This last month I found myself in the interesting position of having SEVEN vacant rental properties (ouch!). The typical newspaper ads were not pulling enough calls, and many of the callers were Section 8 tenants (barf!).
Nauseous at the though of forking out another $4,500 on vacant properties next month, I decided to pull out an old, but under–utilized technique. . . the paper flyer. I made hundreds of flyers on my computer in various colors. I included a map with directions on the flyer (thanks to www.mapquest.com). I had them distributed on car windshields in every shopping mall, supermarket and church parking lot within a mile radius of the rentals.
Did I get some nasty calls from people who didn’t appreciate the flyer on their windshield? Sure, but who gives a hoot? The United States Supreme Court says it’s free speech protected by the First Amendment! Bottom line: every tenant to whom I ended up renting came from a flyer!
Here’s another bonus about flyers: you can legally discriminate using them. We all know that you cannot advertise for families, because it is discriminatory against single people. We also know that a family with kids is less likely to break a lease early than a single person (I don’t need statistics to tell me this, for I know that the though of packing up my kids’ crap is enough to make me want to NEVER move!).
HERE’S THE POINT: If you place your flyers in places that families visit, your chances of finding a family to rent are increased. Rather than a blind ad in the newspaper, put flyers on windshields of cars parked at Bennigan’s & Chili’s Restaurants (who else would eat at such horrid places?). Place flyers in church parking lots, schools and Toys ’R Us. The law says you can’t STATE who you want as a tenant in your flyer, but it doesn’t prohibit where you distribute the flyers!
William Bronchick, CEO of Legalwiz Publications ( http://www.legalwiz.com ) is a Nationally-known attorney, author, entrepreneur and speaker. Mr. Bronchick has been practicing law and real estate since 1990, having been involved in over 1,000 transactions. He has trained countless people all over the Country to become financially successful, speaking to audiences of as many as 16,000 at “Get Motivated" events sharing the stage with names like Rudy Guliani, Steve Forbes, and Colin Powell.
His best-selling book, “Flipping Properties, ’ was named one of the ten best real estate books of the year by the Chicago Tribune. William Bronchick is also the author of the highly acclaimed books, “Financing Secrets of a Millionaire Real Estate Investor", "Wealth Protection Secrets of a Millionaire Real Estate Investor", and his latest work, “Defensive Real Estate Investing".
William Bronchick is the co-founder and President of the Colorado Association of Real Estate Investors ( http://www.carei.com ) He is admitted to practice law before the bars of New York and Colorado.