So you want to fill a vacancy at your rental property and fast. When it comes to listing your rental property and finding new tenants, marketing is going to be a crucial component to lead you to success.
The rental market is very competitive. Strong rental marketing will help you minimize vacancy periods and get your unit rented sooner. Marketing your rental property the right way will help you differentiate from other rentals on the market and appeal to qualified tenants. By effectively tackling your rental marketing, you can get the most out of your income property.
Know Who You’re Talking To
Understand who you are trying to attract and speak their language. By understanding their needs and preferences, you can write convincing listings and choose the best channels to use to advertise your property.
Start by researching local market trends and demand. Whether you are planning to rent out your house or an income property, knowing what types of tenants are looking for a property like yours will help you understand how to best appeal to them, or alternatively, how to pivot your property to appeal to a different audience.
Start With The Right Pricing Strategy
When pricing your rental property, consider factors like location, amenities, and market demand. These will all play a part in determining the right price for your income property.
Doing market research will determine a competitive rental rate to ensure your property listing falls within a reasonable range for comparable properties in the area while still being profitable to you.
If you’re trying to get your income property rented faster in Ottawa, a property manager can help you determine the right price for your rental property. They’ll be able to draw upon their expertise and knowledge of the local rental market. They should also have experience with listing similar properties. Setting the wrong price for your property can deter potential renters and lead to a longer vacancy period, as well as negatively impact your cash flow, so it's important to get it right.
Showcase the Property in Its Best Light
Marketing your property is all about showcasing it in its best light. Highlight your property’s most unique or appealing features. If a prospective tenant can quickly grasp what makes your property great, you’ll be sure to stand out against other listings.
Make sure to clearly emphasize all location details, property amenities, appliances, and nearby attractions when writing your listing. High-quality photos make a property listing look professional and polished, so investing in quality photos is an asset. You should be showcasing every room, not just the exterior or kitchen. Prospects want to see bedrooms, living rooms, hallways and more before booking a showing – giving them a true idea of what to expect. Virtual tours can also be a great tool to help showcase your property and make your listing stand out, especially if you have a unique property or are located in a competitive market.
Crafting an Appealing Listing
When putting together your listing information, go beyond just the basics. While you’ll definitely want to include the number of bathrooms, bedrooms and location try to also include a more compelling description that will capture attention.
Use engaging and descriptive language to create interest. Give your prospective tenants a sense of what it would be like to live in your property. What is the neighbourhood like? Is the property a family-friendly home? A detailed listing that highlights key benefits lets your ideal tenant envision themself living there.
Don’t forget to optimize your listing for search by including keywords. By including popular search terms, you increase the quality of your listing by allowing it to be found more easily online. The more people who see the listing, the higher the chances of finding suitable and qualified tenants. An experienced property management company can help you create powerful rental listings that get your property rented sooner and for more money.
Social Media and Online Advertising
There are many online listing options for your property. A property manager will have access to tools that allow them to distribute your listing across many channels and save you time all while reaching more people.
Many property owners leverage social media to promote their rental property, as well as running targeted advertising campaigns to reach potential tenants. You may also choose to list your property on online marketplaces dedicated to property listings. Choosing several complementary advertising methods will help generate more interest in your property and attract more qualified tenants. You can also engage with online communities and local rental groups to generate local interest with people outside of your personal network.
Inquiries and Showings
Once you’ve started to receive inquiries about your property, it's important to be responsive and provide clear communication. Tenants expect fast replies, sometimes within as little as an hour after sending an inquiry. You should always be professional and warm when responding to any inquiries. If you are often unavailable to reply to inquiries, a property management company can help.
Be responsive and accommodating when scheduling showings to build a positive relationship with any future tenants. Maintaining professional communication will build trust and credibility for yourself as a local property owner. You’ll also want to provide clear and concise information about the property and application process to ensure the tenant application process goes smoothly.
Monitor and Adjust Marketing Strategies
Sometimes, marketing involves testing and adjusting where necessary. If your listing is not resulting in any qualified leads, it may be time to adjust your strategy. Compare the effectiveness of different listing channels. Which is bringing in the most leads? Are any bringing more unqualified leads? What kind of feedback are you getting from prospects?
If you’re not seeing the traction you’d expected it may be time to explore a different strategy. A property manager can eliminate the need for this as they have marketing systems in place to get your unit rented faster and more efficiently.
Enlist the Help of a Property Management Company to Market Your Property for Maximum Results
Finding the right tenant for your rental property starts with great marketing. By following our recommendations, you can create an effective property listing to attract great tenants and fill vacancies sooner.
At DORE we’ve tested many different approaches to marketing your listing for maximum exposure and our rental marketing is tried and true. It’s how we’ve rented over 4000 properties! Get a free property management quote here.