How To Find New Tenants Quickly With Effective Advertising Strategies
Advertising your property is right at the top of the list of factors to consider when renting your property in a tough market. Here’s how to maximise renter interest in your property with smart advertising strategies.
There are a lot of considerations for renting out your investment property in a tough market, but advertising your property and strategic campaign planning are right at the top of the list of factors to think about. With vacancy rates up across the city at the beginning of 2019, and less demand from tenants, it’s more important than ever to attract potential tenants to your property.
We look at how to gain maximum attention in your property from prospective tenants and improve your chances of finding a great tenant as quickly as possible.
Timing Is Everything: When To Put Your Property Up For Rent
While different circumstances can dictate when you need to list your property for rent, investors often have more control than they realise. Even holding off a couple of weeks for a less busy period can have a significant effect on how quickly you can find a tenant.
For example, if you want to put the property on the market at the end of December, there’s a good chance the interest will be low as agencies close up for the break and everyone enters holiday mode. But if you wait just a few weeks until early January, your property will be right at the top of the website listings when renters start looking again for a new home, instead of languishing 10 or 20 results down the list from December.
Looking at the year as a whole, January is the best time to look for tenants, as people are considering new jobs, making life changes and starting university, but February/March and late August through to spring/summer are also prime times to list your property.
Set An Open Home Time That Appeals To The Masses
To get the most people at your inspection as possible, it makes sense to set it up at a time that will suit the majority of your target market, but it’s quite common to see open homes set at inconvenient times.
If your property is in a commuter hotspot, an inspection at 5pm might be too early for city-based workers, but a 6pm slot is much more manageable. Got a property that’s perfect for families? A weekend open on Saturday or Sunday could be the best option.
Don’t be afraid to go beyond the traditional industry norms to maximise the chances of a bustling open home. Property management specialists like Taylors can advise you on the best time to attract the right tenants to your property.
Invest In High-Quality Advertising
We’ve written previously about the importance of advertising for your rental property, but it really can’t be overstated. Many landlords overlook this vital part of the puzzle when looking for tenants, even when they know how important it is for the sale of a property. The principle is the same: you only have a short amount of time to catch the attention of a browsing renter, so the better your property looks and sounds in the advertisement, the more likely they are to register for an inspection.
At a minimum, we suggest excellent professional photos that show your property in its best light, as well as great copywriting that highlights all the benefits your target audience is looking for. If you’d like a recommendation for high-quality professionals, we’d be happy to help.
Ready To List Your Investment Property For Rent?
Contact our team of specialists today for advice on maximising interest from tenants.