An empty rental property is a terrible thing. Not only are you not collecting rent, but any time a property is sitting vacant, it’s more likely to be broken into or fall into disrepair.
Before we jump in with both feet, please keep in mind that apartments, duplexes, and houses inside a housing development may be subject to the rules that the building or homeowner’s association lays out. Check out those rules before you spend too much time marketing the property.
Ok, now let’s consider the way to keep your rental property occupied.
Get Ahead Of The Rental Vacancy
Check in with your tenants at least three months before the end of their rental contract. If you have good tenants, and they plan on staying, why make life harder? Ask them to sign an annual lease agreement ahead of time.
Make Sure You Have A Written Lease Agreement
Even if your tenant is a friend or family member, make sure you have a written lease agreement with stipulations that state what happens if any damage occurs to your property. Canada does not require written agreements between landlords and tenants, but we recommend them no matter what the relationship!
Spread The Word Across Social Media
Some of the best places to find tenants are Facebook groups. There are groups for locations, groups for different neighborhoods, and even very specific groups listing rental properties.
Be aware that oversharing the same comment is considered spam in Facebook and can get your profile banned from the platform altogether, so write a friendly post and comment on other posts to get the maximum return on your time.
Instagram is also a good sharing tool for a rental property. Whether you work with Facebook, Instagram, or both, make sure to share clean, bright, and clear photos of the property, tag your location, and use hashtags that are relevant to your location and the property (like #2bedroom #forrent #balcony and #ontario)
List With A Rental Agent or Realtor
Remember when you bought the property? There were probably two realtors involved with your purchase, and they both know the area. We, at Regalway Homes, work very hard to keep a network of contacts in the areas we work. Realtors often list rental properties as well, and even if that’s not something they offer, they may be willing to recommend your property to someone within their network.
Use Your Connections
Finally, the easiest option of all: your friends and family. Don’t be shy: ask your friends and family to share the word. Make sure they have photos so that they can show the place to the people they know. And, don’t forget previous tenants. Ask them to share too! After all, they know the place and the landlord!
Have questions about listing your rental property? Reach out and ask us! You can email or call us using the info below:
Regalway Homes | email@example.com | +905-462-4960