How to Market Your Rental Property in Canada and Find Ideal Tenants
Have you decided to become a landlord and rent out your property in Canada? Congratulations that can be a rewarding endeavor. But before you start counting your new rental income, you need reliable tenants who will pay on time and take care of your place. The key is marketing your rental property effectively to attract your ideal tenants. If you do it right, interested renters will be lining up quickly and can choose the best candidates.
But where do you start? How do you convince prospective tenants that your property is the perfect place to call home? We're here to walk you through the essential steps to marketing your rentals and finding those tenants who will make being a landlord a breeze. By the time you're done reading, you'll have a proven plan to fill your vacancies fast.
Let's get started!
Why Marketing Matters for Attracting Great Tenants
As a landlord, finding responsible tenants who pay on time and take good care of your property should be your top priority. The best way to attract these ideal tenants is through marketing. Posting a simple “For Rent” ad and hoping for the best just won’t cut it. You must sell prospective renters on your rental units to weed out less desirable applicants.
A few reasons why marketing is so important:
- It allows you to reach more potential tenants. The more eyeballs that see your listing, the more interest and applications you’ll receive. Use free listing sites like Kijiji, Craigslist, and Facebook Marketplace in addition to paid options.
- You can showcase the features and benefits of your properties. Mention amenities like laundry, parking, storage, and utilities included. Highlight nearby attractions like schools, public transit, restaurants, and parks. Pictures and video tours are extremely effective for giving tenants a realistic preview.
- You can set yourself apart from other landlords. A well-crafted ad with professional photos and a friendly, helpful tone will make you stand out from the competition. Mention your experience as a landlord and commitment to maintaining attractive, livable units.
- You have more control over who views and applies for your properties. By marketing specifically to your target tenants, whether that’s students, families, or professionals, you’ll receive applications from those genuinely interested and well-suited to your units.
- It allows you to charge optimal rents. When you effectively market desirable properties to an engaged audience of prospective tenants, you can achieve the best possible rates, which means more cash flow and a better return on your investment.
In the end, marketing gives you the power to find the perfect tenants for your rental properties in Canada. Put in the effort to create engaging ads and you’ll soon be rewarded with applications from ideal tenants eager to call your place home.
Top Rental Property Marketing Strategies in Canada
To attract top-notch tenants, you need to market your rental properties effectively. Here are some of the best strategies:
Invest in high-quality listings
Promote your listings on multiple platforms like The Golfi Team. