Anyone have any experience with this?
Currently looking at a situation where this old people’s residence only has 1 tenant and possibility to be rented to 6 more old folks.
What are some of the ways to market to find old folks to fill up the space?
The property owner talks about how the CLSC or agencies will do that for you but I would like to know who has experience in directly finding tenants to fill up the space.
Senior Centers are Gold mines.
Most communities have very nice Senior Citizen Centers. (Who said politicians are stupid?) These centers are bee hives of activity for retired folks. They plan daily events, cook lunches, have wood working, painting, and knitting classes, you name it. Talk to someone at your local center and find out if you can post an ad in their newsletter or on a bulletin board. Most of these people will be section 8 approved so I would seriously consider getting that building approved too. Once word gets around that you run a nice place (and you better, because these people will bury you if you don’t with gossip) you’ll have a waiting list.
I am in Canada so I don’t know much about section 8 tenant, something about government subsidized. But I will look into authorization to be subsidized.
This place is like a big bungalow that feels like a home which is a point that some senior citizens like. It has 7 bedrooms on the mainfloor, and if you spend 10-15K in renos in the basement you can complete the remaining % and rent out another 5 rooms at the bottom.
That is a very interesting idea. Is advertising in the local newspapers worth it or should be go straight to the senior citizen places in the area.
To market to seniors, you need to tap into all the media sources they use. I’d stay away from the internet since they probably stick with non-technical mediums. Pop ads in well-known senior newspapers, magazines, etc. Senior centers like fdjake are a gold mine and if you can find things like independently-run newspapers or monthly newsletters within these centers, then you should be set.