all of the forms of advertising, having a sign in front of the property itself, stating that it is for lease is one of the best ways to promote your property. This is why you see so many signs real estate signs around. Prospective tenants are usually driving through areas where they are interested in leasing a home on a weekly and sometimes even a daily basis. Someone who wants a particular neighborhood knows that if they are the first one to see a sign pop up on a house in their area of preference to rent in, then they want to beat out the competition.
Placing that sign in front of your property is only the first step to advertising your house for rent. Eliminate unnecessary calls from people who may not be able to afford it. Making up a simple brochure that includes the monthly rental, required security deposit and sizes of the various rooms and of the house itself is very important. Include a way to reach you for more information as well as any additional amenities the house or neighborhood may have that would make it appealing to prospective tenants. Attach a brochure box to the sign and keep replenishing the brochures as needed.
When advertising your house for rent it is important not to just assume someone will come along quickly. Good advertising results for renting your house are only going to be achieved if you have done your homework first. Make sure that you know what other comparable houses in the neighborhood have actually leased for in the recent past and with what amenities. Tell everyone you know that you have a house for rent. Put it on craigslist. Post flyers in appropriate places around the general neighborhood.
Make your best efforts to advertise your house for rent, but if it doesn't go fairly quickly and it should have, do what the professionals do. Reduce the asking price for the monthly rental. The longer you hold it without having it rented the less you will make in the long run.