You’ve own a property. You’re ready to rent. All you need now is a tenant.
And if you advertise your rental property right, the tenants will find you.
Can it really be that easy? Well, with the resources of a good property manager and some basic tips, getting traction among tenants might be less difficult than you think.
What Are the Challenges of Advertising a Rental Without a Property Manager?
A good property manager makes advertising easy. Posting your rental on the MLS (Multiple Listing Service) is one of the main ways they simplify the process. MLS is the software real estate agents in our region use. Without a property manager, you can’t post on the MLS. And without the ability to post a property in the most accessed database, you’ll get much less traffic.
Also, you don’t know the local market like a property manager does. The right price point is key to finding the right tenant.
A property manager comes with knowledge of the local market and has the resources to pull comps and price a property accordingly.
Maybe you want $2,500 for your property, but a property manager uses their resources to pull the stats. If they see the most expensive place nearby is $2,300, and the average is $2,100, they’ll help you price your property in the right range immediately. Without them, you’d go through the listing process and wonder why your property isn’t renting.
3 Simple Tips for Advertising Rental Property
If you decide you want to rent without a manager, here are three simple ways to advertise rental property and attract good tenants.
1. Take GREAT Pictures
Never underestimate the value of your photos. Make sure there’s plenty of light, then take pictures of the exterior and each room in the house (especially the kitchen and bathrooms). If there’s a photo missing (like no shot of the master bathroom), people will assume you have something to hide.
When you post the pictures, always start with the front exterior shot. If you don’t, people will think there’s something wrong with the front of the house. And don’t forget to take pictures of the amenities nearby. It’s easy to forget to take photos of the pool, park, or playground, but the neighborhood is one of the biggest selling points of a property.
2. Complete the Listing 100%
Make sure the listing is complete and descriptive. For directions, don’t just write, “Use the GPS.” Sometimes new buildings don’t show up on the map, and other times people get lazy and won’t enter the information before they drive. So take the time to include full directions to save others the frustration of not being able to find it.
Also, don’t forget to mention the room dimensions. This helps people gauge room size based on their needs and come into a viewing with the right expectations.
Then give specific descriptions. Highlight the best features of the property rather than using a generic description. People want to know the specifics of the house before they see it.
3. Price It Right
Even if you do all these things, you’ll turn people off if the price is too high. The well-qualified people you want as tenants can get online and gauge the market value of the house. And they won't overpay. But, if you’re lucky enough to find someone who will, once they know the market, they’ll leave as soon as their lease is up. So price your property in the middle of fair market range to find (and keep!) quality tenants.
Should I Pay to Advertise My Property?
Listing your house on the MLS exposes more people to your property, but there are plenty of other places to advertise rental property. And, no matter where you advertise, good properties rise to the top. Finding a good tenant is based on the condition of the property, price point, and a good, complete listing.
So, instead of spending your time and money trying to put lipstick on a pig, spend your time making sure the house is primed for renting. Get the house in great shape, write detailed descriptions, and take lots of good photos. Because no matter where someone finds the listing, if it’s clean and priced right, they’ll ask to see it.