Obviously, if you are reading this, you already know that real estate can be a solid investment. That said, simply having a cool rental property on the market does not mean that you will get a good group of possible renters—you know, the ones who will actually pay rent on time and take care of the rental as if it were their own.
You really need to be on top of your game if you are going to catch the eye of long-lasting renters. With players like Airbnb as game changers in the hospitality industry, rental business is just getting more and more lucrative.
Presenting your rental property on the right channels and in the right way will make or break your investment.
So, here are some ways in which you can attract the very best renters to your property, so that you have the pick of the litter.
Advertise…But Maybe Not Everywhere
Before you figure out how to advertise your rental property, you need to figure out where to actually advertise it.
Choosing to post your rental advertisement in only one or two places is a huge mistake. With so many great avenues out there for apartment hunting, people no longer stick to just one source when they look for a new home, which means that you need to avoid sticking to one source too.
That said, not all sources are created equal. Unless you live in an age before the internet, you may as well skip advertising in newspapers and on bulletin boards.
People don’t look to those places as much anymore. Instead, focus your time and energy on websites like Craigslist and Zillow. Make a list of all the places you can take advantage of and list your rental unit in all of them.
After all that, make sure to also put a sign up in front of the apartment or home (include as many details that will fit), because a lot of people still drive around neighborhoods that they are interested in, in the hopes that a new rental popped up. Or who knows, maybe even a neighbor is looking to move and has been eyeing your property.
Be as Detailed as Possible
Since now you know where to advertise, you need to know how to advertise your rental. When it comes to describing the rental property in the advertisements, you need to be as detailed as possible.
Include anything and everything that a renter might want to know – think about what you would want to know if you were looking to rent somewhere.
Simply listing the number of bedrooms and bathrooms is not enough.
If you are stuck, you can look around at similar rental advertisements and see what they put down.
But to get you started, you should mention the appliances, whether there is carpeting or hardwood floors, if there are energy-efficient features or a fenced yard, if internet and WiFi is included, and whether or not laundry is available. If there is anything unique about the unit, such as high ceilings or a fireplace, you should definitely mention those prominently.
Set Up a Photo-shoot Where the Rental is the Star
If a rental listing does not have photographs attached to it, most people nowadays won’t even look at it. In fact, most people automatically filter out listings without photos when searching through internet databases, which means that several listings are going completely unseen.
Trust us, you don’t want your listing to be among them. Do yourself a favor and take tons of great photos of the space (you may even think about hiring a professional to do it for you if all you have is an old cell phone to take them with). Utilize as many angles as possible and strive for at least 10 pictures of the space.
Before the shoot, open all of the blinds to allow natural light to filter in and make sure the interior is spotless.
It is also a good idea to include photos of the exterior and neighborhood as well, as potential renters always want to know where the unit actually is. People lead busy lives and if they can immediately see what this rental looks like, there is a better chance of their reaching out to rent it before anyone else.
Finally, if you want to offer something that will really set you apart from the competition, put together a video walk-through of the rental property. A video will be able to capture a home’s layout way more efficiently than simple photos.
Do Your Due Diligence
Do all of this and before you know it, your rental property will be snatched up. Once the applications start pouring in, make sure you do your due diligence with background checks.
First impressions can be deciding and it’s important to have an idea of your tenant’s past rental experience. Check renter’s history for free or pay for a full-service background check—whichever you decide, it’s important to keep in mind that this is a necessary step before signing on the dotted line and letting someone move into your property.
Adam Pepka– Adam enjoys a comfortable life in Tucson, Arizona but is proud of the humble beginnings from which he came. Growing up reading authors such as Timothy Ferris, and feeling inspired by their bootstrap beginnings, Adam was determined to find financial freedom himself. He soon became a successful real estate mogul after one deal led to another, and not long after Adam began his own fix-and-flip enterprise.
Aspiring investors and HGTV fans alike enjoy reading his blog about the various challenges and accomplishments he finds in each property renovation, as well as the tips and tricks he suggests for those considering their own fixer-upper.
In between remodels, Adam enjoys teaching his audience about various investment strategies and how any Average Joe like himself can build a profitable portfolio.
Apart from real estate, he’s very much interested in Silicon Valley, venture startups and the technology industry.