At any given moment, a rental property owner looking for a tenant is competing against dozens of other owners. You even have worse odds as this ratio multiplies exponentially if your place is in a real estate hotspot.
So how do you improve your chances of getting prospective tenants? Everything starts early on in the process, so you should pique their interest from the get-go through your rental listing.
But creating effective rental listings is not as straightforward as it seems. Let’s look at how you can cover all bases for your rental listing in order for you to land a tenant as soon as possible:
1. Keep it brief
Most people today have a fast-paced lifestyle, and that includes an activity such as scanning for their next residence. This means you only have a small window to present as much as you can about your property.
Therefore, keep everything short, more so if you’re posting online where potential tenants look at a listing for only a few seconds before deciding to either move to the next one or delve into more details. This post by Zillow enumerated all the necessary details effective rental listings should include, such as the relevant fees and your unit’s specs.
2. Make sure your prices are competitive
It’s understandable to aim for the highest rental price for your property, but realistically speaking, your intended rates will not always be in agreement with the current real estate trends. In times like this, it’s best to do a bit of research on the present price ranges within your area so you can place a competitive value on your rental property.
Listing websites also have useful tools which you can use to quickly see the profiles of other listings for reference. For example, the San Francisco property resource Realtor has a setting for the number of beds or rooms to narrow down the list of rental properties. On the East Coast, Miami real estate specialists Discover Homes provides real estate trends happening in certain neighborhoods such as Coral Gables, and detailed information on median rent as well as average prices of properties are presented. All of these features are great sources of data which may serve as a basis for you to form your own pricing.
3. Mention a unique feature of your unit or the surrounding area
The investment experts at The Balance also recommend adding some of your property’s unique features to make it more desirable. Some examples include a walk-in closet, kitchen with built-in equipment, and a balcony.
It’s also worth putting in a line or two about the neighborhood such as if there are nearby amenities like gyms or training parks, shopping centers, etc. This gives the impression that the area is developed which is always a plus for any homeowner or tenant.
4. Attach at least one photo of each part of the house
Once you’ve got the attention of a potential tenant with all the information you’ve provided, their next move is usually to look at the photos of the property. Attach clear pictures of the different sections of the house with minimal editing. In this case, it’s better to follow the “what you see is what you get” principle rather than have a client back out after personally inspecting the unit because it’s not how is seems in the pictures.
To sum it up, an effective listing is one that’s short and concise with important details and visual impact.
And when you’ve landed a potential deal and it’s time for a personal visit, be sure to follow these tips on the post ‘Optimizing Rental Showings’ as well.