When to Advertise Your Rental PropertyWritten By PropertyLoop February 17, 2021
Advise commonly states to advertise your rental property around four weeks before your existing tenants move out. This time frame is for good reason, giving both parties ample time to adjust to prepare for the transition, but how early should you post a rental property on advertising portals?
Advertise your rental property too late and you place yourself at risk of a void period, exposing yourself to the costs of mortgage payments, advertising, repairs and running costs, all without a rental income on which to depend.
How Early Should You Post a Rental Property?
It goes without saying that perhaps oine of the most significant factors in finding occupants for your rental property quickly is not only the location, but also the time at which the rental opportunity is presented to tenants.
Whilst it is of course worth noting that every tenant will be in a different circumstance and therefore there is no strict rule that can be adhered to but generally speaking renters will begin the search for their new home around four weeks before the all-important moving day.
It is a common misconception of landlords that the sooner they list their rental property across online property portals the sooner they will have interested parties, eager to enter into a tenancy. Whilst they are correct in presenting their rental opportunity online, owners have to remember that timing is everything when advertising their rental property.
Once the advertisement is published it will likely be featured across the top of each site, greeting prospective renters on their search for their next home. However, once the listing has been online for a few weeks many more competing listings will have claimed this top spot, leaving your property to be buried and most likely missed by your ideal tenant. Not only will it be harder for renters to discover your property but the longer the advertisement is live on these sites the greater the expense to the landlord. Because of this diminishing time within the spotlight landlords are generally advised to publish their property advertisements around four weeks before they aim to have the property occupied, ensuring that landlords are not only left out of pocket, but have maximal interest in their rental opportunity.
When to Advertise Student Accommodation?
Perhaps one of the most significant advantages and potential draws to becoming a student landlord is the predictability that comes with your chosen demographic. Whilst those that choose to rent will often revere the inherent flexibility that comes with not owning a property, this is not exactly the case when renting to full time students. Although it is not uncommon for an average tenancy to last around six months to a year, those that let to university students will be safe in the knowledge that the occupants of their property will not begin the search for another home until the academic year has come to an end, and even then this will not come as a loss to the landlord as a fresh wave of students will be entering town, looking to snap up available letting opportunities.
When Should I List a Rental Property in London?
As can be expected, once a rental opportunity is presented to tenants looking for a home in the capital, it doesn’t stay long. Letting within London is competitive to say the least, and whilst we know the search for their next property will likely begin online, renters are increasingly leaving this around a week before they intend to relocate. With this in mind, landlords can be somewhat more relaxed with their approach to advertising a property, being afforded slightly more time to prepare their opportunity for its next inhabitants.
What Is the Best Way to Advertise a Rental Property?
It is certainly no secret that landlords have historically turned to high-street and online letting agents when in search of tenants to occupy their rental property. However, over the years the way we look for rental opportunities has been developed, and yet how we let out our rental opportunities to tenants has remained stagnant. With this in mind, owners have been left to pay exorbitant letting agent fees when presenting their opportunity to the market. Advertising, referencing, and finalising the agreement have all commonly seen landlords pay high premiums for the essential steps of finding a tenant for their property.
However, with PropetyLoop owners can finally let out their rental opportunity without paying any commission. Revolutionising the way we rent, when hosting your letting opportunity with PropetyLoop landlords are finally liberated from paying high agent charges, instead being provided with everything they need to find their ideal tenant. With PropetyLoop owners can not only advertise their rental opportunity to millions of verified renters, but, are free to reference aspiring tenants, register the security deposit, curate a legally sound tenancy agreement and collect rent, all without paying any commission, hidden fees, or letting charges.
Can’t I Just Relist My Property?
Unfortunately for landlords, simply re-uploading your rental property to many of the online renting portals will be of no benefit. These sites will recognise that the opportunity has been presented before and it will therefore not be hosted at the forefront of their listings; besides many tenants will have already viewed the property meaning interest in your advertisement may have already seen its peak.
How Do I Advertise My Property
Perhaps the best way in which a rental property can win over aspiring tenants is with the listing’s description. No one understands the rental opportunity quite like the landlord so let renters know how this opportunity will enhance their time in the area, complementing their lifestyle, alongside the rich character that only your property boasts.
As can be expected asking your tenants to pay a high amount of rent each month will likely deter them, leaving them to turn to competing rental opportunities simply for the cost. landlords should periodically assess similiar rental opportunities that surround their property, seeing not only how much the landlords are asking their tenants to pay, but how long the property is only the market before the landlord finds a tenant.
Overall, the top tip for listing a property though is – to time it right. Advertise four weeks before you want tenants to move in and you’ll hit the nail on the head. Don’t believe us? Go try it for yourself. You may just love the results.
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