7 Steps To Market Your Rental Property
When you own a rental property, you are counting on the monthly rents to give you a profit after all other expenses have been paid for. However, you can’t have rent coming in unless you have tenants, and you can’t have tenants unless you can find them first. When the time comes for you to rent your property, you’ll want to make sure you are marketing it correctly in order to get the most attention from potential tenants. Here are some helpful ways investors can market their rental property and make it look move-in ready for renters.
Step 1: Make Things Clean and Tidy
Before you even think about taking photos or hosting open houses, clean that rental up till it shines. Hire a professional cleaning service, and replace stained carpet with either newer carpet or if you choose to, pay for flooring even though it may be more expensive. Repainting is a must, and refinish any dents, cracks, or scratches left behind.
If you have just purchased the property and are fixing it up, remove any paint cans, building supplies, and construction tools that may still be laying around from the rehab. You may be tempted to rush in and start marketing the property before the renovations are completed, but the home will look 100% nicer once all the repairs are done.
Step 2: The Power of Staging
The next step in getting your rental ready for some eye-catching photos is to stage. Staging allows potential tenants to envision what a home will look like with furniture in it. Instead of seeing empty rooms with nothing but floors and walls, add some couches, rugs, tables, chairs and lamps to create a welcoming ambiance to make renters feel at home. Hang paintings or mirrors on the walls and frame windows with drapes and curtains for an even more appealing look. Your house will pop in both photos and at the showings.
Step 3: Curb Appeal Matters
The saying may be you can’t judge a book by its cover, but in this case, the outside of your home will be judged just as much as the inside when renters come to visit. The exterior of your home is the first thing tenants will see and you’ll want them to go “wow, I want to live there!” Adding simple touches such as landscaping, mowing the lawn, trimming unruly trees and bushes, planting flowers, and fixing up the porch with furniture and a fresh coat of paint can really make all the difference.
Step 4: Photo Time!
Now that your home has been cleaned up, staged nicely, and curb-appeal-approved, it is time to take some professional photos. Pick a nice day when it is very sunny out and the house looks bright and beautiful. Spring for either a professional photographer or a digital camera so your pictures really pop. Showcase the best features of your home so tenants know what they can expect when they come for a showing. If you have a pool, include a photo of that. If you did an especially nice job updating a bathroom or kitchen, make sure those are highlighted in your pictures.
Step 5: Write That Listing
Photos are not the only thing that will rent your property. Tenants will also read listings to see what the home offers. Great property descriptions can really help rent a home faster. Describe your home’s greatest assets so it entices renters to want to live there. But don’t forget to list the features such as square footage, number of bedrooms and bathrooms, the price and more. Listings that leave out important details can waste both tenants time and your time when they want to come see the property, only to find that it doesn’t have enough space or the amount of bedrooms they were interested in.
Step 6: Online Marketing to Your Advantage
When you’ve got that listing written and the photos to match, it is time to get your rental online for all to see. Enlist a real estate agent to get your property into the major MLS sites like Trulia, Realtor.com, and Zillow, for even more exposure. Use social media to your advantage and post about your rental with photos and videos so others can see and share as well.
Step 7: Old-School Still Works
You’ll be surprised how much a simple “For Rent” sign posted on your property’s lawn can do. A renter could be driving by and see your sign or they could hear about it from a neighbor living nearby. Also, you can post your listing in the newspaper for local tenants to read.