Every day your vacant unit sits empty, you miss out on profits. The key to keeping the income flowing is filling empty units fast.
Why isn’t your unit getting rented? How do you find someone fast?
By updating and improving your advertising, you’ll find a renter. Put more care and effort into each step of the process, and you’ll get results. Once you understand how to advertise well, you’ll have more applicants than you can handle!
If you’re ready to advertise rental property like a pro, keep reading. Here are the eight steps you must complete to fill vacant units fast.
1. Market Your Property Before It’s Vacant
The trick to always having applicants to fill units is year-round marketing. Even if there are no vacancies in your property, you should advertise like there are.
Through consistent marketing, you’ll always have a flow of interested renters.
You can do this by advertising the property’s amenities or location. Even if no units are available, market how amazing they are. Stir up some interest before you need it.
2. Know Your Target Renter
Who do you want renting your property? Ideally, you want long-term residents who are responsible and clean. Perhaps you want to charge more so you need renters who earn more.
By deciding the exact specs of your target renter, you can market to them. Show up where your target renter is. For example, if you want families, advertise in community centers.
When your advertising obviously caters to one group, you’ll reduce unwanted applications. It’ll speed up the process when all applicants are viable and worth your time.
3. Update and Clean
The day a tenant moves out, you need to be in that unit cleaning. Do your inspection of the unit to see what needs repairing. Schedule and organize those repairs as soon as you can.
If you’re the one who does the unit cleaning, consider making a checklist. It should include all the things to do and clean. You don’t want to forget crucial spots like behind doors and under the cabinets.
Many successful owners have a handyman on standby. They may work for you full time on maintenance. Work on empty units takes priority so you can rent them sooner.
4. Take Awesome Photos
Your photos can make or break a rental. They’re the first thing people see in an advertisement. Go the extra mile for your unit pictures.
The first photo should be of the exterior of the property. Use a tripod so it’s straight and level. Shoot around sunset or sunrise for the best natural lighting.
Don’t bother posting photos that are blurry or in some other way flawed. Unprofessional photos reflect poorly on you and your property management.
For interior shots, don’t use a fisheye lens. People often use this lens to make the space look bigger, but it’s an obvious trick most rentals can identify. Focus instead on making the quality of the room look great, despite the size.
5. Write Captivating Ads
Digital marketing gets results way faster than traditional marketing. Your online postings for the rental should get straight to the point. Every piece of detail the renter needs should be easy to find.
If you make the potential renter work to find the info, they’ll move on.
Get right to the point by saying why this unit is amazing. What are the specs? The nearby amenities?
Answer any questions a renter might have. The more information you give, the more serious the applicants will be. You won’t get people just asking questions because all the info is there.
6. Include an Incentive
If you want to rent out a unit quickly, you need to create an incentive. Why does the renter need to fill out an application now? Why not wait until next week?
You could offer a discount for applications that come in within 48 hours of posting. Or, you could offer one month free for applying now. Consider free parking, waived fees, and gift cards as incentives.
When you create a sense of urgency, applications will start rolling in. Make sure people know that this unit won’t be on the market for long!
7. Use Different Marketing Channels
These days, it’s crucial you use a variety of marketing channels. Simply posting on Craigslist isn’t enough. Renters prefer different channels depending on their preferences.
To start, post your ad on all the popular sites in your area. Use sites for rental properties, as well as community boards. Facebook Marketplace is an excellent option.
Add signage in the neighborhood for your vacancy. It should be clear to anyone who drives by that you have an open unit.
Consider also posting an ad in the newspaper and community papers. Post flyers in local shops and put them in mailboxes. Use every channel you can to market your unit.
8. Screen All Applicants
If you rent to people who only want to stay for a month or two, you’ll end up in the same place. By screening your applicants, you can find tenants that will stay long-term. This means less scrambling to find new tenants.
Screen applicants by asking questions. During the open house or interview, get to know them. Are they planning on staying in the area for a while?
Learn about their employment; is it consistent and secure? Are they financially able to pay for the unit?
Look into the applicant’s social media pages to get a better sense of them. To have a successful rental property, you need reliable renters. Always screen them well to reduce the turnover.
Want More Tips on How to Advertise Rental Property Like A Pro?
Letting your vacant units sit empty is a waste of potential. You’re missing out on serious profits the longer you wait to fill them.
You can find a fast and ideal renter by following the advertising tips above. The way you advertise rental property determines how long your units stay empty.
Knowing the latest marketing strategies will improve your rental property business. You can stay on top of the trends by checking out the real estate blog section.