Grasping the fundamentals of online marketing for rental listings can help your rental property stand out among the rest, and there are a few strategies you can apply to make that happen. With just a few tips, you can effectively reduce your vacancy rates and increase profitability for your rental business.
Landlord Tips for Advertising Rental Property Online
Conduct Market Research
Doing your due diligence and researching market trends helps you learn what potential renters are looking for, and you can include those in your online rental listings to attract tenants. If you're unsure how to do so comprehensively, there are professionals such as real estate agents and property managers you can consult or hire.
Engaging Property Descriptions
Once you learn which features and amenities are in high demand, make sure you include them when you post your rental property on rental listing sites. While highlighting your property's attractive features is essential, you should also include other necessary information like square footage, lease terms, rent price, utilities, and more.
Once your property description is polished, the next step is to ensure it reaches as many eyes as possible, which is where listing platforms come in.
Using Popular Listing Platforms
You'll have more tenant leads by posting on popular rental platforms such as Zillow, Apartments.com, Craigslist, and Facebook marketplace. Some platforms like Facebook even allow you to boost your online presence through paid advertising. If you're unsure how to present your rental property, you can check out comparable properties in the market and find which ones are getting the most traffic.
Advertising on Social Media
Listing your rental property can be entirely different from advertising efforts. Marketing isn't just about creating an engaging listing but also promoting your rental units online. Creating a social media presence to advertise rental property listings can be very beneficial as it will reach potential tenants who aren't even looking for rental listings at the moment.
Paid Advertising
You can engage in paid options to advertise your rental property on certain rental listing websites. social media, and paid platforms. Paid rental ads can reach a broader audience and can give you an edge in a competitive market. Targeted ads allow you to reach prospective tenants more effectively.
Using Professional Photos
Taking high-quality photos through professional photography can help you attract potential tenants better in rental sites. It influences the first impression prospective tenants have of your listing, and it can make or break your chances of successfully attracting quality tenants. You would also benefit from great photos when you use them for rental ads and rent signs.
Optimizing SEO
Search engine optimization has become increasingly crucial for online presence. Using relevant keywords in your listings can improve your search engine rankings, allowing you to be more visible in the rental market. You can utilize your findings about what prospective renters look for during your market research.
Gather Online Reviews
Future tenants will likely look for positive reviews about your rental property from platforms like Google Reviews, Yelp, and social media to learn whether it's a good place to live. Not only can this lead to word-of-mouth referrals, but it will also give you an advantage over listings that are handled by experts like real estate agents or Zillow rental managers.
Set a Competitive Rent Price
Aside from finding the right rent price for your property, you also need to consider rental comps. Look into other factors that can affect pricing such as peak rental seasons or rental demand in the area. Setting too high a price will be detrimental to tenant interest, whereas setting it too low prevents your property from being profitable.
Offer Virtual Tours
One of the downsides to online listings is that tenants can't view the property in person, which is why an open house is still an effective marketing strategy. Thanks to the emergence of the needed technology, you can provide virtual tours of your listing and show the property's features. You can use virtual tour software like Avatour or a 360-degree camera.
Why is an Online Presence Important?
More renters are turning to the internet to find rental properties they can rent. It's more convenient and it costs less than having to go out and find one themselves. With the right listing generation, prospective tenants can find all the information they need through the online listing.
Without creating one for your empty properties, you'll be at a disadvantage since you'll miss out on an entire audience who exclusively looks for listings online. You also won't be able to utilize the established systems that can streamline the rental process for you.
What Are Other Factors I Should Consider?
No matter how good your rental listing is or how much you pay for advertising, it won't benefit you in any way if your rental property is not what tenants are looking for. Make sure you have the features and amenities your target market wants.
Single-family home tenants might want the rental unit to have kitchen appliances, while multi-family tenants could use individual parking spaces. These details can be determined through market research, which is why it is very crucial in the rental business.
What's Next?
After generating listings to find tenants, you need to ensure that the applicants you rent to are high-quality renters who follow your lease terms. You can do this by conducting a thorough tenant screening process with comprehensive screening criteria. The basic ones include:
- Credit Score
- Criminal History
- Eviction History
- Debt-to-Income Ratio
- Employment Verification
- Previous Landlord References
Finding the right renters also means that you'll retain tenants better, which reduces costs for marketing and tenant turnover. Most importantly, it will decrease the likeliness of disputes that can make property management harder for landlords.
How a Property Manager Can Help You
Companies like Wave Property Management can provide the whole package for you in terms of advertising your rental property and creating effective listings. Our marketing services include professional rental market analysis, professional photos and video tours, online advertising exposure, and the expertise of a leasing specialist.
We also offer full-service property management that can help your rental business thrive and maximize your property's value. Not sure if professional property management is for you? No worries!
You can schedule a free phone consultation to discover how professional property management can benefit you!
