Points to Ponder When Listing a Rental Property
A rental property is a great way to earn passive income. But in order for the cash to flood in, you need tenants. And to get tenants, advertising your property is crucial.
Back when print advertising was at its peak, rental property owners turn to the classified sections of local newspapers for their promotional campaigns. It was not until the early 2000s that people began using online platforms to position residential properties on the market, specifically through a multiple listing service (MLS) or listing websites.
Let’s take a look at how each platform can help you generate tenants.
Why use the MLS
If it’s your first time owning a rental property, you would be hard-pressed to fill up the vacancies as fast as you can. The longer you wait, the harder it is for you to cover utility costs and property taxes.
One solution to this is to hire a realtor who will list your rental property through the MLS. The best advantage this provides is that you are able to promote your property to other realtors who might be looking for the same type of property for their clients. This lets you keep in touch with the right people who might have a strong interest to rent out
Once your realtor finds prospective tenants for your rental property, appointments will be arranged so renters can take a closer look at your property and decide on whether to move in or move on to another offer on the market.
All in all, getting a realtor and listing your rental property on the MLS lets you bypass the complexities in finding the right tenants.
Ways to list your rental property by yourself
Not all rental property owners use the MLS to find tenants. If you have an urgent need to fill up your vacant units quickly, you might as well utilize traditional means such as flyers and newspaper ads or have your rental property listed on other places online.
You can list the property yourself using websites and online applications. Let’s take a look at a few of these alternatives to the MLS.
From pets to used cars, there’s nothing you can’t promote on Craigslist. The platform itself is widely used among rental property owners as it allows you to post photos and provide engaging descriptions that will get people to consider renting. In addition, the straightforward interface makes it easy for owners to post ads instantly.
When it comes to finding the perfect apartment, renters trust Zillow. This web application allows users to search for places based on their preferred rental price and the amenities they’re looking for. If you’re looking to attract the right tenants, Zillow is definitely a platform you wouldn’t want to overlook.
Like Zillow, Trulia is also a great platform to use for listing rental properties at no cost. It provides everything you need to know about neighborhoods and allows users to customize their search parameters so they can zero in on the places that match their needs. The platform also offers two search categories (“Apartment” and “Rental Home”) to make it easier for people to find what they’re looking for.
This website needs to be on this list, partly because it enjoys tons of online traffic and partly because it has a little bit of everything for apartments, multifamily properties, and duplexes. With access to its rental marketplace offering full-service support and tracking tools for generating rental leads, this site can definitely help you find tenants without a day to waste.
Whether you’re selling a residential property or searching for tenants, Realtor.com has become an essential marketplace for property owners of all stripes. The site uses a simple search tool that provides full property listings based on location and personal preferences. Does your apartment offer a pet-friendly environment? You can use Realtor.com to list your property based on its strongest feature.
Rental properties shouldn’t be a hard sell. Whether you hire a realtor to list your rental property on the MLS or list using the platforms above, each method has its way of filling up your vacancies and helping you earn passive income.