Having great marketing and advertising is helpful in running a successful rental investment. You may have the best rental property in Winston-Salem, but if prospective tenants don't know about its existence, you won't be able to rent it out.
As a landlord, knowing how to advertise your rental property effectively carries numerous benefits, such as being able to attract a large pool of prospective tenants. And with a bigger prospective tenant pool, it may mean having higher chances of finding a great tenant who will help you achieve peace of mind and earn maximum income.
In this post, we are going over proven tips to help you advertise your Winston-Salem rental property successfully.
1. Invest in High-Quality Photography
A common marketing mistake landlords make is underestimating the power a quality photo. In fact, photos can make or break your re-renting efforts, especially if you're targeting high-quality tenants.
According to numerous statistics, listings with pictures receives over 90% more clicks than those without. What's more, prospective tenants will typically spend more time looking at photos than anything else in a listing.
To take great pictures, there are a couple of things that you must get right. For one, you must stage your home to ensure it's in its best condition.
Some of the things you can do include:
- Give it a thorough clean
- Depersonalize it
- Make all the necessary repairs
- Spruce up the curb appeal
- Replace dated appliances with new ones
Basically, make sure your home looks its best.
Next, get the lighting right. According to experts, the best time to take photos is either during the early morning hours or during the late afternoon. Open doors, curtains, and blinds to maximize the natural light. However, if that's not possible, then make use of the indoor lighting.
Lastly, have a shot list to help you stay prepared and organized. Make sure to include all important rooms and areas, such as the bedrooms, bathrooms, kitchen, dining areas, outdoor areas, and any other important areas.
We also recommend you hire a professional photographer. However, if working on a budget, just get a hold of a good smartphone.
2. Compose a Great Rental Ad
Once you have some great photos, start composing a rental ad. Make it engaging, interesting, and accurate.
A rental ad is what is going to tie the entire story together. It can also rank higher in search engine results pages if you write it properly.
And just like the photography aspect, there are a few things that you must get right for it to be effective.
The first thing is to write a proper headline. This is the first thing that a prospect will see when they are looking at a listing. If you make it interesting, a prospect will want to read more and will click it. The opposite is also true.
Now, great headlines must include certain basics, such as the rental price, the number of bedrooms and bathrooms, the property type, the property location, and a standout feature.
An example would be something like: $1,200 1-BD, 1BTH Apartment near Wake Forest University with Stunning Views.
Including such vital information will immediately allow a prospect to know whether or not the property is ideal for them.
After getting the headline right, the next thing is to compose a proper description of the property. The goal here is to help a prospect visualize what it's like to live in the property.
The following are some tips to help you in this regard.
- Highlight any available amenities the property comes with.
- Describe what the neighborhood is like. Use the right adjectives, such as quiet, clean, beautiful, tree-lined streets, suburban, etc.
- Mention any important policies you may have, such as a "No Pets" policy.
- State any other move-in fee the tenant should expect to pay other than rent, like the security deposit. Please note that there is a security deposit limit in North Carolina. The limit depends on the term of the lease.
Before distributing the ad, proofread it to make sure that it abides to the Fair Housing Act. In other words, proofread it to make sure it doesn't contain any discriminative phrases.
In North Carolina, landlords are prohibited from discriminating against their tenants on the basis of 7 protected classes: race, color, religion, sex, nationality, familial status, and disability.
As such, it'd be unlawful to include statements such as "Ideal for a Christian Family," "A Caucasian Tenant is Preferred," or "No Children Allowed."
3. Distribute the Ad
At this point, you're now ready to start distributing the rental ad. The only way prospects will know about your property's existence is if they can find it. Therefore, make sure to distribute the ad far and wide in order to reach as many prospects as possible.
To reach the online audience, use social media and online rental sites, such as Zumper, Redfin, HotPads, and Zillow. For other audience, use things like local bulletins, yard signs, flyers and posters, and even use word of mouth.
However, the distribution process doesn't end there. Keep monitoring the ad and make adjustments if need be, especially if using rental listing sites. You may also want to pour in some money to run ads if free platforms don't seem to work.
4. Hire a Property Management Company
Are you just starting out as a landlord in Winston-Salem? Or, are you an out-of-state investor and are not familiar with local real estate laws? If so, hiring an experienced and professional property management company would be ideal.
TE Johnson & Sons has been in the business for years and can help you succeed!
There you have it – a step by step guide on how to advertise your Winston-Salem rental property successfully.
It starts with taking good photos of your rental, creating a great rental ad and then distributing the ad using both online and offline methods.
For expert help in this regard, TE Johnson & Sons can help. We have the experience, resources, and contact network to help you meet and even exceed your goals. Get in touch to learn more!