In the past, word of mouth and signage were successful when marketing a rental property. Since the pandemic, many things have changed. Rental property owners struggled to get their property in front of potential renters due to increased restrictions such as limited in-person showings, lack of networking, and solely relying on word-of-mouth. Now more than ever, marketing tactics need to focus on an online presence, which is an important aspect in the competitive Vancouver Real Estate and Rental Market. Based on our experience at CENTURY 21 Prudential Estates (RMD) Ltd., we have put together 5 tips to help you successfully market your property for rent.
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Determine Your Target Market
Before marketing your rental property, it is important to understand your target market. Because the majority of rental listing traffic is online, research is necessary. You wouldn’t advertise a rental listing to a family or young couple in a senior-prominent neighbourhood or vice versa. Why? It would be ineffective. Seniors want peace and quiet, whereas, families want to be surrounded by other families, and young couples want to be in a convenient, lively neighbourhood. Once you understand the demographic, you can market your rental property by highlighting desirable features of the location, neighbourhood, property, and place your listing in front of the right renters.
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Get Professional or Quality Photos
When including photos for your advertisement (online or offline), quality photos are necessary. There is a clear difference when comparing listings with cell phone photos and listings with professional photos. With a focus on images and videos in today’s world, prospective tenants are likely to review property photos before reading the written ad. Make a great first impression and stand out from other rental listings with professional or quality photos. Remember to turn on all lights and use flash when taking photos on your own.
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Create Quality Listings
The majority of renters search for rental properties online through platforms like Craigslist, Kijiji, Facebook Marketplace, and other rental platforms. Since there is a large rental market in Vancouver, it is critical to stand out among your competitors. In addition to hiring a professional photographer to take high quality photos, make sure your rental listing is thorough and includes all the details and answers to questions that prospective tenants may ask. This will prevent an influx of follow-up questions and could attract tenants that are looking for a specific feature or property.
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Hold Showings
Whether marketing in-person or online, showings are imperative. They allow potential renters to get a real sense and feel of the space, remove uncertainties, and are more personal. Showings are also beneficial for Rental Property Managers and Landlords, as they provide a first impression for prospective tenants and allow Rental Property Managers and Landlords to share information on the property and highlight its features.
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Word-of-Mouth & Social Media
Although advertising online is necessary, word-of-mouth should not be taken off the table. There is nothing more powerful than your network. Keep a close relationship with friends, family, and people you network with. They will continue to produce quality renters, even when things are slow.
Social media can also play a vital role in today’s rental market. Having multiple social media platforms will increase the chances of getting noticed. Instagram, Pinterest, and Facebook are some of the best social media platforms for rental properties since they are primarily visual and reach a large audience of all ages.
Running Facebook/Instagram ads are a great way to target a specific audience. They allow you to reach your audience based on demographics, interests, age, lifestyle, and more!
Contact us
Quality renters are difficult to find without the right marketing tools and experience. At CENTURY 21 Prudential Estates (RMD) Ltd., we take on the management and stress that comes with a rental property, so you don’t have to. Enjoy peace of mind knowing that your property is maintained to the highest standard with our Rental Property Management Team. For more information, please read our Rental Property Management Overview or contact our office (604) 278-2121 to speak with a Rental Manager.
