Advertising your property for rent is, (surprise, surprise), the only way to fill a vacancy. No advertisement means no one knows about your property, meaning no rental income for you. On the flipside, the more (or smarter) marketing you do, the more potential tenants you are able to reach. Advertising, therefore, directly correlates to maintaining a constant flow of income, so it’s something you definitely shouldn’t leave to chance. If you have a rental property and don’t know where to start, here is our simple steps to advertising 101.
Focus on property presentation
On top of making sure your property is rental ready, you need to ensure it’s well-presented before you advertise. Clear guttering, trim hedges, mow and water the lawn, give the exterior a cosmetic makeover. You don’t need to spend wads of cash, just a little time will do to spruce up the curb appeal. If the property has current tenants, let them know you’re advertising so they can tidy up inside for the photos.
Use high quality photos
There are plenty of ways to cut corners (and costs) with your investment property, however, using dodgy photos is not one of them. This is where quality counts the most. You may not own a million-dollar property, but that doesn’t mean your photos can’t be. Even the most basic home can look a million bucks when the photos are on point. Skip the smart phone pics and just hire a professional, it’s worth it!
List your property with a real estate agency
First and foremost, a real estate agency is the number one place you should advertise your rental property. Selling homes and filling rentals is exactly what real estate agents do, so if anyone is proficient in property marketing, it’s them. Not only do they know what they’re doing, they have all the contacts and resources that you don’t, so it just makes sense to let an agent handle the process and take the stress off your hands.
Advertise on rental websites
While you can’t privately advertise your rental on websites such as realestate.com or domain.com.au, an agent, on your behalf, can. You don’t need to list your property with an agency to use the websites, but you do need an agent to do it for you. For a fee, of course. A quick Google search will bring up a number of options for online agents who can manage the advertising while you manage the property.
Advertise in print media
Cover all bases – advertise across as many platforms as possible, including newspapers. Weekends are when most people read the paper, so make sure your ad runs on a Saturday and Sunday in order to reach a wider market. Your ad should be bold and stand out. You only have a few lines to grab someone’s attention, so use them wisely and abbreviate where possible to save on costs.
Use social media
Millions of people log onto social media every day, and best of all, it’s free! Posting your rental property ad on Facebook or Twitter and asking your friends to share it can be a surprisingly effective way of finding tenants. The power of social media is limitless, why not tap into it and use it to your advantage?
If you’re finding the pool of enquiries is a little shallow, think of ways to attract more interest. Why is your rental property a good place to live? Is there anything you can offer to sweeten the deal? Homes that are pet friendly, fenced, have private parking, or had recent renovations are all big green ticks in the rental market.
You don’t need to be a marketing guru to fill your rental property vacancy, but you do need to be strategic. Basic word of mouth, bulletin boards, and front-yard signage are all good ideas, but they’re not enough on their own. Remember to always respond to enquiries promptly and professionally, and if in doubt, contact your real estate agent for help.