It’s true that a majority of tenants go to agents when searching for a rental property, but there is a real attraction to marketing a property independently. By going solo on advertising landlords stand to save money on your agency fees, but also find that tenants are keen to avoid any fees on their end. The only difficulty is getting the proper exposure, so how can landlords really get their property out there without an agent?
The easiest, and cheapest, way of getting exposure is to make sure one is well marketed online. Large property websites are good tools but don’t underestimate smaller, specialist letting sites. All you need is one tenant, remember, so it’s about catching the right person’s eye, not everyone’s eye. Landlords should also market appropriately as they won’t find many high value tenants searching on sites such as Craigslist for a new place to live.
Newspaper and print
There is a surprising power in classified ads and a landlord might well pick up a good tenant through a small ad in the paper. However, there need to ensure that one isn’t slack on the screening processes – remember that anybody can reply to a classified ad and it is crucial to ensure letting to the right tenants. Of course it cannot be predicted that tenants are perfect, so investors should take out a good landlord insurance policy.
Word of mouth
Plenty of landlords have found good tenants by word of mouth, but new tenants won’t just walk through the door.; landlords need to exploit the right channels. Property investors should ask current tenants if they have anyone who could take over after they leave – this is particularly effective with student or seasonal lets that have a regular pattern. Don’t be afraid to be direct.
It is possible to find the right tenants without an agency, but landlords must be proactive. It’s good to start the search early to give the best chance of finding the right person and don’t be afraid to use a few channels at once.