If you're looking to rent out a property, there's more to it than just listing it online. You need to make sure you market your rental in the right way to attract quality tenants. Here are a few tips on how to do just that.

Make Sure the Curb Appeal is up to Par

Improving the curb appeal of your rental property is a great way to make a good first impression on new tenants, whether they spot it online or in person. 

When it comes to home improvement projects, some of the best investments include pressure washing surfaces such as concrete driveways and walkways, adding fresh mulch and flowers to flower beds, and maintaining the lawn. Not only does this help with aesthetic value and show that the property is well-cared for, but these projects will help you market the property online more effectively. 

If you have the budget for more involved home improvement projects, Burbach Companies predicts that the big draws for 2023 will include things like updated siding, new exterior doors, or even just a new coat of paint on an existing front door. 

Tenants often look for evidence that they will be living in a safe, pleasant, and comfortable community. When photographing your property for the rental listing, invest in a photographer who can provide high-quality photos and videos of the home. Potential tenants love to see aerial photos of the home and its lot so they can get a better understanding of the outdoor space and the neighborhood. Since many renters are signing leases sight unseen due to high demand for properties, photography and virtual tours do a lot of heavy lifting when it comes to getting your property occupied.

What Renters Look for Most in a Home

• Move-in ready property
• Major appliances included (fridge, range, dishwasher, disposal, washer/dryer)
• Good location
• Upgraded features (new HVAC, stone countertops, LVP flooring, lighting)
• Safety features (keyless entry, outdoor lighting)

Set Fair Rental Rates

Setting a competitive rental fee for your property can be tough in today's market. It's important to do your research and determine a reasonable rent rate that is competitive with similar properties in the area. If you price your property too high, you may deter renters from considering it and lose out on quality tenants. On the other hand, pricing too low means potentially leaving money on the table as an owner. Ultimately, striking the right balance between being attractive to prospective tenants while earning a decent return on your investment is key when determining what rent to set for your rental home or apartment.

How to Calculate a Profitable Rental Rate

If you work with a property management company, they can help you determine the best rent value for your home, so you still make a profit each month. If you want to know more about the process, here's how to decide what to charge for rent:

Base it on the value of the home

Set the rent price at 0.8% to 2% of the home's current market value. For example, if the home is worth $155,000, the monthly rent could fairly be set at $3,100 ($155,000 x 0.02%).

Make sure that other expenses related to the home are covered when considering the total value. Do you want the monthly rent to cover HOA fees, property taxes, utilities, etc...?

Base it on competitors’ comps 

As long as you're comparing lot size, number of bedrooms/baths, year built, and any renovations made, you can look to your competitors for an idea of what to charge.

Base it on demand

Without getting too greedy, you can lower or raise your rent based on the current demand for properties, which can be affected by the time of year and the economy.

Take Advantage of Digital Marketing Resources

When done strategically, online marketing can increase your reach and get more eyes on your listing. Working with a property management company is an effective way of connecting with potential renters, whether through email marketing, social media posts, and ads, or online classifieds in your area. If you’re not sure how to utilize these tools on your own, Gravitate One is a digital marketing company that specializes in these services, and shares tips on their blog regarding things like newsletters, paid ads, and pay-per-click (PPC) marketing. 

Benefits of Listing with a Property Management Company

Not only does having a property manager make it easier for you to enjoy the financial returns of your rental property, but it means you have someone to take the reins when it comes to listing a vacant home and getting it filled.

Rhino Property Management has been managing rentals of all kinds (single-family, multi-unit, etc...) for years and knows how beneficial their services are to homeowners. Here's what they see as the most valuable reasons landlords hire them:

• Property managers know the business inside and out.
• PMs screen tenants to find the right fit for your property.
• PMs handle all the leasing, maintenance, and rent collection paperwork.
• The management company collects rent and follows up with delinquent payments.
• Maintenance and repairs are handled on a routine schedule, and emergencies can be addressed by the managers, so landlords don't have to get involved.

If you're managing your property yourself, you can take your marketing efforts a step further by creating a website specifically dedicated to the rental; in addition to providing information ranging from the property's amenity list to leasing rates, having an overflowing profile of positive reviews from previous tenants helps give you that extra edge in the virtual market. 

Best Places to List a Property for Rent

Not sure where to list your property for rent to attract tenants? Here’s Investopedia’s list of the best sites for 2023:

Zillow Rental Manager

huge database, tenant screening tools, and easy to use.

Avail

Comprehensive tenant screening reports, rent collection, and syndicated listings on other sites.

Apartments.com

Good map search filters, applicants are charged, so landlords know they’re legitimate, syndicated listings on other sites.

Rentometer

Easy to compare listings, subscription-based services, and rent estimation calculators.

Don't sit back and wait for tenants- go out there and get them!