Considering your advertising options in .NET framework

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Considering your advertising options
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Should you put the word out via the Internet or the local paper Would you do best with a simple for rent sign outside the property, or a banner down the side of the building How and where you choose to advertise your vacancies will go a long way to determining what kind of applicants you attract It may also determine how soon you fill vacancies, reducing the impact on your cash flow
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13: Managing Properties
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Several resources exist for advertising a vacancy, some of which may be better suited to certain segments of the market than others Common advertising venues include the following: Newspaper advertisements: Classified ads are the time-honoured and still-popular venue for apartment rental ads for both landlords and tenants Many newspapers offer their print ads online, occasionally partnering with major listing sites such as GottaRentcom Some of the larger media groups host sites that include listings from regional or community papers, giving you access to a larger potential audience than any one paper s pages could offer Don t forget newspapers targeting a specific segment of the population, such as student and institutional papers Online advertisements: One of the biggest changes for landlords in the past five years has been the rise of sophisticated online listing sites, and social media venues such as Facebook Barebones sites such as Craigslistorg have given way to GottaRentcom, ViewItca, and Renters ca GottaRentcom has also established relationships with newspapers, melding novel and traditional advertising venues and audiences Many of the listing sites give landlords the option of targeting ads and tracking page views and responses, giving them insights into how to improve advertising strategies Targeted advertising helps pre-select applicants who are best suited to the property This is especially true of Facebook, where many large companies have garnered profitable tenancies for just pennies a listing Signage: Many prospective tenants walk around neighbourhoods looking for vacancies Posting a sign announcing an opening in your building is a great way to attract tenants who are seriously looking for a suite, want to be in your neighbourhood, and are diligent enough to walk the streets to find a place On the other hand, you may also get a lot of calls from people who see the sign but have nothing more than a passing interest so to speak Tenant agencies: Some tenants will sign up with an agency that matches tenants with landlords This reduces the legwork the tenant usually does to find a suite, and an agent can also give the landlord a better chance of finding a tenant who suits a particular property No single advertising method will guarantee you the tenant that will suit your property Rather than focus on one medium, use a mix of advertising that attracts a good assortment of applicants, but not more than you can handle Advertising vacancies to your existing tenants may help you find a tenant not unlike the ones you ve got This could help preserve a balance in the building dynamic, ensuring stability and fewer hassles for you Offering your existing tenants a finder s fee, either in the form of cash or some other desirable prize, may encourage them to provide leads or tip off friends and colleagues of rooms to rent
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Part IV: Building Value: Managing Your Investment and Seeing a Return
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Checking references
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Knowing who you re dealing with is a crucial to any business transaction, and it s most important when you re renting your property to a complete stranger You want an assurance they won t jeopardize your investment, and also that they re a good risk so far as regular cash flow The standard rental form asks tenants to provide various pieces of information to help you verify who they are, what they do, and whether they re a good risk Common information required includes the following: Rental history: Knowing how long a tenant was at a previous address and the reason for leaving, and knowing who the previous landlord was helps you to determine whether a tenant is a good risk A tenant who left on poor terms with a previous landlord may create problems for you Try to understand as much as possible about the previous situation Some provinces have private companies or associations who provide credit checking services for landlords who are members, for example, Rent Check in Ontario, and the BC Apartment Owners and Managers Association Employment history: Knowing where someone has worked and for how long will give you a sense of whether they re able to handle the rent at your place and if they ll be a good fit for your building Tenants with several jobs may not be the best bet, but remember to balance employment information with credit checks and rental history Relying on employment history alone could prejudice you against the self-employed or the independently wealthy! Credit checks: Running a credit check on prospective tenants through Equifax (wwwequifaxca) or TransUnion Canada (wwwtucca) can reveal shortcomings in a person s financial history worth knowing Whatever the outcome, it will confirm the applicant s trustworthiness or highlight an area of concern Because credit checks will cost you, it s worthwhile to reserve a credit check for a short list of applicants Personal references: Some people, especially newcomers to a city, have few local personal references to offer But if you can t size up a person yourself, it s always good to speak with two or three of the applicant s supposed friends to see whether the prospective tenant is all she claims to be You can t ask some personal questions, depending on the provincial legislation or personal privacy legislation Check with your lawyer about restrictions in your market
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