We live in a world where getting the “word out” can be done with a single click of a button- the ability to market a product or service quickly and efficiently in less than a few minutes. Marketing your rental property is no different!
If you are ready to welcome a new tenant into your rental property, take a look at 4 easy ways to market your rental home. These effective tips will help you navigate the process of marketing your rental home and give ideas on where to focus your attention.
Tip #1- Act immediately and get the word out
Most tenants are required by law to give a landlord 30-days notice before moving out of a rental property. Those 30 days are key to marketing your property and making sure that there is a quick and efficient turnover. From cleaning and preparing your property to showing the rental unit to potential new tenants, that buffer period is a great time to make all the efforts possible to continue your rental income and not dig into your profits.
Tip #2- Emphasize the positives
When marketing and advertising your rental property, the words and images you use are meant to highlight the positives and motivate tenants to contact you about the home. When creating your listing (online or offline), make sure to take the time needed to capture quality photos and write a comprehensive description. Make sure to:
- Take high quality (crisp, neat, clean) photos that are pleasing to the eye and capture all of the perks and benefits of living in your home. It may be worth your time to create a video tour of the property that captures the “feel” of the home and neighborhood.
- Write a great description that highlights your rental property and provides a detailed report that covers all the criteria your listing meets. Focus on room dimensions, additional amenities, the overall feel of the neighborhood, location to desirable locations.
If you are interested in learning more about renting your home, take a look at the following blogs:
- 4 Survival tips for renting your home
- 5 ways to get a potential renter for your property
Tip #3- Target your audience
When you have your marketing strategy in place (quality images and a great write-up), consider who you are targeting as your potential renter. Targeting your audience is about sending the right message to a potential tenant about your rental property.
–For example: if you are interested in targeting your rental home/unit towards a younger audience, make sure to appeal to their needs and wants.
- Highlight great restaurants nearby
- List the distance from the city’s center
- Give bus routes and access to public transportation
- Make them aware of amenities in the neighborhood (pool, dog park, fitness centers)
Tip #4- Use multiple platforms to find a tenant
Once you are ready to “get the word out,” make sure to maximize your rental property’s exposure through multiple sources. Use both online and offline marketing avenues to post your availability. For example:
- Word of mouth: Let other tenants know about the vacancy at your rental property. By spreading the word through friends, family, and co-workers, you are taking advantage of the individuals you already have contact with and using your network of clients as a means to fill the home.
- Online listing sites: Take advantage of online classifieds or listing sites to notify potential renters of your vacancy. Use sites such as:
- Social Media: Tweet, snap, and chat your way to finding a tenant. With so many free online social media apps, it is easy to get the word out with just one click. Use sites such as Facebook, Youtube, Instagram, and Twitter to showcase your rental property.
Don’t forget to use traditional avenues as well! Place a sign in your rental property’s front yard to let everyone know that the home will be available soon. Put fliers at local businesses near your rental property to let the neighborhood know you are ready to find a new tenant.
If you are overwhelmed with the process of marketing and finding a tenant, it may be worth your time to look into a property management company. At Oak City Properties, we make sure to work with you each step of the way when renting your property. Our full management property service will market the property, locate prospective tenants, and show the home. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
Want to read more about property management services or how to make your investment property POP? Here are a few blogs that may interest you: