Should you spread the word through the Internet or the local newspaper? Would you do better with a simple “for rent” sign outside the property, or a banner on the side of the building? How and where you choose to advertise your openings will go a long way in determining what type of applicants you will attract. You can also determine how soon you fill vacancies, reducing the impact on your cash flow.

There are several resources for posting a job, some of which may be more suitable for certain market segments than others. Common advertising venues include the following:

Newspaper Ads: Classified ads are the traditional and still popular place for apartment rental ads for both homeowners and renters.

Many newspapers offer their print ads online, occasionally partnering with major listing sites such as GottaRent.com. Some of the largest media groups host sites that include regional or community newspaper listings, giving you access to a larger potential audience than any single newspaper page could offer. Don’t forget newspapers that target a specific segment of the population, such as student and institutional newspapers.

Online Ads: One of the biggest changes for homeowners in the last five years has been the rise of sophisticated online listing sites and social networking sites like Facebook. Basic sites like Craigslist.org have given way to GottaRent.com, ViewIt.ca and Renters.ca. GottaRent.com has also established relationships with newspapers, merging new and traditional audiences and advertising venues.

Many of the listing sites give owners the option to target ads and track page views and responses, giving them insights on how to improve advertising strategies. Targeted advertising helps shortlist applicants who are the best fit for the property. This is especially true of Facebook, where many large companies have secured profitable leases for just pennies per listing.

Signaling: Many potential tenants roam the neighborhoods looking for vacancies. Posting a vacancy sign in your building is a great way to attract renters who are seriously looking for a suite, want to be in your neighborhood, 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 no more than a passing interest… so to speak.

Tenant Agencies: Some tenants will register with an agency that matches tenants with landlords. This reduces the legwork a tenant typically does to find a suite, and an agent can also give a landlord a better chance of finding a suitable tenant for a particular property.

No single method of advertising will guarantee the tenant that will follow your property. Instead of focusing on one medium, use an advertising mix that attracts a good variety of applicants, but not more than you can handle.

Advertising vacancies to your existing tenants can help you find a tenant similar to the ones you have. This could help preserve balance in the building dynamics, ensuring stability and less disturbance to you. Offering your existing tenants a “search fee,” whether it’s cash or some other desirable prize, can encourage them to provide leads or tip friends and colleagues about rooms for rent.