As landlords and property managers, your goal is to fill vacancies as quickly as possible with high-quality tenants which will save you time and put more dollars in your pocket. Gone are the days of simply putting a sign in the yard.
People who search online to find a place to rent have a 25% higher income than those that search in the newspaper or by calling about a sign they see in the yard.
More than 70% of renters start their search online. And according to rentlikeapro.com, yard signs will create 50% of your phone calls but less than10% of your leases.
The more exposure your property gets, the more applications you’ll get. The more applications you get the more strictly you can qualify them and the better your tenants will be.
How to build your ad.
If you are organized, you will only have to write the ad once for the lifetime of the property. Save it a copy of it somewhere like a property management app, a website or a simple Word file so you don’t have to recreate it each time you have a vacancy. Keep in mind that you can start advertising before the tenant moves out.
Include the following items:
- Location/address
- Date it is available
- Description with lots of details
- Square footage
- Rent amount
- Lease term
- Deposit amount
- Any additional charges
- List all amenities
- Parking availability
- Who pays utilities
- Distance from shopping and freeways
- Highlights of the neighborhood
- Good photos
- Video
- A link to your website
Photos and video reduce the time you spend on the phone answering questions. Photos don’t have to be professionally shot, but get as much light into the rooms as possible. Dark photos will not be good. Always try to take photos on a sunny day with blinds and curtains open and all lights turned on. When shooting still photos, I often bring along the same work light I use when I paint the walls. I move the light around to light up dark areas as I go from room to room. It can make a big difference in the quality of the photos.
These days, a video is a must. But luckily, shooting video with your phone will work perfectly. For a simple video tour, shoot video as you slowly walk from room to room. Hold your phone at chest height. Remember to hold it steady and move it slowly if you are panning around the rooms. It is also helpful to include the front yard, back yard, and garage space if applicable. In addition, show what the neighborhood is like by standing in front of the property and doing a 360-degree pan. Don’t worry about saying anything on the video. The video will speak for itself.
What are the best sites to advertise rental properties?
Your website is where potential tenants can go to see more photos and more information about the property, as well as, the neighborhood. It is the most important site to promote your property. Make sure to include information about the neighborhood, because this is something your potential tenants will value. This will also help your website to be found by search engines. Don’t forget to include the date that the property is available, the location and any names of large businesses in your keywords. For example, if your property is close to a hospital and you would like to attract hospital employees as tenants, be sure to include the name of the hospital in your SEO.
Another thing to consider is the URL of your website. An example of a good URL would be www.NewtonDulplexforRent.com. For a few dollars a year you can snag a URL that might help you come up on the first page of a Google search specifically in your area.
Here are some property listing sites:
craigslist.org
oodle.com
Zillow
Hotpads
Rentals.com
Rent.com
Don’t forget about social media.
Post a photo or video of the property with details and a link back to your website. Facebook Twitter and Instagram may not be property-focused but they allow you to use the power of word-of-mouth to reach potential tenants. Also, Facebook groups are used by millions of people. Discussion groups about rentals can be found by a highly customizable location search function and it’s another way to get the word out.
Should you advertise in the newspaper?
It depends a lot on the size of the market you are in. It is not very cost effective to advertise in larger towns, because the cost of newspaper ads is so high. However, in smaller markets with local papers and advertising flyers, it is still a cost-effective way to get the word out.
Following these guidelines instead of just planting a sign in the yard may seem very time-consuming. But in the long run, it will save you time on the phone and bring you a higher quality of tenants.
