Marketing your rental property

Marketing your rental property can be a challenge, but with the right strategy, it can also be a great opportunity to attract a wide range of potential tenants.

The first step to marketing your rental property is to understand your ideal tenant. The ideal tenant is not always the one that pays the most but one that would give you the least amount of stress and headache. The ideal tenant would depend on your property’s location, property type and the demographics in the area. An obvious example would be a condo in downtown Toronto that would rent primarily to a young professional. Another example would be a loft in Kitchener next to Google and Shopify’s office that would target web developers as an ideal tenant.

Once you have identified your ideal tenant, here are some of the best ways to market your rental property:

Utilize online listings

Online listings are a great way to reach a wide audience of potential tenants. Sites like Craigslist, Kijiji, Facbeook and rentals.ca are all great places to list your rental property. Be sure to include high-quality photos and a detailed description of your property, including any amenities and features. Look at similar online postings to see what you are competing against.

Utilize social media

Social media platforms like Facebook and Instagram can be great places to market your rental property, especially if it’s a short term rental. Create a page for your rental property and share photos and updates on a regular basis. Ask those that have stayed in your property to post reviews and share their experience. This will help to build a community of interested potential tenants and keep them updated on the availability of your property.

Leverage word-of-mouth

Word-of-mouth can be a powerful marketing tool. Let your friends, family, and colleagues know that you have a rental property available and ask them to spread the word. You may be surprised at how quickly word-of-mouth can help to generate interest in your property. One caveat to word-of-mouth is that you must make it clear that you will be doing your typical reference and background check on the potential tenant. The last thing you want is to sour an existing relationship by not setting expectations upfront.

Offer incentives

While not seen in a hot rental market, incentives can be a great way to attract potential tenants to your property. Consider offering a discounted rent for the first month or offering to pay for moving expenses. These types of incentives can make your property more attractive to potential tenants.

Work with a property management company

If you don't have the time or expertise to handle the marketing of your rental property on your own, consider working with a property management company. They can handle all aspects of the marketing process, from creating listings to managing inquiries and showings.

By utilizing these marketing strategies, you can effectively reach a wide audience of potential tenants and find the right person to rent your property. With the right marketing strategy, you can quickly fill your rental property and start generating income.