5 Ways to Successfully Market Your Rental Property

By MyRentalTM – Now available in REcolorado Marketplace

Let’s face it. It’s stressful when your rental property sits empty. Each month that unit is unoccupied it costs you money. Because finding new tenants for your rental property isn’t always easy, here are a few steps you can take to increase your chances of finding quality tenants quickly.

1. Prep your property for primetime.

Walk through your rental and tackle needed repairs. With an eye for detail, look for things like loose kitchen drawer hardware and broken light fixtures. If needed, change the locks on exterior doors. Consider having the carpets cleaned and hiring a service to do a thorough cleaning of the entire property. It is also a great time to have the rooms painted a neutral color, which usually makes it easier for potential tenants to picture their personal items in the space. These small steps will go a long way towards showcasing your property.

2. Take good photos and lots of them.

Now is the time to show off your property, and your photography skills. Once all the small repairs are complete and the unit has been painted and cleaned, it’s time to take photos for your advertisement. Quality photos of clean, empty rental units can be more appealing to potential tenants than photos of a property with someone else’s furniture. Make sure to take the photos during the day so that you can show your rental in the best possible light.

3. Entice them with great property features.

You’re off to a great start when you combine quality photos with great marketing copy. Next, determine the type of tenant that might be attracted to your property. For example, is your rental perfect for young couples with small children or is it better suited for single folks? Think outside the box and highlight special features such as an included washer and dryer or a two-car garage. And don’t forget to list key features such as the number of bedrooms and bathrooms, an updated kitchen, new carpets and paint, and central air. Finally, speak to your ideal tenant by including the all-important rent and deposit amounts, pet policy, and contact information.

4. Research and use multiple marketing tools.

Free listing pages are a good place to start, but don’t stop there. A “For Rent” sign in a prominent window or on the front lawn is a great way to target drive by traffic from neighbors. After all, those living nearby want good neighbors, so letting them know your property is for rent is a good way to get referrals. Lastly, don’t forget to list your rental through REcolorado with the use of Matrix™ from CoreLogic®.

5. Ensure they’re likely to be good tenants. Use a good screening service.

After narrowing down your choices, find a low-risk tenant by using a tenant screening solution like MyRental™. A good screening service will not just offer easy to use and on-the-go tenant screening, it will also help educate you on how to pick a great tenant. REcolorado offers a 20 percent discount on services if you use the above link.

Finally, finding a great tenant that will treat your property with care and pay rent on time is not rocket science but it does take proper preparation and thoughtful marketing. By preparing your property to looks its best, using the marketing tips mentioned here AND a good screening service, you should be well on your way to finding a long-term tenant. Not to mention eliminating the stress and financial drain associated with an empty rental property.