Advertising Your Rental: What Works and What Doesn't

Let's face it. A vacant property costs money. Turning it into a cash generating one starts with an effective ad. This is not one size fits all; Each property is unique with its own pluses and minuses, whether it's located in a plush suburb or a working class neighborhood.  As an owner, your task is to emphasize your property's good points, price it right so you get maximum response, and attract the interest of quality tenants.

Highlight The Positive Features

 If your property has a large yard, or has had recent renovations with updated appliances, or is near shopping and other resources, list these features in the first two lines of your ad. If the property has a large amount of square footage for the price or accepts pets, highlight these items in bold type. However, do not embellish or state something as fact unless it is so.  For example, a property two miles from the nearest store is not "near shopping." And, a"quiet neighborhood" is not a phrase to use if your property is located near a railroad crossing. Do not emphasize "good schools" in your ad unless you know test scores and teacher ratings. Moreover, don't state "located in a safe neighborhood" if you are unfamiliar with the area's crime statistics.

Price It Right

Research the properties similar to yours in your area (zip code, neighborhood) that are currently being marketed. Compare the basic features of your property (square footage, number of bedrooms, bathrooms, amenities, etc) to rental properties you find on Craigslist and Zillow. Doing so will help you determine the market rental range for your property. You may improve response by pricing your rental 8-10 percent below market but do not go lower than that. Remember, you're in the business to make money and offering too low a price just to get the unit filled may also attract a lower quality tenant.  Don't overprice your rental either, unless you are offering extra benefits such as free landscaping and pest control, or are supplying appliances such as a refrigerator, washer and dryer; Otherwise, your property will sit on the market for weeks costing you more money in the end. 

Picture It Well

Two or three attractive pictures will sell your rental to prospective tenants far better than any text will. Remember to showcase the best features of the property, whether it's a well landscaped backyard or a renovated kitchen with stainless steel appliances and granite counter tops.  Consider hiring a professional to photograph your property. You can re-use the photos each time you rent the property and won't have to wait for it to be cleaned before you can begin marketing it again.  

Include Rental Criteria In Your Ad

If you want to attract high quality tenants to your property, seek them out by including your rental criteria in the ad. An example of rental criteria would be " applicant must have three times income to rent ratio, a credit score of 650 or above, and a rental history with no evictions in past five years."  Those applicants who can't meet the rental criteria you advertise are less likely to apply and those who can meet it, will. You may also want to let applicants know the screening application fee. Deadbeat tenants don't pay screening fees. 

Marketing your rental starts with an effective ad to generate interest, but don't stop there. Be sure to follow up on every phone call and email received. Create a spread sheet to keep track of applicants' names and contact information so you can return calls promptly when you've scheduled a showing. If you fail to follow up, you will have defeated the purpose of turning that vacant rental into a cash flowing one.

Share your ideas for making a rental ad stand out from the competition. What works and hasn't worked for you? Any comments are welcome!