How To Market Your Rental For Maximum Profitability
Congratulations! You found the perfect rental property and now you’re ready to turn on the cash flow in your new investment. The next step is finding tenants and the process seems pretty straightforward. Then, ugh, you realize that tons of other landlords have been listing and leasing their properties longer than you have and the competition is stiff. It’s overwhelming to contemplate where to start. And you don’t have that much time to devote to this anyway. How can you compete? Add three key elements to your rental listing and you’ll stand apart from the competition and save yourself time and money.
Why Marketing Matters
The reality is in today’s online marketplace most renters spend only a few seconds reading ads for rental properties, giving you a very brief moment in which to grab the attention of the quality tenant you want. And, a quick perusal of rental listings will show you that there’s simply a lot of clutter through which to break and it’s hard to stand out. You’ll see the wide range in which people are marketing their rentals. Some listings rely on using ALL CAPS and an exclamation point!!. Other ads rely heavily on pictures and then you’ll see one that has no pictures at all.
Landlords can spend about 50% of their work time over the course of the year on leasing their properties. And a large percentage of that time is spent on finding and turning-over renters. In a competitive market, it’s tough for all landlords to find high quality tenants and keep them. Additionally, we know that an empty unit month over month can be costly and turning over units frequently hits your bottom line as well. So, it’s in your interest to find the highest quality tenants in the shortest amount of time and keep them.
The good news is you can easily take the first step to solving these issues by publishing a successful listing that gets results. With the addition of a few important elements, your listing will market your property in the most flattering way possible to attract high quality tenants, reflect accurately what the property is so that you don’t waste your time on dead end leads, saving you time and cast a wide net quickly to reach the maximum number of potential tenants in the shortest amount of time.
Photography
As the saying goes, pictures are worth a thousand words and there’s nothing more compelling than great photography to market a property. Photos are a key feature that new tenants seek out first when searching for rentals and you’ll want your listing to include the best pictures possible to make your property stand out. If you can get professional photos taken, it’s always best, however, there are ways to photograph your own property that make the difference between an average photo and a great picture.
To start, clean and polish your unit to prepare it to be photographed. Pay special attention to kitchen appliances and bathrooms, removing rust or build up and polishing every surface. Next, shoot your pictures in bright natural light. Open up all the curtains and blinds and turn on extra lights if necessary. You want your pictures to look fresh, warm and open and the right lighting will help your unit appear this way when photographed. Pick a flattering angle. Most rooms are shot best from a corner to a doorway, getting the widest room shot you can. Use a tripod if available to keep shots level. And experiment shooting exterior shots on an angle as well as head-on. Think about taking these exterior shots using less light (at dusk or on a slightly overcast day) to avoid shadows and glare.
Finally, take many pictures so you can select the best possible options and edit them if needed. Aim for 5–10 of the highest quality shots to use in your listing and make sure to include photos of your top property features and differentiating amenities, in addition to your basic room shots. Consider using a real estate application that can help quickly add photos to your listing right from your phone. The Tellus superapp has a free option that’s simple to use and turn-key.
Unique Attributes
Once you have your photos it’s time to write your rental listing. Aim to showcase your property’s unique benefits to increase the perceived value, attracting high quality tenants. Start by noting the 5 most compelling features of your property and at least 3 of the most unique attributes that set this unit apart from the competition and include these in your write-up. Of course various amenities are appealing to different types of renters and below is a list of popular ones that may provide a good starting point to consider based on your property’s specific attributes:
1. Location (walk-ability, proximity to public transportation, schools, coffee shops, grocery stores, restaurants)
2. Appliances (dishwasher, washer and dryer, air conditioning)
3. Outdoor spaces (patios, decks, balconies, roof decks, backyard)
4. Online rent pay options
5. Hardwood floors
6. Parking
7. Storage
8. Secure package delivery
9. Allowing pets
10. Views
Basic Property Information
In addition to the list and description of amenities that sweetens the listing, make sure you include any and all basic property information that a potential tenant would need to know. This will ensure that every lead that comes your way is informed and save time in weeding out those people that simply need basic questions answered. Always include the unit type, rent and security deposit information, lease duration, square footage, pet policy and available date.
Maximize Your Reach
Now that you have the photos and description, it’s time to fill your funnel quickly with potential leads. You’ll want your listing on a wide range of rental websites (consider between 7–12) to ensure you have a large pool of potential renters from which to choose. Consider a free online platform that allows you to seamlessly upload pictures, creates your listing and automatically publishes your ad to all of the rental websites in one step. This will allow you to work efficiently by reaching the most potential, high-quality tenants in the shortest amount of time.
Final Thoughts
Although it takes a bit of time upfront to spruce up your property listing, it will save you time and money in the long run. Make your property stand out from the competition with great photos and include appealing characteristics and amenities. Include in your listing, basic property information to generate informed leads upfront and cast a wide net to reach as many potential renters as possible. All of this will help to attract your ideal, long-term tenants and maximize your profitability.
