Rental costs throughout the country, San Diego County in particular, continue to climb higher and higher. City residents have begun searching for ways to pull in extra income in order to make up for the ridiculous percentage of their paychecks going towards housing. If you have the means to do so, investing in a rental property is a great way to subsidize these costs associated with living in America’s finest city. What many landlords and owners do not consider, however, is the detrimental effects that leaving a property unrented can have. Properly marketing rental properties is vital, ensuring that you are giving yourself the best opportunity to quickly fill the home with qualified candidates. Lucky for you, our marketing expert is here to walk you through the process:
Step 1: Post Property to Major Websites
The first step all homeowners must take when marketing rental properties should be the most obvious… Get the home in front of as many people as possible.
According to Realtor.com, 94% of millennials begin their home search online. This age group makes up a significant majority of the rental market. To reach them, you should immediately be looking towards the most popular websites. In the world of real estate, Zillow, Trulia, and Redfin are king. Try it out… type in anything related to real estate in a Google search and the first results that come up will inevitably be from these sites. Even if you stop reading this article now and only follow step one, you are essentially assured to receive some interest from potential tenants.
Posting to these sites is incredibly simple, and interested renters will be tracked and neatly organized on your dashboard. Listings do not expire for 30 days so you can sit back and field inquiries without worrying about your home getting lost in the clutter.
Step 2: Use Subsidiary Websites
Craigslist sometimes gets a bad reputation. Many people see it as a way to get worn down items at a low price or meet sketchy people.
In reality, Craigslist is a great way to advertise to people in your area. It also happens to be one of the first places that renters in a certain price range (San Diego $1,800 – $4,000) will look to find homes that may not be listed on other sites. Properly marketing rental properties means getting your home on as many relevant sites as you can. College students and young professionals can easily navigate the site. They will often use the Map Feature to scan an area and see a large number of properties at once. This is ideal for landlords and owners who have multiple properties in the same area or for agents who are trying to connect with renters who may be looking to buy in the near future.
Step 3: Hold an Open House
As discussed in my earlier article, Preparing Your Home for an Open House, open houses are a great tool for drawing the interest of qualified renters and buyers. When looking for rental properties, potential tenants often have to squeeze in showings between work and other personal obligations. Holding an open house will ensure that you are not running to and from the property to show the home at all hours of the day. An open house will also create a sense of urgency among potential tenants, due to the fact that they will inevitably see the competition they are facing from other attendees.
Step 4: Reach Out to a Local Brokerage
Beyond marketing rental properties, managing a property is a full-time position. If you don’t have the means to find qualified renters or simply do not have enough time in the day, reach out to a professional.
Although renting out your property on your own may seem like an easy way to save a couple bucks, trying to find the right tenants while also dealing with a job, kids, school, and having a personal life just isn’t possible. Reach out to a brokerage that will be able to put in the time and effort that your home deserves.
Generally, for a small fee an agent will be able to reach a much larger audience that is more informed. More importantly, this audience will consist of people that are more ready to rent. This can help you save money by getting the property filled quickly. In addition, it can save you time in the future by finding tenants who will stay longer. Establishing a relationship with this brokerage will be beneficial in the long run, in the case that you may be looking to fill multiple properties or want to rent out this property in the short term and will need to start the process over again in a few months.
Kevin Darchuk is a Real Estate Professional at Class Realty Group’s San Diego office. Reach him by email at firstname.lastname@example.org or by phone at 408-483-6668.