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Marketing Strategies to Attract the Best Tenants to Your Short-Term Rental

When it comes to living situations, everybody’s situation is different. From a consumer’s perspective, you never think about living somewhere for a short amount of time… you only think about 12-month leases or living in your forever home. But from a rental owner’s perspective, you see ALL the different types of living situations but a booming sector is the short-term rental industry.

So many rental owners get caught up in the 12-month leasing agreements that they forget that there are people out there who are looking for properties to live in for shorter amounts of time… that’s a whole market that is all too often overlooked. Being the owner of short-term rental property has several advantages that people don’t even realize.

A profitable way for renting your property is short-term rental and it will come in handy if you ever needed to move back into your property temporarily. It’s also a great thing for when you’re ready to sell it. More importantly, making your property a short-term rental is going to be great for your business because you’ll be meeting a need that not too many rental owners are not meeting.

People need short-term rentals for all types of reasons but some of the major reasons include:

  • Building a house
  • Deployment
  • Waiting for a house on the base
  • Relocating for a job

All of those are pretty big reasons why people need short-term rentals and there’s a pretty big market for it. You can check the rental market in your area to get an idea of where your rental fits in. As a rental owner offering short-term renting, you have the advantage of charging a premium. It’s not that you’re trying to get over on potential tenants but it’s more so that you’re just trying to keep up with your competition.

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Most landlords and apartment complexes charge premiums for short-term tenants so why shouldn’t you? For the right tenant, this isn’t going to be an issue… in fact, it’s going to attract them to your property even more. But this is where the question remains… how do you attract tenants to your rental property? And not just any tenants, the best tenants!

So how do you attract the best tenants for your short-term rental property? It’s all about advertising. The way you advertise your rental is what’s going to bring in the inquiries.

Advertise Exactly What You’re Selling… Short-Term Leasing

When it comes to short-term rentals, you need to advertise exactly what you’re selling and that is short-term rentals, meaning month-to-month or six-month leasing options. Ideally, you want to stay away from generic descriptions like “beautiful three-bedroom home for rent” unless you’re going to put your leasing terms along with it.

Generic advertising is going to lead to inquiries from people wanting long-term agreements and that’s not what you’re offering. Consider your ads starting out with “Six-month and month-to-month leasing options available.” That’s what’s going to attract your short-term renters.

Highlight the Nearby Attractions

When advertising your short-term rental, you not only want to advertise your leasing options but you also want to sweeten the deal with the local attractions in the area. Potential tenants are already attracted to your property just by the leasing terms alone but if you add in the fact that your property is 10 minutes away from downtown and a bike ride away from the art district, that’s just going to increase interest in your property even more.

Advertise What Potential Renters Want to Know

 When someone is in the market for a rental property, they want to know what the leasing terms are and how much it costs. Whether you’re advertising on social media, through your personal website, or through a short-term rental platform, whatever marketing channel you use, you need to make sure it has the cost per month, if credit will be checked, and the leasing terms.

Those three aspects are important because it lets them know up front whether or not they can afford the property, if they’ll qualify for it, and if your leasing terms is something that they can work with. Putting this information out there from the very beginning is going to weed out people who you’ll be able to work with or not, saving you time and energy during the searching process.

Always Remember This…

It’s always better to constantly have someone in your property than to have your property vacant. When your property is vacant for extended periods of time, it leaves the window open for vandalism and breaking and entering. According to a Gallup study, one in four homes falls victim to acts of vandalism.

Keeping your rental property consistently occupied might mean that you have to lower the rent a bit or offer some kind of discount off for the first month. With that in mind, you must also remember that it’s better to have no tenant than to have a bad one so it’s very important to maintain good screening standards.

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