What if you started a blog and posted occasionally, like weekly, with painting tips and valuable information and occasionally even some deals? Try a free site like http://www.Wordpress.com or http://www.Blogspot.com. These are free resources for blogging. They are EASY to use. You could create relationships with home owners, realtors, lenders, property managers and all sorts of other "in-need-of painter-now" clients. These new clients will find you on the internet - it's not just the future of business anymore. Traditional service providers such as yourself would be intelligent to make a presence on the internet with something other than a static website. Try it - you might just like it.
When you get your blog up and running with some content I will happily link to your blog via my blog. http://www.WestoftheFive.wordpress.com. As of this writing I get about 60 people a day reading it. That's small potatoes by the way. I'm sure that many top, local agents who have blogs with massive readership would be happy to link to your blog also. It will create a ton of new business for you. C'mon... Give it a whirl. Not only is it less expensive than taking out a print ad - it will generate far more business with a lasting reach and results if you stick with it.
Good luck mate!