Advertising Rental Property Tips
Real estate is a business. Many residential landlords are real estate investors who want to profit from their rental properties. Advertising helps landlords and property owners attract good prospective tenants for their properties. How they advertise is often the difference between success and failure. Advertising can attract prospective tenants who are right for you and will respect your real estate investment.
Before you create a rental property listing, you should develop a marketing strategy. Do you have a prime location near a college or university? Is the neighborhood attractive to young city-dwellers or a quiet escape from the hustle and bustle? Consider the type of tenant you hope to attract as a starting point to help you determine where to place your rental listing.
Social Media and Rental Listing Sites
Try a variety of marketing strategies. Apart from the classic "for rent" sign in the yard, newspaper classified ads and free community periodicals were long the go-to tactics in the rental game. In the 21st century, social media and online listing sites may give you a wider reach. Here are a few options for marketing your rental property via the internet:
- Facebook Marketplace
- Local or regional apartment listing websites
Other options include posting your listing in local hot spots, such as grocery stores, or trying to find someone through word of mouth. Your current tenants may be an excellent referral source.
Elements of a Rental Listing
Your goal in advertising your rental property is to attract the right tenant. To do so, you must create an irresistible rental ad, preferably with pictures. You probably only have 20-30 seconds to catch a potential tenant's attention, so use that time wisely.
Here are a few elements to include in your rental advertisement:
- Number of bedrooms
- Number of bathrooms
- Unique features of the rental unit
- Floor plan
- Pet policy
- Rent price and security deposit (often one month's rent)
- Contact information
- Date and time of open house, if any
- Tour options, including virtual tours
Alternatives to Traditional Advertising
Some landlords use a property management company to manage all aspects of the rental process. These companies' expertise and knowledge of the rental market allow them to pick the best listing service for your rental property. They can also process the following:
- Rental applications
- Tenant screening
- Background checks
- Rent collection
These companies can help you save time and money searching for the best tenant.
Most local laws and the Fair Housing Act prohibit housing discrimination based on protected characteristics. These laws apply to real estate advertisements, too. You cannot discriminate against potential renters in your advertising campaign.
Protected characteristics include:
- Gender identity
- Sexual orientation
- National origin
Get Legal Help
If you are preparing to advertise a rental property, consider speaking to an experienced real estate attorney. These attorneys are experts in real estate law and can give you sound legal advice on your advertising campaign. They can vet your advertising materials to ensure you are not violating housing discrimination laws. Speak to a qualified real estate attorney in your area today.
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.