Having a rental property sit vacantly is one of the worst nightmares of landlords, right up there with nightmares involving terror tenants. You have carefully invested in a property with the goal of seeing a return on that investment, and the only way you will ever see that return is if someone moves into the rental. This is why it is impossible to overstate the importance of advertising your rental property.
Do you know how to advertise a rental property? Do you know how to do it best? Are you missing out on any of the important keys to success?
The goal should be to attract more applicants. More applicants will lead to a greater opportunity for you to find the right tenant. So where do you get started? Check out these must-know tips for attracting more applicants to your rental property.
#1: Make Sure Your Property Is Appealing
All the tricks and tips that follow this first one will be fairly meaningless if your property itself is the problem. If you are struggling to fill a vacancy, take the time to ask yourself how a potential tenant will view the property. Sometimes, even the smallest of repairs can go a long way in turning a vacant property into a highly desirable rental.
Tasks that are low cost to you and help improve the attractiveness of your property include:
- General landscaping tasks: You don’t have to go crazy here and redo the entire backyard. However, upkeep can make your property look enticing. Mow the lawn and trim hedges. An overgrown property gives a potential tenant the impression that you don’t take care of your property. If you don’t have time to handle the landscaping yourself, hire a company to keep it looking nice until a tenant moves into the rental.
- A clean interior: This should already be a given, but you should ensure the property is clean before a potential tenant views it. This, of course, takes on a different tone when you are showing an occupied property, but when the property is vacant, take the time to keep cobwebs and dust from accumulating.
- Taking care of minor repairs: If there are repair tasks that have been sitting on your to-do list, now is the time to tackle them. For starters, it is easy to tackle maintenance and repair tasks while a property is vacant. Secondly, it will make the property more attractive. If someone comes to view your rental and there are sagging gutters on the home, they might opt for a different rental in better condition. Look around and check for any noticeable damages that could be quickly remedied.
It is worth noting that although sprucing up the property can help you fill the vacancy faster, you can get carried away. Investing in large projects, expensive appliances, or remodels might not pay you back as much as you put in.
#2: Make Sure Your Pricing Is Competitive
Another mistake many landlords make is valuing their property too highly. With the advent of the internet, people are savvy enough to price shop and will turn away from properties that are overpriced.
Feeling uncertain about what you should be charging? There are a few different tactics you can take. First, check out Rentometer, which is an excellent tool for comparing rent prices in the area. Next, peruse Craigslist and see what similar properties are going for in the same location.
When you are building out a rent comparison chart, make sure you take into account even neighborhood price differences. For example, here in Fort Collins, CO, it is acceptable to charge much higher rent prices if your rental property is located near Old Town. However, if you have a rental property on the northeast side of town, you won’t be able to charge the same price for rent, even if the property type is identical to the one near Old Town. Take every detail into consideration when you are setting your rent prices.
#3: Create A Compelling Listing
Once your property is in good order and you have a rent price set, it is time to make sure that you have a compelling listing created. There are certain aspects to a listing that are proven to attract more applicants.
When you write out your description of the property, try to highlight the best features. Is it a pet-friendly house with a backyard? Highlight the privacy fence, perfect for dog owners. Do you have energy saving appliances? Talk about how your rental will help your tenants save money on energy bills.
Stick to words that are positive. If space is small, talk about how cozy the rental is. Is the home older? Talk about the charm of the house.
#4: Get The Word Out To Enough Places
Once you have spruced up the property, chosen the right rent price, and have crafted a compelling listing, it is time to ensure that your property is being seen. In the modern world, online listings are crucial to your success. Choose a platform that allows you to post across multiple channels. Posting on one board alone is not enough. The more places your property is being seen, the higher chance you have of attracting multiple applicants. As we discussed in a previous article about tenant evictions, the best way to avoid troublesome tenants is to market your property so well you have countless tenants to choose from.
Ready To Get Started?
If you are a landlord looking to drive more applicants to your property listing, check out the features we offer at TurboTenant. We provide all of our services at zero cost to landlords, including the ability to advertise a rental property. With no credit card down, no subscription fees, and no one time cost, you can do all of the following:
- Create An Online Listing
- We Will Push Your Listing Out Across Numerous Channels
- Send Interested Parties To Your Own Property Webpage
- Allow Tenants To Apply Easily Online
- Run Screening & Background Checks On Tenants
- Save Your Property Once It Has Been Filled
- Turn Back On The Marketing When Your Property Is Vacant
Happy Landlording from TurboTenant!