At times, the process of renting out your property can be infuriating, tedious, tiring, and emotional. This is especially true if you are just getting started in the rental property business.
Long gone are the days when you could just place “For Rent” signs outside your property and hope for the best. Nowadays, more and more renters are searching online for rental properties.
That’s why in today’s article, we share Upkeep Media’s favorite tips on marketing rental properties. If executed correctly, you will fill your vacancies quickly with the right tenants.
Tip #1: Know when to start marketing your property.
Sounds obvious, right. Yet, you’d be surprised at the number of landlords that forget this important but seemingly subtle detail.
So, when is the right time to start marketing your rental property? You should start by laying your marketing plans the moment you receive a vacation notice from your tenant.
This is usually several months prior to the tenant leaving. While laws vary by state, most states require tenants to give a two months’ vacation notice. Now, two months is adequate enough time for you to market your rental property.
Should you want to show your property to prospective tenants, always remember to give your existing tenant adequate notice.
Remember, tenants have the right to quiet enjoyment of their homes. The last thing you want is fighting a harassment lawsuit while you could be directing your resources into finding a new tenant.
Tip #2: Spruce up your property.
Good tenants will only rent properties that are in prime condition. So, as the savvy investor as you are, invest what it takes to bring your property updated.
Otherwise, you risk making your property attractive to less-qualified applicants. And, as you well know, renting to the wrong tenant can have devastating effects on your investment.
Here are some tips on how to spruce up your rental:
- Landscaping: Landscaping can directly reduce your vacancy rate. You can even do some of the tasks yourself to save some money.
Potential cost: $100-$500.
- Pressure Wash: This can make a huge difference in how your home looks.
Potential cost: $100-$300.
- Paint: Paint can do wonders to a property. In fact, it has the highest return on investment for any rehab project.
Potential cost: $100-$1,000.
- Cabinet Doors: Replacing cabinet doors entirely can be expensive. To save some money, simply replace cabinet doors with high-quality, solid wood doors. Then give them a good paint job.
Potential cost: $1,000-$3,000.
Tip #3: Know your target audience.
Do you have a target audience? Better yet, ask yourself “Who am I marketing my property for rent to?” If you have an audience in mind, then great! But if you don’t, then you need to refine your focus.
Knowing who your target group is helps make the marketing process efficient.
When drafting your marketing copy, remember to keep Fair Housing laws in mind. This will help you avoid potential discrimination lawsuits. To start, avoid using statements like:
- “Great for working folks or students.”
- “Suits mature individual or couple.”
- “Perfect for female student.”
- “Suitable for single professional.”
- “Ideal for quiet couple.”
While meant inadvertently, these statements may mean you prefer some people over others. In addition to potential legal lawsuits, these ads may discourage good tenants from applying to live in your property as they may think they won’t be treated fairly.
Tip #4: List everywhere.
The idea here is to expose your rental property to as many eyeballs as possible.Essentially, the more people that are able to see your property, the higher the chances of getting a prospect.
So, list everywhere. From “old school” ways like newspaper ads and yard signs to new resources like rental listing sites.
Tip #5: Don’t forget social media.
Social media platforms like Facebook, Instagram, Google Plus, Pinterest, and Twitter aren’t just changing the world, but also rental property marketing. Here are some tips to use them to your advantage:
- Facebook: Create a Facebook group if you don’t have one, yet. While posting pictures of your vacant property also tends to work, videos tend to perform better. So, what you want to do is post a video walkthrough of your rental on your fan page.
- Twitter: One essential feature that may be of interest to you is the platform’s search function. This can allow you to search for people looking for a place to rent in your area. In addition, hashtags can also help you quickly sort through this information in your feed.
- Google+ Hangouts/ Periscope: Much like Facebook, these two platforms can help you do a video walkthrough tour and answer any questions your prospects may have.
When using any of these platforms, make sure you maintain a consistent posting rate of several posts per week. Besides advertising your rental properties, make sure to also post articles related to industry best news and best practices.
A vacant property is every landlord’s worst nightmare. It means no income at the end of the month. As such, as a landlord, it pays to know how to market your rental property.
Done right, these marketing tips will ensure you get your property rented quickly to the right tenant.