Spread the Word – Marketing Your Rental Property
In my previous posts, you’ve learned how to purchase your rental property, evaluated who your ideal tenant might be, researched your rental value now it’s time to tell those potential tenants the property is available.
Word of Mouth – Tell Everyone
The idea is pretty simple – the more people who know about the property, the higher chance you have to gain interest. The more interest you have in the property, the higher the possibility someone will want it. The more people that want it, the more you can charge – supply and demand.
It’s All in the Sign
In this technology age, where everything is online, it’s important to remember to also do some offline advertising. This might sound out dated, but put a sign in the yard. This broadens your search tremendously! It’s very effective as it gains you exposure as people pass by the property.
Although the concept of the sign is simple, I recommend that you invest in a good quality sign. I don’t particularly like the signs you can buy from your local home improvement stores, you know, the DIY ones that are made from flimsy plastic, and you write on it with marker. I highly recommend instead, invest in a sign that you can have custom made from heavy duty metal for a little bit more money. Believe me, it’s well worth it! Why?
It’s part of your curb appeal. It kind of makes me feel like, if you are cheap on the sign, are you going to be cheap with maintaining the house. That might not be the truth, but the sign is the first impression you make on your potential tenants. You don’t want your first impression on your ideal tenant to give them a bad feeling.
I cannot stress curb appeal enough. The nicer your house looks from the outside, the greater the chance that people driving by will stop to call you, because they want to see inside. The more people who see it and are interest the higher demand for the property, helping to maintain the price you’ve set to rent the property.
Leverage the Internet
After putting that custom-made sign in the yard, get the word out online. This is going to get you the most bang for your buck – especially when you can list your property on Zillow or Trulia for FREE! But to make sure your property is getting maximum exposure, you might want to also list on other websites.
- Trulia
- HotPads
- Realtor.com
- Apartments.com
- ForRent.com
- Rent Jungle
- Padmapper.com
- GoSection8.com (this site lists only Section 8 properties, which I’ll discuss more in another post)
To begin, go to each site and create a free landlord account. Then upload pictures and information about the property for rent. Be sure to write your description about the property that will appeal to your ideal tenants. Read more about identifying your ideal tenants.
Post on Social Media
This is that extra layer of word of mouth that is also FREE. After you list your property on one of the previously mentioned sites, share that link on your social media and let the buzz begin. The power of social media can be exponential. All it takes is for one person on your group of friends to see the listing post and share it with their friend’s list. Your property is now in front of people you don’t even know!
EXPERT TIP – Don’t forget to take the information down once you’ve rented the property!
