Knowing how to advertise your property is key to running a profitable rental investment.
While vacancies are inevitable in any landlord’s career, there are things you can employ to keep them as short as possible.
In this article, we’ll provide you 6 tips on how to successfully advertise your Temecula rental property.
Tip #1: Handle all repairs before listing your property.
If you’re trying to rent out a property that looks like it has seen better days, odds are high that your efforts will fail. High-quality tenants only rent properties that look attractive and cared for.
After a tenant turnover, you sure handle all the needed repairs prior to listing your property.
For instance, consider the following:
- Repaint tired looking walls
- Replace the carpet
- Change loose door handles
- Fix or replace broken appliances
In addition, you should also ensure that your property meets the city’s basic health, safety and structural codes.
Once you’ve ensured your property is in great shape, the next thing is to start crafting an eye-catchy rental ad. A well-done rental ad can help you attract tenants easily.
An ideal rental ad should be as detailed and concise as possible.
A detailed description of the property will help provide a prospect with as much information about the property as possible. And, keeping everything concise will ensure a prospect can find the ad easily and is interested in reading it.
A great ad is one that contains the following elements:
- Great photos. When it comes to rental ads, photos speak a thousand words. Study after study has shown how effective great photos are in helping grab the attention of prospective tenants. And best of all, you don’t have to spend thousands of dollars on buying expensive camera equipment. Your smartphone can get the job done.
- A catchy headline. The headline of your rental ad is the first thing that prospective tenants will get to see. If it’s attention grabbing, the click through rate will be high. The opposite is also true.
- A description of the property. This is what joins every element in your rental ad together. Write a story that helps a prospect envision themselves living in your property. And while you’ll want to be as detailed as possible, avoid making it a novel. Remember, be concise!
Tip #3: Price your property right.
Normally, the rental’s price is something that’s included in the rental ad’s headline. As such, the pricing will have a significant impact on the click through rate.
If you underprice your rental, you won’t be able to maximize your ROI. You may even have a hard time paying off your expenses. Common expenses include mortgage fees, property taxes, and repair and maintenance costs.
On the other hand, overpricing it can make prospects turn away. This means you may have long vacancy rates. And as you probably know, long vacancies can have a detrimental impact on your bottom line.
So, how do you price your rental property the right way? Hiring a professional is the best way to go about it. An experienced property management company can help you figure out the best rental price for your property.
“For Rent” signs are no longer as effective as they used to be. Today, you’ll need to do things differently in order to get your desired results. Specifically, you’ll need to incorporate both traditional and conventional marketing tactics.
Traditional marketing tactics include using “For Rent” signs, community bulletin boards, flyer print outs, and word of mouth.
Conventional marketing methods include social media and rental listing sites.
Tip #5: Keep monitoring the performance of your rental ad.
Rental ads aren’t the ‘set and forget’ kind of thing. You’ll need to keep monitoring their performance to see what works and what doesn’t. Then, you’ll need to make the necessary adjustments.
Ideally, after you’re done with the distribution process, you should be able to get some inquiries. If you aren’t getting any, it means that something is not just right.
Review everything to see what you did wrong and determine how you can improve.
If you’re unsure why your rental ad isn’t successful, contact a property management company for help.
Tip #6: Hire a property management company.
Property management companies exist for one main reason – to help property owners manage their rentals. So, you can imagine the wealth of experience these companies often have.
When it comes to marketing a property, a good property management company will know, from experience, what works and what doesn’t. This can help you save enormous time and effort trying to figure out things on your own.
And besides helping you market your property, they can help you in other aspects, as well. They can help you screen prospective tenants, collect rent, care for your property, and provide you detailed financial reporting.
In other words, a property management company is a one-stop shop for all your property management needs.
As a property owner, it’s normal that you’ll have to deal with vacancies when renting out your home. However, it’s crucial that you try to fill these vacancies as quickly as possible.
We hope that our 6 tips help you advertise your Temecula rental property successfully.
Should you need expert help, Realevate Specialist is here for you! We provide property management services throughout Temecula and San Diego.
Get in touch to learn more!