If you own rental property you know the best day of the month is the first day, when rent is due. That’s when you calculate your cash flow and rejoice in the passive income, excellent!
However, as you know, life doesn’t work so seamlessly and there are usually hiccups in the road like, bloody hell, my tenant hasn’t paid his rent and is now giving me excuses as to why he doesn’t have it blah blah blah. The bottom line is if his inability to pay rent continues, ultimately he has to go. The next issue to tackle is now you have to find a new tenant.
No matter what business you’re in, you want your marketing dollars giving you the biggest bang for your buck. So if you’re looking to generate new customers as quickly as possible, it’s important you connect with those already in your line of business and advertise where they do because it works.
You should put most of your money in that source so you maximize your results. This may seem obvious to most but to some, it isn’t. They will want to pave their own way which is great if you have the time and resources to do that but if you’re just getting started then the shortest distance to success is a straight line. Follow the leaders.
It’s easy to spend your marketing money aimlessly hoping things will work out but take the extra time and find out first where people are having the most success and go there. While you can run the risk of market saturation, then be a little creative with your wording and images; you can separate yourself from everyone else.
In my case, there is a website that works so beautifully in finding potential new tenants, I still can’t believe it’s free. It’s called Kijiji which apparently means village in an African language and it’s served me so well over the years, it literally empowers me with having no fear when I lose a tenant because I know I’ll find a good one using this site. I don’t have to advertise anywhere else, all of my best tenants have come from there.
In short, to maximize your success with your marketing dollars, find out where the most successful people in your business advertise and do the same. You don’t have to reinvent the wheel : )