MIAMI Association of REALTORS




5 Strategies to Get Your Rental Listing Off the Market Faster

by | Mar 17, 2014

homes-com_for-rent_201403How are you marketing your rental listings? If you're like most real estate professionals, you've probably invested most of your time and money into properties for sale and wait for someone to contact you about a rental. While this strategy may have worked for you in the past, times are changing and more homeowners are deciding to rent their home rather than put it on the market.

Whether it was the need for additional income or it was time to move and they couldn't get their home sold fast enough, a homeowner would only consider renting their house as a last resort. Nowadays, due to economic and lifestyle trends, we are starting to see an increase in the single-family rental market, and real estate professionals need to realize that it presents a great opportunity to grow your business.

As the economy continues down the road to recovery, home prices are beginning to rise and credit restrictions are loosening for more entry-level home buyers. That being said, an increasing number of homeowners are recognizing the value of renting their homes rather than selling. This is why we've deemed it necessary to share the top 5 ways real estate professionals can better promote their rental listings.

1. Internet Marketing: Ninety-six percent of millennial home buyersreport using the Internet during the home search process, many of whom are seeking rental properties. As with any listing, using visuals is the key to successfully marketing your listings online! Prospective renters scroll through countless properties before they contact you, so it's imperative that you draw them in with compelling photos of every room and the exterior of the home. In addition to listing photos, be sure to share pictures andvideos of the community and anything else that might make the property more appealing.

2.Utilize Mobile: If consumers are out and about, you can bet that they have their smartphones with them. This should be of no surprise, as 20 percent of all social media time was spent on mobile devices in 2013. Start focusing on mobile advertising. Since many real estate pros have yet to catch on to this, it's a great way to create a competitive advantage.

3. Social Media: With all the hype surrounding social media, this should be a go-to resource for any agent. Whether it's Facebook, Twitter, Instagram, or Pinterest, just about anyone you want to expose your rental listings to can be found on one of these platforms. If someone is looking for a place to live or even someone to live with, they're going to turn to social media at some point. The trick to gaining traction on your social networks is to harness the power of "word of mouse." Be sure to start capturing positive reviews from past clients and promoting them in places that prospects frequent online.

4. Use QR codes: Although QR codes have started to lose their traction, there are still plenty of ways that you can benefit from them. They can be used for a print ad in your local paper,on signs throughout the community or an online advertisement. Regardless of how you use them, QR codes can provide additional benefits for clients and prospects. When you have listings that are for rent only, this is a great way to highlight the property and let those on-the-go renters see what's available with a scan and a click of a button.

5. Reach out to Corporate Clients: As more and more businesses are expanding their reach to new markets, the demand for corporate housing has increased substantially because more workers are being transferred throughout the country and even around the world. Since many of these employees will be relocated for 1-2 years at a time, they'll be looking for more comfortable living arrangements than what may be provided by an extended stay hotel. According to a recent article in Business Traveler Executive, 70 percent of professionals who are relocated for a period of 1-3 years take their families with them, so a house is obviously a much more viable option.

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