Besides enhancing your property to make the facade and interior more appealing to tenants, something else you need to do to attract tenants is to advertise your property.
To help you get started, the team at Antslabor has put together these three tips to walk you through how to advertise a rental property online.
1. Use Social Media To Publish and Target Your Ads
Social media is the ideal place to find tenants. Besides sharing your property on a personal page or group, consider using ads. Ads allow you to target individuals based on a predetermined criteria, which means you are more likely to find the tenants you want. You can also be very specific with your ad targeting. In addition to location, you can choose to target individuals based on their interests and previous searches. However, to abide by Ontario law you should ensure your ad copy is fair. (More on this in Tip #3).
By creating these ads you also have to carry out fewer tenant assessments as the ad will have done some of the vetting for you.
Instagram and Facebook are great places to start and several resources exist to show you how to set up your ads and how to maximize your budget. You don't need the largest marketing budget to find success, if you know how to target your ads, you can find the perfect tenant with a $50 advertising budget.
The other popular rental listing sites in Ontario are:
2. Film a Video Tour
Video tours are the ultimate way to entice tenants. The interactive nature allows potential tenants to have a comprehensive view of your rental property, which isn't something you can achieve using pictures. Another benefit of using a video tour to advertise a rental property online is that it enables you to follow Ontario's COVID safety guidelines without conducting an open home.
The best part about filming a video tour is you don't need a DSLR camera you; can find guides online detailing how to create a video tour on your phone. If you do have the budget, however, using a professional videographer or editor will ensure your virtual tour highlights the features in your home that stand out.
3. Be Descriptive in Your Ads
Now that you know where to advertise a rental property online and you have filmed a virtual tour, it’s time to create your ad copy. Your ad copy should differ for every social media platform or website you use. For Instagram and Facebook, keep your copy concise, focusing on the property’s best features. Use descriptive words that entice prospects. When creating social ads, always have a headline that instantly defines your property. An excellent example of this would be "spacious loft with floor-to-ceiling windows" instead of "downtown loft apartment for rent."You can also follow some of Facebook’s best practices to create an ad that attracts prospects. Once you have your ad copy and your virtual tour, you can begin targeting your ads so only the kind of tenants you want see it.
While you can also use an MLS service to list your ads or hire a real estate agent, learning how to advertise a rental property online gives you greater control of the process. Besides, having the skill is useful as you can continue to advertise for minimal cost.
Ads also serve as an excellent way to automate some property management tasks, as you spend less time vetting prospects. You can also use our application that helps automate other essential property management tasks to spend less time managing your rentals.
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