Rent payments are the primary source of income that landlords have from their rental business. Therefore, when a rental property is vacant for a longer period of time than is necessary, it affects a landlord's ability to generate income.
A key task for a landlord is to attract and retain high-quality tenants who pay their rent on time, stay for a long time, don't cause issues, and care for the unit as if it were their own.
Rental property marketing is at the heart of this. In this blog post, we will share 3 practical rental property marketing tips to help landlords find the best tenants without experiencing a long vacancy period. Let's get started.
1. Create an Excellent Rental Listing
The first step to effectively marketing a rental property is to create an impressive and eye-catching rental listing, one that highlights the very best features of a property. A good rental listing will also be informative and tell tenants everything they need to know.
At the heart of a professional rental listing are quality photos. These photos should be bright and highlight how liveable your property is. A video walk-through is another way to give prospective tenants a good idea of a property's best features.
2. Set the Right Rent Price
The vast majority of prospective tenants have a set budget in mind. If you set your rent price too high (taking into account local market conditions), you risk a longer vacancy period as people are immediately put off.
At the same time, it's important to avoid setting a rent price that is too low, as this will be lost income for you as a landlord. A property management company has the expertise to set a price that is fair.
3. Market Your Rental Listing Online
When searching for a home in the United States, the vast majority of people (97%) use online websites. We recommend that you list your property on popular rental listing sites where people are likely to see it.
Social media is another excellent place to list a rental property. For example, you can create a dedicated Facebook page for your property, where prospective tenants can view photos, videos, and information about it.
As well as digital marketing, other means of marketing an available property include staging an open house, advertising in the local newspaper, or running a referral program with old tenants.
Rental Property Marketing Tips for Landlords
The above tips will help landlords find high-quality tenants in a short amount of time, ensuring the resumption of income generation. A property management company, such as Laureate, is able to oversee an effective marketing process.
We are the trusted property management company in Denver and the surrounding metropolitan area. We will help you with everything from marketing, screening, and rent collection to maintenance, financials, and evictions.
Click here to schedule a consultation to learn more about rental property marketing in Denver.
