A rental property lying vacant is a tough investment without return. Having rental property vacant costs money every day. It is a must to limit the time of keeping it vacant. The key to reducing the time of keeping vacant condo is by acting quickly and considering options such as condo renovation.
Finding good tenants to accommodate your vacant condo does not happen. You must know from others how do I rent out my condo in Toronto. Try to get maximum exposure. Here are 5 ways to get your vacant condo filled.
1.Word of mouth
Finding tenants is going to take considerable time. However, the other tenants are the right resource in receiving potential good tenants. Keep your other tenants aware of your condo availability, and it will spread among many others. You can stash a discount for a good referral. Without fail, keep your co-workers, family, and friends know about your condo being vacant. Word of mouth works the best.
Place signs ‘For Rent’ at noticeable levels so that the local traffic does not miss it. Put a sign on the front lawn or window that it grabs the motorist’s and pedestrian’s attention in the neighborhood. They will refer someone to your property. If your property is at the street end, put a sign on the next busiest street, pointing your way.
3. Free listings online
Use the free online listings and classifieds to notify potential tenants of your rental property. Local market classifieds and well-known websites, such as Craigslist and Zillow, are free. Free online listings reach a variety of readers.
4. Newspaper online ads
Traditional newspapers are fading, but the local classifieds section concept is very much alive. The newspapers are available as an online version, and the listings are for various things, pet sales, jobs, rental vacancies, and homes for sale. Check online for the local newspapers and get your vacant condo details into the listing. Get popular with a nominal fee and find the right tenant.
5. Property management companies and Real estate offices
Property management companies and real estate offices are adept at handling rentals. They charge a fee as per the location. It is a supplemental income for the real estate offices as they give rental referrals. They have more people in contact looking to buy a home or for rent.
Property management companies do the marketing role for a fee, and you can use them for more services.