The very first thing to do when marketing your investment property is create an ad that will immediately weed out those who don’t fit the tenant profile you’re interested in attracting.
Marketing properly can save you time and money. Here are some helpful tips to attract great tenants and rent your property for top dollar.
1. Be clear and concise in your advertisement words.
Use a headline that will prompt readers to open your ad. For example: Beautiful backyard, just in time for summer; completely renovated and brand new unit; large, two-bedroom with escarpment views; walking distance to Go-Transit. Think of the best feature that your property has to offer and use it in your headline.
Do not make your ad too wordy. The first few lines will outline why your property is so great. Highlight points so the reader can quickly look through your ad and check off all the features that are important to them.
Your first few lines might say: This spacious and well-kept two bedroom is a dream apartment. Just steps from the lake and close to transit, this home offers a great location for all your leisure and transportation needs.
After you paint a picture for the reader, break down the key features of the property: number of bedrooms and bathrooms, laundry facilities, parking, appliances, special features (hardwood floors, freshly painted, fenced backyard).
2. Market at the right time.
There are certain days of the week and times of day that readers tend to shop online. Advertising on a Monday morning is not the ideal time. People are catching up on work projects or completing a list of chores.
Also important is the time of the month. Listing a property at month start will give you maximum exposure for those who have just begun to look for a rental.
If the month is coming to a close and you have not found the right tenant, be wary of the end-of-the-month crowd. These potential tenants have usually struggled to find a place due to bad credit, lack of income or poor references. Be wary, but still reply and screen them over the phone as their situation could be different.
Marketing a property two or more months before it is available is a vast waste of time. Most people give 60 days’ notice and do not begin to look for a new home until that time. If you market too early, tenants will make appointments to see your property but will often not commit as they will wait to see what other properties will be advertised in comparison.
Best times to market: First day of the month, Thursday and Friday evening to book showings for that weekend. First weekend of the months is always the busiest and most productive to schedule a viewing for a potential tenant.
3. Pre-screen tenants.
It’s hard to know what tenant is a good fit just from an email or phone conversation. A good question to ask is: “Tell me what you’re looking for in a property?” This is an open-ended question that allows the potential tenant to tell you what features are important to them. Often, you will discover what their current living situation is, if they have pets and how many people will be occupying the property.
If you have a large number of calls or emails that only ask to view the property, save yourself some time and schedule an open house. Break up the times in 15-minute increments. Don’t schedule more than three people during these increments because it will not allow you to meet and evaluate the potential tenant.
4. Always be professional.
Be prepared for a flood of responses when you post your ad. The first 48 hours is when you’ll attract the most attention. Make time to respond, preferably within that day. If you are responding with a phone call, do this in a quiet location where you are not distracted or have background noise.
You must treat this like a business. You would not call a client back while shopping for groceries at the supermarket.
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