4 Best Ways to Advertise a Rental Property & Increase Income

One of the keys to successfully investing in a rental property is to avoid extended vacancy periods. Therefore, the way to keep a high tenancy rate is to market the property correctly. Several things factor into this, from crafting a great listing to simply being a good landlord. Here are some tips on how to market your investment property.

Craft a Great Listing

Creating an excellent listing is the first step in marketing an investment property. The single-family property, condo, or multi-family home should sound as enticing as possible. The owner should consider what they would most want to know about the property if they were looking for a rental and highlight those features in the ad.

A great listing should include the essential features that everyone wants to know about and features that really make the property stand out, including:

• The number of bedrooms, bathrooms, and monthly or nightly rental amount
• What the view is like, if any
• Proximity to essential landmarks, schools, or shopping
• Appliances included in the rental (refrigerator, dishwasher, W/D hookups, etc.)
• Features of the neighbourhood
• Any application requirements (credit check, background check, non-refundable fees, etc.)
• Great photos

Don't be afraid to jazz the listing up. For example, saying the property has a "backyard patio" is okay, but "Backyard patio is great for entertaining guests or enjoying a cookout" is better. Once you have a concise and descriptive listing, you can use it repeatedly as a template on rental listing sites.

Advertise on Popular Rental Listing Sites

The next step in successfully marketing an investment property to rent to tenants is to post the listing on some of the most popular rental sites. The best options in Canada are:

• Kijiji.ca: Kijiji is available in more than 300 cities across Canada, making it one of the country's most popular rental listing sites. Owners can include up to 10 photos to advertise their property. Kijiji is free to use after signing up for a membership.
• Craigslist.ca: Craigslist is a popular brand in many countries for listing rentals. It's available in over 50 cities and areas across Canada and is also free to use.
• Rentboard.ca: Rentboard does not allow as many photos of the property, but it is available in dozens of cities across all provinces in Canada.
• Rentfaster.ca: Rentfaster charges a fee to list properties but does more legwork for landlords. Potential renters pre-fill an application to use the site, so some pre-screening occurs. Rentfaster also allows owners to post dozens of photos. This nationwide rental site lists everything from basement apartments to luxury condos.

Ensure Proper Timing

Long-term rentals have stable prices in Canada and don't fluctuate much throughout the year. On the other hand, short-term rentals require some planning to make them profitable. Timing can affect the rental price and the days the property stays on the market as the owner searches for a renter.

Many factors can contribute to the rent price and days on the market. For example, if the property is in a college town and is rented to students, it will likely become vacant during summer.

Rents can also fluctuate based on competition. If more homes are available in some months, owners may have to reduce the rent they can charge.

The equation gets even trickier for short-term vacation rentals. If a city doesn't have much tourism during winter, the property is more likely to sit vacant. Demand for a short-term rental during summer can be twice as high as demand in winter. Owners should consider all these factors for the local renting market to ensure proper timing.

Be a Good Landlord

Many people have an online reputation, which can be good or bad for landlords. Most rental sites like Airbnb allow landlords and renters to leave reviews. It's easy for renters to leave bad reviews on Yelp!, other review sites, or even a personal blog. The best way to counter this is to be a good landlord.

Being professional and organized are ways landlords can make a good impression on renters. The property should be clean and in great shape when renters show up to move in.

Landlords should have a few supplies like toilet paper and bottled water available as conveniences to greet renters. Typing a personalized welcome letter is another tip that can make an excellent first impression.

Do everything you would expect from a good landlord. If short-term or long-term tenants leave good reviews online, it tends to attract high-quality renters later.

Investment Property Marketing Made Easy

Thanks to the internet, marketing an investment property is easy nowadays. The challenges lie in marketing the right way, at the right time of year, and in the right locations.