One of my properties became vacant. After paying over 5k to rental agent for the duration of last tenancy, I decided to market the property myself… with rather encouraging results! This is how I did it. It is especially good as it did not cost me a pence.
My current tenants bought their own house and told me in good time they intend to move out in the beginning of Sept. My current rental agency has done a good job managing the relationship with me and tenants.
I had a ‘full management’ agreement with the rental agency. Which meant that they will take all the ‘headache’ of managing the property away from me. Therefore they collected rent on time (by direct debit) and then forwarding it on to me (via direct debit), Sent statement once every month (via email). When they received a call from tenant that property needed my attention (like fixing a dripping tap etc), agency will call to inform me of the problem.
And that was that.
For collecting rent and forwarding an occassional phone call, they charged me over 5k over the period this property was under their ‘management’.
As tenants are moving out in about 2 weeks, I decided to manage the property myself. After all, I decided that I am fully capable to setting up the direct debit and taking calls from tenants direct – if need be, as I have to organise trademen myself anyway, whoever manages it.
Channels to Market
Rental agents sell their service to landlords on the premise that they have a large database of waiting tenants, or they have capability and means to advertise and find a suitable tenant for the property. In other words, they have channels to prospective tenants.
So I decided to explore what these channels could be? Advertising is obviously involved, all I needed to know was – which channels are most cost effective? A brief brainstorming session later, I came up with this list:
- Advertise in local newspapers (paid)
- Advertise on Internet, e.g. Right Move (paid)
- Set up a website (involves cost)
- Classified ads in papers or Internet (usualy free or very small cost)
I decided to try the last route first, as it involved minimal cost,a nd to follow up with the paid route if need be.
One obvious way was to call my local paper and place a classified ad in ‘homes offered’ section. Another one was Internet Classified directories.
Marketing That Brought Results
In the end, here is what I did:
- Took a few picture of my property. Also took pictures of a few attractions within close vicinity of the property that tenants may find interesting (free)
- Created a video from these pictures (free)
- Added some music (free)
- Placed it on You Tube (free)
- Created a classified advert on Gum Tree (free)
That is it… then I just sat in wait for people to find me.
End Result
People did find me on Gum Tree. I received plenty of enquiris, and requests to view the property. Within days property was let.
Here is the marketing video for my property:
