Leasing Mastery Series Preview: Marketing for Rental Properties

Real Estate Marketing 101: Creating Killer Property Listings in 3 Simple Steps

Are your property listings reaching the right tenants? Each day your rental property sits empty costs you and your clients cold, hard cash.  The best way to minimize vacancy time is to attract high-quality tenants as quickly as possible. To do that, you need to understand how real estate marketing works. It’s a complex beast, but don’t worry. We’ve got your back. In this article, we’ll tell you everything you need to know about marketing for rental properties, so you can create property listings that attract tenants like bees to honey! Here’s what you need to know.

Rental Property Marketing Tip #1: Learn Everything About Your Property. 

Yes, everything. Let us list it out for you.

Property specs: Your Listing Needs to Unveil it All 

When it comes to promoting your property like a professional, you need to know every detail.  We’re talking:

• The number of bedrooms and bathrooms
• The square footage
• All amenities
• Restrictions
• Utility information

Make sure to dig deep and leave no stone unturned.  Think of yourself as a jewellery crafter, uncovering the unique selling points that will make your property shine like a diamond in a sea of rentals. 

Location, Location, Location: This Can Make or Break Your Listing

It’s not just the four walls of your property; it’s the entire neighbourhood that surrounds it. Let potential tenants explore the wonders that await nearby — paint a picture of a lifestyle. Imagine a fitness enthusiast stepping out of your building and into a state-of-the-art gym or walking trail.  Is your property a stone’s throw away from convenient transit options that would make any commuter’s heart skip a beat?  Or is it nestled in a vibrant community with renowned schools, perfect for students or young families?  Be sure to list everything they might be interested in:

• Fitness facilities
• Parks and trails
• Landmarks
• Transit stations
• Schools
• Community centers
• Hospitals
• Restaurants and leisure centers
• Walk, bike, and transit scores
• Other local amenities

Highlighting these gems of the neighbourhood will set your property apart. Remember, it’s not just a home you’re offering, but a lifestyle that dreams are made of!

Tenant Persona: A Vital Piece of the Puzzle 

Are you looking for a young family yearning for a safe and nurturing environment? Or perhaps a young professional or student ready to embark on their next adventure?  Understanding the specific needs and preferences of your ideal tenant will allow you to tailor your listing and attract the right individuals to your property. For example, if you are looking to attract a student, make sure to emphasize features such as a quiet study area, reliable internet connection, and convenient access to public transportation.  Additionally, consider showcasing nearby social and recreational areas that are popular among students, such as coffee shops, bookstores, or recreational facilities.  Property managers can waste dozens of hours each month on tenant qualification, so tailoring your listing can help you get some of that time back.

Competition: Know What You’re Up Against

Identify similar properties in the area that share common features and amenities.  What makes them stand out? What drew you to them?  Analyze their strengths and weaknesses like a master strategist, allowing you to position your property in a league of its own.  And when it comes to pricing, knowledge is power!  Calculate the average rent among comparable rentals to ensure you price competitively without leaving a single dollar on the table.

Rental Property Marketing Tip #2: Create a Listing That Steals the Show.

Want to make your competitors jealous? Then you’ll need to get really, really good at making property listings.

First Mission: The Subject Line 

The goal of the subject line is not to rent the property… it’s to acquire a click. It’s a first impression. You need to grab the tenant’s attention. Once you have them, then the rest of the listing can work its magic. Ask yourself: when faced with countless listings that all seem eerily similar, what makes yours different? Forget about those dull and mundane subject lines like “Cozy 2-Bedroom Apartment Available.”  Instead, take your subject to the next level, making it impossible for leads NOT to click. When working with limited characters, prioritize highlighting your standout features — those remarkable gems that set your property apart from the rest.  Think about those cool amenities and special characteristics that make potential tenants go, “Wow!” From a heated pool and jacuzzi to a fully equipped gym, ocean views, a gourmet kitchen, a home theatre, or even an exquisite 18th-century staircase — let your imagination run wild.  The goal is to grab attention and give them a taste of the unique lifestyle and experience they’ll have by choosing your property.  So instead of: “Beautiful 2-BR Apartment For Rent in Yaletown” How about something like: “Experience Yaletown luxury: Modern 2-BR apartment with panoramic ocean views, indoor heated pool, and rooftop jacuzzi!”  Who could resist clicking on that?

Now, Onto the Property Description 

It’s time to unleash your inner wordsmith and paint a vivid picture in your potential tenant’s mind.  You’re not just describing a place to live; you’re telling a story!  Here is a sample of a property description. It’s informative, sure, but the story it tells is… well… creepy to say the least. Why not transform your listing into an irresistible destination that tenants would eagerly explore? Ignite their senses and take them on a journey through uncharted rental opportunities, armed with nothing but a keen eye for value and a quest for their perfect home. Let’s say we have a stunning beachfront apartment. Instead of saying:  “This apartment has a beautiful ocean view!” Try: “Step into your own private slice of paradise, where breathtaking ocean views will make your heart skip a beat. It’s a beach lover’s dream come true!” Here are a few simple steps to structure your property description like a true real estate marketing guru.

