With the rental market booming in Colorado, owning a rental property is becoming more attractive to first timers as well as savvy investors. As such, every landlord wants to get the ideal tenant; a person who will always pay rent on time doesn’t complain or cause conflict, never disturbs others and keeps the rental property in better condition than when he/she moved in. Even though this theoretical ideal might be unattainable, the way that you market and maintain your rental property will affect the type of tenants that you attract.
Effective advertising normally involves differentiating your rental property from others. In the current rental market, advertising might not be as critical. However, when renters have several places to choose from, you have to let them know why your rental property is better than the rest. Is it newer, cheaper, cleaner or bigger than comparable units within the area? Does it have better amenities and appliances for the price?
Effective advertising will increase your chances of attracting the ideal tenant for your premises. The more clearly you state all the benefits of your rental property, the greater the chances of attracting appropriate prospects. If you do not have a professional property manager helping you, here are 10 tips for advertising your rental property:
1. Go Online
As a landlord, the internet should be your best friend. Never before has there been a more direct channel for tenant and landlord interaction. There are numerous sites dedicated to posting listings and targeting potential tenants. As a result, it is up to you to find the ones that will help you in finding tenants for your rental property. Some popular sites include Postlets, Zillow, Trulia, and Craigslist. Postlets is particularly useful because it will allow you to syndicate all your listings across other websites and online platforms, including Zillow, HGTV, Hotpads and MSN Real Estate.
2. Keep it Simple
While a certain level of creative prose in your listings is a must, tenants usually tire of reading lengthy property descriptions that lead them to question whether your rental properties are too good to be true. After you have highlighted all the key selling points of the rental property, just keep it simple. List the rental property’s monthly rent, security deposit requirement, location, availability date, lease length, the number of bathrooms and bedrooms, square footage, utilities and pet policy. Briefly, describe your screening process and tenant criteria.
3. Contact Information
The more available you are, then the more potential tenants will trust you as a conscientious and responsible landlord. Provide a mobile phone number where you’re sure that someone will always be available to answer. If you’re away from the phone frequently, you should see if you can have the calls forwarded so that all potential renters can speak to someone and ask questions regarding your rental property. You might also want to include your email address because many people prefer doing all their correspondence using emails.
4. Publicize the Rental Property’s Amenities
What sets your rental property apart from the rest? Hone in on the facilities that your target market wants and then advertise all features that align with their desires. This might include anything from a swimming pool or fenced backyard to a nearby park or neighborhood clubhouse. Give the prospective tenants reasons why they should rent your rental property.
5. Take Great Photos
When searching for a rental property online, what’s one of the very first things that you look at? Apart from the price and specifics, photos are what make or break any listing. Instead of taking a few quick photos on your smartphone, make an effort in taking high-quality photos that display your property in the best way possible.
6. Encourage Referrals
Word of mouth still remains to be one of the best ways that you can use in finding new tenants. Several landlords have found success just by offering the referral incentives to family members, friends, associates and even existing tenants. It can be something as little as a $100 reward or even a rent deduction. Irrespective of what it might be, it still reminds people that you are always looking for new tenants and you’re willing to reward their efforts.
7. Set a Date and Time for Your Open House
Open houses are usually a great way that you can use to get publicity and also show the unit to many people at once. Be prepared for your own open house, by being early and ready to answer all potential questions that might be thrown at you. Bring business cards as well as information on how to obtain the rental application. Many rental property owners have stopped passing out the paper applications freely so as to save on the cost of paper. However, printing a few flyers with your rental property information and then passing them out at the open house is a great idea for advertising your rental property.
8. Go viral Using Social Media Sites
Very few landlords have actually tapped into the full potential of using social media sites in the real estate industry. Nonetheless, landlords who are using social media properly have found incredible success. As a landlord, you can use Facebook in creating highly targeted advertisements, or just ask friends to share your rental property on their profiles. Social media is an easy way that you can use to get people talking about your rental property. Currently, Facebook is the most conducive social media site for advertising rental property although Instagram can also be leveraged in certain markets.
9. Seal the Deal
Once you have highlighted the best attributes of your rental properties, created a compelling listing and included all the basics of your rental, it is time to lock in the tenant. There are still a few final details that you can share with potential tenants to seal the deal. You can include rental incentives in your headline so as to grab attention. Lastly, make sure you double-check the spelling and grammar on your listings.
Having a vacant rental property is one of the most frustrating situations for any landlord. Each and every day that your rental property isn’t occupied, the property will be costing the landlord money. Following these 9 tips will ensure that you are well on your way to renting out your property in a timely manner.