Advertising is key to owning a successful rental property. If no one knows about your property, how will you generate income from it? The longer your rental home is vacant, the more you will lose as a landlord. Thankfully, there are plenty of ways to get the word out about your rental property. Here are five ways to market your rental so you can find tenants quickly.
Advertise Your Rental Property Online
We live in the age of the internet, and if you don’t market your rental online, you will shrink your pool for potential applicants significantly because about 98% of renters search online to find their next home, according to the National Apartment Association. Fortunately, there are a plethora of online resources you can use to market your rental property.
With forums and social sites like Facebook and X, we’re now able to connect and share information with people across the globe within seconds. You can post and/or link to a new listing on social media and showcase interesting or fun facts about the property with photos and videos to illustrate why it’s a great place to live. You can also use social media to cultivate a sense of community, which could help with tenant retention. If you installed a new pool, added something new to a welcome basket, or hosted a community event, post about it! This online presence can help potential tenants envision themselves living in your rental property.
Landlords can also optimize their websites to gain more leads. Along with posting vacancies, make sure that your website is easy to navigate and mobile-friendly (many people search via smartphone). Your website should also look modern, so make sure it doesn’t look outdated. An outdated website might cause a potential renter to think the information is also dated, causing them to look elsewhere. On your website, you can add a subscription link for an email list. This email list can be used to send potential tenants updates about current and upcoming vacancies.
Use a Rental Listing Online
Posting your rental property on a rental listing site is one of the most effective ways to attract tenants. Although there are tons of rental listing sites, Apartments.com will take your marketing a step further. When you list your rental property on Apartments.com, your property will be listed on the most popular rental websites in the Apartments.com network, reaching millions of potential tenants. If you need help managing your property, Apartments.com also allows landlords to accept applications, screen applicants, generate a lease, and collect payments online.
Word of Mouth
Along with posting your rental listing on social media or a rental listing site, word of mouth is one of the best ways to get the word out about your rental property. Since you never know who might be in search of a new home, don’t steer away from telling friends, family members, and colleagues that you have a vacancy open. You can ask other tenants for referrals, too. Although you should always screen tenants properly, word of mouth could help you find a trustworthy, reliable tenant.
Go Old School
Although most people go online to find apartments and houses for rent, there is some value in using print materials to advertise. You can post flyers on bulletin boards at local colleges and businesses. Posting “for rent” signs outside your property and around the neighborhood will also attract tenants.
Be Strategic
Advertising is a property expense that can become costly if you’re not careful. Determine which type of marketing works best for your rental property. You can give potential tenants a survey asking how they found out about the vacancy to find out which type of advertisement is the most effective. If you live near a university and discover most new tenants saw a listing on a bulletin board at a popular coffeehouse nearby, it might be worth it to invest in more flyers.
Tips for Creating a Successful Rental Property Listing
Along with the proper marketing, creating a great rental listing is also important when it comes to attracting renters. Here are some tips to help you curate the perfect listing.
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Place yourself in the renter’s shoes. What things would you want to know about the property? Write them in the property description.
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When writing the property description, be clear and upfront with rent prices, your requirements, and the screening process so renters can determine if they qualify before they submit an application.
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Save time by documenting a great finalized description so you can reuse it every time you list the property.
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Consider your location and emphasize the features that appeal to any niche markets you might attract. If you live near a college, mention the distance from the property to the school. If you live near a hospital, you could cater to traveling nurses by mentioning that you offer furnished units and short-term leases.
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Use high-quality photos! You don’t have to be a professional photographer to know how to photograph your rental property. Good natural light and the right angle go a long way.
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Don’t forget to take videos. Video adds dimension to the property listing by complementing the photos. You can use video to create a virtual tour, which has become very common since some tenants might not be able to tour in person.
The Challenges of Managing Rental Properties
Managing rental properties and finding tenants comes with its own set of challenges despite the numerous avenues available for advertising and marketing. From tenant turnover to legal compliance, you must navigate various obstacles to ensure the success of your rental property. However, with the right tools and resources, these challenges can be effectively addressed. Below are some common challenges you will encounter as a landlord.
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Property Maintenance: Maintaining rental properties in optimal condition is essential for attracting and retaining tenants. As a landlord, you must address maintenance issues promptly, adhere to safety regulations, and ensure that properties remain attractive and functional.
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Tenant Screening: Screening potential tenants is critical for minimizing risks such as property damage and late payments. However, navigating the legal complexities of tenant screening while adhering to fair housing laws requires careful attention to detail.
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Rent Collection: Collecting rent in a timely manner is vital for maintaining cash flow and covering expenses. As a landlord, you may encounter challenges such as late payments, non-payment, and disputes over rental amounts.
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Legal Compliance: As a landlord, you must stay updated on federal, state, and local laws governing rental properties to ensure legal compliance. Failure to adhere to legal requirements can result in penalties, lawsuits, and damage to your reputation.
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Financial Management: Effective financial management is essential for the long-term viability of rental properties. You must budget for expenses, track income and expenses, and plan for contingencies such as repairs and vacancies.
Introducing Apartments.com's Rental Property Management Software
To streamline the management process and address these challenges, you can use Apartments.com Rental Tools. This comprehensive solution offers a range of features designed to simplify property management tasks and enhance efficiency as you run your rental property business. Below are some of the ways Apartments.com can help you find tenants and manage their rental process successfully.
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Listing Management: Apartments.com allows you to list your property on the most popular rental website, which reaches millions of potential tenants. This broad exposure increases the likelihood of finding suitable renters for your rental property quickly.
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Application Management: With Apartments.com, you can accept rental applications online, streamline the screening process, and efficiently manage applicant data. This saves time and ensures that only qualified candidates are considered for tenancy.
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Lease Generation: With Apartments.com Rental Tools, you can generate state-specific lease agreements quickly and easily, ensuring that all legal requirements are met. This eliminates the need for manual paperwork and reduces the risk of errors which could lead to potential consequences.
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Payment Processing: Being a landlord means dealing with bookkeeping. Whether it’s receipts for repairs or documenting income, keeping everything organized for tax season can be a headache. Luckily, Apartments.com has a great solution. Our expense tracking platform helps you summarize rental expenses by property and tax category. From there, you can easily export them to CSV or PDF formats to make doing your taxes a breeze. Unlike our competitors, there’s no need to go off-site to a third party for required forms. With Apartments.com, you can download the required tax filing forms directly from your account, and they are backed up for seven years.
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Managing Property Maintenance: Dealing with maintenance requests can often feel like a juggling act. You’ve got tenants reaching out, schedules to coordinate, and service professionals to contact. It can get hectic, but Apartments.com has the solution. With our online maintenance platform, tenants can submit maintenance requests online. We notify you when you have a request, and you can easily update your tenants as the repair progresses. You can even attach receipts, upload notes, and track expenses for the repairs. You and your tenants can even share images and videos. Keeping everything in one place makes it easy to keep track of repairs, how often something is requiring repair, and how future repairs might impact your rental budget.
By utilizing Apartments.com's rental tools, you can effectively manage your property from listing to lease generation. This comprehensive solution simplifies property management, maximizing profitability and streamlining operations. As you explore different advertising methods, remember that investing time in marketing your rental property can lead to long-term income stability. With a well-structured approach, you may reach a point where vacancies become a rare occurrence, ensuring a steady flow of tenants and a steady amount of rental income.
