If you’re renting out your house, marketing it to the right tenant can be a challenge. According to recent data, approximately 14.3 million properties for rent are privately owned.
When it comes to marketing houses for rent privately owned, there are some things you can do to reach the perfect tenant.
Read on to learn five helpful property marketing tips that will help you find a tenant fast, so you’re making the maximum amount of profit possible.
1. Spread the Word
While it seems simple, a large amount of real estate marketing is simply done by word of mouth. Telling others about your property is an easy way to let people know you’re ready for a tenant.
If you own other properties, you can also let your existing tenants know so they can pass it on to other people they know. It’s also a good idea to tell your friends and family members, just in case they know someone looking for a place to rent.
The best part about word of mouth is that it’s completely free. If you’re feeling generous, you could even offer a special referral incentive to anyone who finds the next tenant. If you have personal social media accounts, this is also another great place to spread the word without spending a dime.
When using this type of property marketing, make sure you’re giving out all the details including the size, location, and rental price per month. That way, people know exactly what you’re offering upfront.
If you prefer to be more hands-off with your property marketing tactics, professional property management companies can handle all of it for you. These companies can reach tenants and they understand how to help get your property rented out as quickly as possible.
2. Free Online Listings
Many prospective renters look for houses for rent privately owned online through various marketplaces. Some of these marketplaces offer you the chance to list your rental property for free.
Facebook Marketplace is a great place to showcase your rental property and find prospective local tenants. It costs nothing to advertise your rental on the platform, but you can have the listing sponsored for a fee which will reach more people.
Another great free online marketplace is Craigslist. Although it’s been around for years, it’s still a popular place for potential renters. You can post photos and all the details of your rental property based on your local market for no charge.
3. Houses for Rent Privately Owned: Newspaper Ads
It might feel old school or even a little outdated, but placing your rental property in the local newspaper classifieds section is a smart marketing move. Lots of people still look at the paper when it comes to finding listings, especially those from private owners.
Most local newspapers have an online version, and some have completely moved over to online-only. Either way, the ad rate for these types of ads is usually reasonable and affordable.
If you decide to go the newspaper route, make sure you’re as specific as possible in your listing and include pictures if possible. You should also consider paying for ads that run on the weekends since this is when a large percentage of people sit down and scour their local paper.
4. Use Paid Listing Websites
The best real estate marketing that will reach the most eyes is still through paid listings online. With so many different sites to choose from, it can be difficult to decide which option is best for you.
Zillow and Trulia are two standouts that tend to reach a huge audience. Not only do they have beautiful websites, but they also have smartphone apps, which is great for young renters or renters who are on the go.
Consider adding your rental property to both of these paid listing services. There’s a good chance that you’ll get multiple inquiries on your property if you do. Check the terms and conditions, as both of these services tend to offer deals, like a free listing for the first 30 days and a flat fee for each week thereafter.
Apartments.com is another excellent paid listing website. Although the URL has the word “apartments” in the name, you can also list your private home rental as well. Simple listings are free of charge, but you can also opt to pay for a premium listing and include more photos and details.
Apartment List lets renters view lots of open listings through their website and mobile app. As a property owner, the best part is that you only pay a fee when someone signs a lease.
5. Wow Your Potential Tenants with Details
Whether it’s the local newspaper, word of mouth, or online ad listing websites, the key to renting your property quickly is to “wow” people with as many details as possible. If you’re using a property management company, make sure you include that information in the listing.
Choose clear, color photos in as many ads as possible since this is what will really draw prospective tenants in. You should also add information about the property’s location which includes nearby schools, hospitals, and other key amenities.
Of course, you should also always include the size of the property to include how many bedrooms and bathrooms it has. Discuss the neighborhood in as much detail as possible, and don’t forget to include information about the front and backyard, too.
Make your listing as catchy and unique as possible. The right wording and vital details will help your property stand apart from the crowd. This is especially important if you’re in a busy, competitive market or during times when there is an overabundance of inventory.
Get Your Property Rented Today
Keep these tips in mind to help you market your houses for rent privately owned. With the right strategy in place, you should have no problem finding a terrific tenant in no time.
At Reedy & Company, we manage thousands of rental properties in Memphis and the surrounding areas. Let us help you by giving us a call or contacting us online today.