11/27/2012
THE ABCS of RENTAL PROPERTY ADS: HOW TO ATTRACT FUTURE TENANTS
You might think that words like “spacious,” “modern,” “cozy” or “contemporary” are essential for a real estate rental advertisement and will appeal to tenants looking for such obviously attractive qualities. But in reality, words copied from the “for sale” brochure, but now put in a rental ad, are not as attractive to potential tenants as they might be to a buyer. Taking a property off the sale market and attempting to rent it is a whole new playing field. A renter has different needs than a buyer and should be catered to accordingly.
To write an effective ad for a renter, one has to know the features that appeal to prospective tenants. To a knowledgeable property manager this is obvious, but to proud owners renting out their first property it might not be, and they often miss the point and miss the rental opportunity.
Avoid Vague Platitudes
We’ve all seen the ads that boast “large home, big back yard, cul-de-sac.” But a prospective tenant might read this ad and think, “What is large? I need to know the number of bedrooms. I don’t want to mow a big yard. I want to be close to a major highway, not wasting my time winding through the neighborhood.” The more specific the information you provide, the more apt a prospective renter is to seriously consider the property. For example, an advertisement that says “five-bedroom home, fenced yard, close to shopping and business districts” provides a clear visual to prospective renters and lets them know if the property will fit their particular needs.
Typically, when people start looking for a rental, they are serious, ready to move and want to find something suitable fast. Buyers, on the other hand, are often “weekend tire kickers” or “open house dreamers”— people wanting to browse and scope out the market, but not motivated enough to actually purchase a property. Prospective tenants often move quickly to find a property.
The most important part of a rental ad is presenting the cold, hard facts. Renters don’t need to be sold on the possibility of what the house can become in the future, as you might find in a potential buying situation; they want to know what the property can offer them now.
Words to Avoid
Additional words and phrases that belong in a for-sale ad, but not a rental include “beautiful, open, vaulted ceilings, updated, great starter home, great for first time buyers, superficial/cosmetic repairs needed, all-new appliances, no appliances, moderate repairs needed, recently painted,” etc. These descriptions might accommodate a buyer, but renters only need a temporary property. They aren’t going to put time and money into fixing up a rental, and they certainly aren’t going to make repairs. Renters expect a home to be ready to live in and suitable until their next venture. Keep a rental ad to the most important amenities.
Tenants want to know:
• Location of the property or the exact address so they can check it out for themselves
• Type of property (condo, house, two-story, etc.) and size (square footage)
• Number of bedrooms and baths
• Rent and deposit amount
• Length of the lease and terms (negotiable or not)
• Property description
• Features (such as garage, W/D, fenced, etc.)
· Whether pets are allowed
Grab Their Attention
Tenants often scan hundreds of ads on the Internet in a single session. They Google properties, find local real estate Web sites, or use familiar “keywords” to locate rentals. They read the ad and e-mail the owner or agent, all within a few minutes. To grab their attention, it is important to give your ad a “hook,” a headline that draws them in and encourages them to read the rest of the ad. Due to the information overload heaped on the Internet researcher, the headline should be something short and descriptive. The most effective headlines are about six words long and printed in bold type. Headlines such as “Beautiful, Spacious Condo” won’t be as captivating as something more specific like “3-Bdrm Townhouse, 1 Mile from Downtown.” Keep it simple but powerful, with as much information as possible in one short phrase.
Pricing
You can have the best ad in the world, but if the rent is too high, the property will not get rented. Pricing is often the first thing a prospective renter looks for and can be the most crucial component of a persuasive ad. Tenants are always looking for a better opportunity to rent a different place or buy one. You might get someone to pay above market rent now and then, but expect more turnover or, worse yet, a resentful tenant. If you want a tenant who pays the rent on time and keeps the property in good condition, keep the rent at fair market value. Some owners get long-term tenants when they rent a property slightly below market. To find appropriate pricing, consult a local property management company and research area rental pricing for similar properties. A fair price for a great property will bring in interested renters like bees to honey!
Appearance
Finally, statistics show that ads with photos get looked at five times more than ads without photos. All good ads have at least one photo. Great ads have numerous photos of the exterior, streetscape and multiple interior pictures. This is another reason why most owners and agents are using the Internet to advertise. The Internet is faster, cheaper, and better than the newspaper for advertizing rental properties. Ads written for the Internet don’t have to be squeezed into three or four lines of text. Moreover, color photos are welcome and expected in an Internet ad. In addition, Internet sites can generate street, aerial and school district maps. Tenants can spatially see distances between the rental property, their work places, schools and other area amenities.
Companies that specialize in property management can be a valuable resource for property owners when writing ads for their real estate. With comprehensive knowledge of the local market and real estate industry, experts can tailor an ad to stand out from the competition. Remember to be specific about amenities and location, create a stand-out headline, price fairly and include numerous color photos. By following these principles, you’ll attract renters who know what you have to offer, which avoids wasting your time and theirs. So, find yourself a friendly Internet site to post your rental ads and be prepared to check your e-mail for responses to your advertisement.
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Dave Watts is the President of ForRentByOwner.com. He sees thousands of Internet ads a day and has been investing in residential rental real estate for more than 30 years. ForRentByOwner.com is a free Web site that helps thousands of property owners around the world promote their rental properties. Contact information: [email protected] 303-663-0000
Rebecca Miller is the owner of The New Pink, LLC, a Denver-based privately owned marketing company, founded in 2007. The primary function of the company is to provide clients with a comprehensive array of marketing services, from creating a multi-faceted marketing campaign to developing an effective Web site. Visit TheNewPinkMarketing.com for more information.
