7 Tips for Marketing Your Rental Property
- Take Great Photos.
Take photos of every room so prospective tenants can get an idea of the space and layout. In addition, take a quick video walking through the home as you would if you were giving an in-person tour.
- Open all blinds and curtains to let natural light in and turn on all the lights.
- If your home is furnished, put away personal belongings and remove as much clutter as possible.
- Clean, so surfaces are shiny and sparkle.
- Do not take photos at night.
By giving people a good idea of what your home looks like, the more motivated they will be to rent before they see it. If they determine they don’t like it from the photos, they should find out as soon as possible by watching a video or viewing pictures than by scheduling a viewing and wasting your time and theirs and finding out while considering the property in person.
- Write a Thorough Description.
Does your property have a fenced yard, bedroom, and full bath on the first floor, or other features that people might be looking for? Take photos and put that in your property description. Is it mostly tile and hardwood flooring and no carpet? This can be appealing to people with allergies. Window coverings in all rooms so tenants don’t have to provide their own, new appliances, or something else that you’re recently replaced? Make a note of it!
- Set the Right Rent Price.
The best marketing in the world won’t overcome a rental listing that’s priced too high. If your property is priced too high, you may not get any calls, or people may call but end up not applying due to finding something similar for a better price or finding something better for the same price you have your property listed for. Pricing a home too high extends the marketing time and increases the chance that prospects will want to bargain down the price after you’ve already reduced it since they know it’s been on the market for a while.
- Advertise Your Rental Listing Online.
There are many rental listing websites. Some are free, and others require payment. Usually, paid websites do more marketing and are more established, and reach more people, so you have a better chance of being found by your future tenant on them. Think about how much a day of vacancy costs before you only list on free websites and skip the paid ones.
For example, if your home rents for $1500/month, an extra two days of vacancy costs you $100 in lost rental income, more than most websites charge for your rental. Typically, the paid websites pay for themselves since they help you find a tenant faster, potentially saving you hundreds of dollars.
- Time the Rental Market.
If you’re in a seasonal market, try to time your vacancies during the busy time of year when people are looking to sign a lease. If you end up with a vacancy during the slow time of year when not a lot of people move, your home may sit longer on the market before renting, even with great marketing.
- Post on Social Media.
Is your rental in an area where many friends and people you know on social media also live? If you post your rental on social media, your friends and family may know someone is looking.
- Respond and Schedule Showings promptly.
Many owners market their property but fail to return phone calls or schedule viewings in a timely manner. Your property is not the only one on the market. Prospects are calling other landlords and viewing homes on a regular basis, so if you’re unavailable, show your property one weekend. Your perfect tenant prospects end up viewing and applying for another; you just extended your vacancy period and marketing time and lost out on potential rental income.
Today, tenants expect responses within minutes or hours, not days, and hope to see your home within a few days and not weeks later since they usually have a deadline and need to find a home to start scheduling their move.
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