Vacancies can be a nightmare for any property owner. Bills will continue to pile up even when the property is empty and there’s zero rental income coming in.
If you’ve found yourself with a vacant rental home, the best way to remedy the situation is to market the property. There are plenty of ways to advertise your rental — some of them are even free!
Free Ways to Market Your Rental Home
Approximately 80% of renters find their next home on the Internet. Listing your property online is one of the most cost-effective ways to get the word out about your vacancy.
There are plenty of websites where you can advertise your rental listings for free, such as Craigslist, Trulia, and Apartments.com. Advertising online allows you to reach a large number of prospective tenants at once and with very minimal effort.
Similarly, you can advertise your listing on social media sites such as Facebook and Instagram. This allows you to customize your target demographic based on age, gender, etc. Just be careful you don’t end up discriminating against anyone — even if you never intended to.
Keep in mind, however, that you will be facing a ton of competition. If you hire a property manager, they may have active socials where they can advertise your listings. Work with a reputable property management company that has a huge following in order to reach as many potential renters as possible.
#2 Word of Mouth
Word of mouth may be an “old-fashioned” method of advertising, but it still works like a charm.
People will always talk. As a property owner, you can talk to your friends, relatives, and even existing tenants to get the word out about your property. Chances are, they know someone who is looking for a new place to live.
Advertising through word of mouth will not result in the same exposure as listing your property online, but it is free. Additionally, people are more likely to consider your rental property if it was referred by someone they trust.
#3 Email Marketing
Create a mailing list of people who might be interested in renting your property. You can get email addresses by asking website visitors to subscribe in order to receive updates about future vacancies.
You could also review the applications of tenants who didn’t push through with the lease at the time. This way, the tenants whom you advertise to will have already been screened, saving you a lot of time and money.
Affordable Ways to Market Your Rental Home
#1 Bulletin Boards
Posting flyers on bulletin boards allows you to directly reach people who are looking for rental properties in that particular area. The best part? It costs nearly nothing. All you need is paper and ink, or you could have the flyers printed at your local FedEx.
Go around the neighborhood to look for bulletin boards. They can usually be found at supermarkets, gyms, community colleges, post offices, and the city hall. Posting announcements on bulletin boards is usually free, as well.
The only downside to advertising through bulletin boards is that it can be time-consuming. This may not be the ideal method if you don’t have the luxury of time.
The cost to advertise your rental property in a local newspaper depends on how often you want your ad to run, as well as on which page you want your ad to appear. Local newspapers typically charge $11 an inch, but nationwide newspapers that have a high circulation (meaning the number of copies sold daily) can charge as much as $1.4 million for a full-page ad.
Local newspaper advertising will most likely cost you a couple of hundred dollars, but it will depend on the publication, length of the listing, duration of the run, section of the paper, whether or not it is in color, and much more.
Keep in mind that advertising in newspapers may not be ideal if you’re trying to reach a younger demographic. In that case, you may want to stick with online advertising. It’s best to ask yourself, “Will my ideal tenant even be reading the newspaper?” before paying hundreds of dollars.
More Expensive Ways to Market Your Rental Home
#1 Real Estate Agent
Hiring a real estate agent is one of the more expensive ways to market your property, but it’s definitely one of the most effective. Working with a realtor will be worth your while, especially if you want to be completely hands-off.
A real estate agent will handle everything from start to finish, which includes marketing and showing the property, screening tenants, and drafting lease agreements.
Alternatively, you could hire a Florida property manager who is also a licensed real estate agent. This way, the services don’t end once the tenant moves in. A property manager will continue to oversee the day-to-day demands of your property, as well as ensure that the property is always occupied. If a tenant moves out, marketing the property again won’t cost you extra since it’s already included in the package.
Tips and Tricks to Make Your Ads Pop
#1 Invest in Good Photography
Prospective tenants will skip your listing if it doesn’t have pictures. But when your rental listing has great photos, you will see a significantly greater number of views.
Adding photos to your listing allows potential tenants to envision themselves living in your rental home. Make sure to make the space look appealing, clean, and inviting.
#2 Write Effective Ad Copy
Don’t forget to write effective rental listings. Ad copy can be broken down into two sections: the headline and the description. Both should encourage your prospective tenant to keep reading.
As a rule of thumb, be sure to include the basics in the headline, such as the number of bedrooms, bathrooms, monthly rent, and type of property. For instance, a good headline would be “$1,500/month, 2-bedroom, 2-bathroom family home in Miami with beach access.”
We’re Here to Help Advertise Your Property
Luxury Property Care prides itself on offering full-service property management, which includes aggressive rental marketing that is designed to fill vacancies in record time. We will develop a unique marketing strategy that suits your needs, budget, and investment goals, bringing you the most qualified tenants who will take excellent care of your property.