• Highlight attributes of the property

“Welcome to your newly renovated oasis in a tranquil community! This fully furnished room is the epitome of comfort and style, featuring a queen size bed, a convenient studying table, a spacious closet, and a charming bookshelf. It’s all here to make your life a breeze!”

• Enhance with attributes of the neighbourhood

Remember, emphasize the conveniences based on the type of tenant persona you want to attract. “Now, let’s talk about the unbeatable location. You’re just a short stroll away from both King Edward Station (600m) and Broadway City Hall Station (950m), granting you access to the entire city with ease. But that’s not all! You’ll find yourself surrounded by a vibrant array of shops and restaurants, all within walking distance. Convenience at its finest!”

• Outline the key terms and conditions

Don’t miss the important ones like rent, utilities, and important restrictions. “Here’s the deal: for just $1600, you’ll secure this fabulous abode, with hydro, electricity, and Wi-Fi all included. Now, it’s time for some ground rules. We’ve created a peaceful haven, so no pets, smoking, parties, or drugs are allowed. This space is designed for single occupancy only, guaranteeing you the utmost privacy and tranquillity.”

• End with a clear call to action 

Make sure your tenants know how to contact you. “Don’t miss out on this exceptional opportunity! Call us now at +1 236 234 9432 or email us at info@rentalmail.com to claim your spot in this idyllic retreat. Act fast before someone else beats you to the punch!”

Two More Elements: Photos and Rent Price

These are both critical in helping your listing stand out. What do these photos have in common? If you said they’re both so cringe-worthy, they make your eyes beg for mercy, then you’d be right! Wonky angles, mysterious shadows, and bewildering close-ups of…what? Honestly, we don’t want to know. Here are 5 practical steps to ensure your property photos capture attention, impress potential renters, and leave them longing to step through the front door:

1. Clear the clutter: declutter and tidy up the space to let the property’s features shine.
2. Let there be light: use natural light or well-placed artificial lighting to create a bright and inviting atmosphere.
3. Capture the angles: shoot from corners or doorways to add depth and showcase the spaciousness of the rooms.
4. Stage for success: use tasteful and neutral décor to create an appealing ambience that allows potential buyers to envision themselves living in the space.
5. Highlight key features: focus on unique selling points such as architectural details, beautiful views, or modern amenities to make the property stand out.

Some people go above and beyond, providing an immersive experience through virtual tours or 3D floor plans which can be a great additional touch, but they will cost extra.  As an alternative, add a copy of a flat floor plan showing the measurements and layout of the suite. Floorplan distribution can be a deal breaker, even if the photos look amazing.  Now, when it comes to competitive rent…  It’s time to unleash your mathematical wizardry. To estimate the optimal rent for your property, follow this 4-step approach:

1. Calculate the average rent of similar properties: gather data on similar rental listings. Calculate the average rent among these comparable properties.
2. Consider property unique factors: identify any unique factors or additional amenities that your property offers such as a renovated kitchen, extra storage space, or premium views. Assign a value to each unique factor based on their desirability.
3. Adjust rent based on unique factors: add or subtract the assigned values of the unique factors from the average rent calculated in Step 1. 
4. Check market demand: consider the current rental market conditions and demand in your area. If the demand is high, you may have room to increase the rent slightly above the adjusted average rent, and vice versa.

Rental Property Marketing Tip #3: Ignite Action Through Active Promotion

Did you know that active promotion can skyrocket your leasing success?  Brace yourself for a mind-blowing statistic: actively advertising your rental property across a relevant rental site like Facebook Marketplace can reach a whopping 90% of your potential leads in hot markets like Vancouver or Toronto!  First, uncover the sacred hubs of the rental market in your area, where your dream tenants gather like bees to honey. Keep in mind that these treasure troves are specific to your region, meaning what works wonders in one city might be a whole different ballgame in yours. Get inside their heads and find the platforms that give you maximum exposure. But wait, we’re not stopping there. Think outside the box, my dear trendsetter!  Tap into the power of social media and online communities such as Facebook Groups.  Here’s the deal though: don’t just assume that your perfect tenant will magically appear because of your listing.  Go a step further than the average property manager. Actively manage and nurture your listings like they’re the hottest gossip in town.  Renew them frequently on platforms like Craigslist and Facebook Marketplace to shoot straight to the top of the pack. And hey, if you want to take it to the next level, some marketplaces like Kijiji offer paid ads to keep your listing shining like a diamond.  Oh, and don’t forget to set up those notifications. Be on high alert — ready to pounce like a lightning-fast ninja when someone shows interest.  In the game of placing tenants, time is of the essence! 

BONUS: Centralize Your Leads in One Place

Overwhelmed by the number of inquiries coming via text, phone calls, and all your rental marketplaces?  Professional property managers have all sorts of ways to manage it:

• Dedicating a single email address to channel all requests
• Setting up a request phone number
• Leveraging more advanced tools like customer relationship management (CRM) systems

Or, if all that lead management chaos is giving you a headache, you can leave it to us. Here is a 1-minute video showing how Leasey.AI automates this entire process for you: