Time may be the most crucial factor in how much money you can make on a rental property. Time will influence the performance of a rental in three beneficial ways.
- The longer tenants stay in your property, the more money you can make from them.
- The shorter it takes to find new tenants, the more money you can make.
- The longer you hold the property, the more its market value will likely increase.
To maximize the profits from your rental, you must ensure you are taking advantage of the positive impact of time on that rental. One of the ways to do this is by knowing how to find tenants to fill vacant units in the property quickly.
This post will outline eight time-tested strategies for advertising a rental property to make it attractive to the most significant number of potential renters. Mastering these steps is vital for reducing the turnover rates on a rental property and improving overall profitability.
How to advertise a rental to find tenants quickly
1. Identify your target market
Invest effort to know your target market value and highlight those features in your ads. The wording of your message, the features of the home you stress, and the platforms where you post your ad matter. Everything depends on the demographic you are targeting. You would not sell to college students like families with young children or seniors.
2. Sell the community
Renters place more value on the characteristics of a neighborhood than on the qualities of the individual homes in the community. People often settle for a less-attractive home if the rental is in a great neighborhood. Let renters see the benefits of living in the area. Highlight the essential qualities of the community. Are there top-rated schools in the area? Is it a quiet community with lots of walkways? Is the home within close distance of a major highway?
3. Grab attention with signage
Do not underestimate the impact of a simple “For Rent” sign outside the home. If the house is on a street that does not get a lot of traffic, get permission to put your character in a busier part of town. Just remember to include details like your phone number and the type of home you are advertising. Passersby will happily tell others about the rental if you make it easy.
4. Use professional images
You can expect most landlords advertising their rentals to use photos and videos shot on their Smartphones. What those landlords don’t realize is that people can often tell the difference between amateur and professional images. Even more importantly, professional photos and videos resonate more with them. Take the extra step of hiring a professional to create the images of your rental.
5. Include all the details
Make sure your listing is clear. Include as many details as possible; the rent, number of bedrooms, pet policies, amenities, etc. Excluding vital components may force prospective renters to contact you, but it can also lead them to leave a bad review. Moreover, you don’t want callers to waste your time. The only way to avoid this is to include all the necessary details in the listing.
6. Use word-of-mouth marketing
Offline communities like parent groups at your kids’ schools and online communities (Whatsapp or Facebook groups) are great ways to spread the word about your rental. The good thing about these avenues is you will be talking to people who know you and will be more comfortable recommending the rental to others. You can accelerate this process by offering rewards for every tenant sent your way.
7. Stage your rental
Although it is mainly used when selling a home, staging can be an effective tool for finding tenants for a rental property. Staging a rental is to make tenants feel at home inside it. When you produce your rental, you give prospective renters a glimpse of what it would feel like to live in the home. This strategy works well when used in combination with holding an open house.
8. Use free online listings
Most renters will use free online listings like Zillow, Redfin, and Craigslist to find their next home. You can take advantage of the heavy traffic found on these sites. There are also free listings that focus on specific cities or states, and pay attention to the power of social media to spread the word about your rental. Note: It is easier to stand out on these sites by following the tips above.
To conclude, the above strategies will only work when your marketing message shows the actual condition of your rental. Make sure the impression you create through your photos, videos, and descriptions truly reflects what the rental property looks like in real life.
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