Signs Your Rental Listing Isn’t Reaching the Right Tenants
In the US right now, there are approximately 22 million landlords and nearly 49 million rental properties countrywide. For the most part, these properties are owned by individual landlords, according to NMHC.
When you put this into perspective in terms of getting your rental property listing in front of the right eyes to find the right tenants, it’s not quite as easy as it might sound. And if your properties are languishing on the market, empty, you’re losing money. It's that simple.
So let's take a look at exactly why your rental listing isn't reaching the right tenants.
You’re Only Listing in One Place
There's nothing inherently wrong with listing your rental only in one place. As long as it's the right place.
Let's say you upload to Facebook, advertising your rental property as vacant. You advertise in groups in the local area to reach residents already living there. Sure, you'll get a lot of enquiries, but they might not be right. And by limiting yourself, you're essentially staying hidden from people moving to the area or looking for a property that they can afford, even if it's out of their desired neighborhoods.
Advertising in as many places as possible opens you up to a wider audience. People looking to relocate for work might use Zillow or Apartments.com, for example, to browse rental properties. Students might use a different platform again, while those in the market for luxury properties might be sourcing their next home on a more exclusive listing site.
Understanding where to list your house for rent means you can expose the property to the right audience and ensure that you get more eyes on the property to help you reach the right tenants.
You Get Views, But No Enquiries
This is a really clear sign that something is going wrong. If your listing is good enough to attract people, but things are falling apart before the viewing stage, something is amiss.
Usually, this comes down to one of three things. The first photo doesn't match reality, the rent feels off for what they were shown, or key information is missing.
If your cover photo is taken from an obscure angle to show off a room or the front of the property in its best light, but your prospective renters can't visualize the property they're looking at, they won't even bother asking for a viewing. Or if your listing stays “click here for more details” and does not contain a clear price, they won't even go as far as wanting to view it in person.
The Wrong Type of Tenants Keep Reaching Out
You want to be specific with your tenants, and it’s understandable that you want people who treat your property with respect to pay their rent on time and not be a nuisance to the neighbourhood.
But what happens when you're only getting enquiries or people who aren't quite right?
It might be that your slightly lower-than-average rental price is attracting the wrong crowd. It might be the location, or it could be that your description is too broad, meaning there's no filter that weeds out unsuitable candidates before they contact you.
Try changing wording from “suitable for everyone” to “ideal for working professionals needing easy access to [area]” or "family home with fenced-in yard perfect for children and pets.” The more specific you are about who the property is for, the more likely it is to get you the right applicants
Your Pricing is Wrong
Rents have massively inflated in recent years, and while properties are commanding higher rental prices on average across the country, you still need to be realistic about how you price your rental and what people will get for their money.
For example, if your property is priced over the current market rates for the size, location, and features, and it's sitting higher than similar properties, renters will overlook you for other landlords
The only way to judge what the right price actually is, is to look at other properties in the area, see what they're going for and what is included in the price, ie, does the unit have in-house laundry included, is there a yard, private access you can enter a basement apartment around the side not through the entrance for tenants upstairs or are you by good transport links? All of the factors will influence how much renters are likely to pay, so you must adjust pricing based on what the area is currently commanding.
Your Listing Lacks Key Information
Most renters will filter properties by what they're looking for specifically. And if you haven't included these within your listing, then you're automatically excluding a large portion of people looking for a new home.
Let's say someone searches for “2-bed properties, allows pets, parking included," and your listing does not state any of these options, despite them being included. Will they see your property? Likely not, as they'll assume your rental doesn't meet their requirements.
And even if it did show up, due to the missing details, it'll automatically be excluded. So take the time to go through your listing to make sure you've included the appropriate details, such as whether utilities are included, what the lease length is, and whether you have mentioned if parking is available, etc. The more you include, the easier it will be for people to find your property.
The Photos Aren’t of Good Quality
Or rather, they don't match the standard of the platform you're advertising on. And it likely isn't that there's anything wrong with the property, but people looking online for their next home will judge by the pictures alone first, and if they like what they see, then they will look for more details to see if it's suitable.
You need to compare your listing images side by side with another one on the platform your advertisements are on, and note differences or any way that yours might fall short. Are your images of wide, bright, clear, and clean rooms? Or are you using tricky angles to avoid showing problem areas, or is there clutter filling up rooms, putting people off?
Once you see the problem with your images, you will know exactly what's going wrong and can rectify it.
