There are several different ways to advertise your rental property, and the options really depend on whether you are an individual property owner managing property yourself or whether you are working with a professional property management company. In this blog, we will talk about the options available to both groups of rental property owners.
If you have a rental property on the market and you are managing it yourself, the most obvious option when it comes to advertising your property is Craigslist. Everyone uses Craigslist to advertise and look for rental properties. Those of you familiar with this site know that it’s a great resource, but it does also have its pitfalls. There are other options available to individual property owners managing their own properties. These include creating a flyer, putting out a sign or letting people know through word of mouth that you have a property for rent. There are also online services you can use to list the home or develop a flyer.
As professional property managers, we have those resources and additional sites we can access. These sites include Trulia, Zillow, Zumper, Yahoo and other places that our property management software automatically populates. We also use local listing services to help us advertise.
A property manager can also create a comprehensive marketing plan for your property. This will include photos, a slideshow and a professional description of your house. We work with you to point out the marketable features of your home and we really highlight the things you like best about the place. Once your property is exposed to the rental market, we monitor activity to make sure the pricing is correct. The first few days are crucial in determining whether you are getting an adequate response.
If you are not getting a lot of calls or showings, that generally means the property is probably priced too high. It’s important to keep your finger on the market pulse. We have had some property owners in the past who wanted to test the market. They list a property at a higher price than the one we come up with. Generally, we do not encourage that because it can translate into longer market times and a lack of income. You will also attract desperate tenants. These are tenants who are in a hurry to find a rental property because they are being evicted or they have bad credit. These tenants are often willing to pay more than market rent, but that is often at a detriment to your property.
A professional property manager can help you advertise and lease your property so you attract the highest quality tenants. If you have any questions about how we do this, please contact us at Windsor Pacific Property Management.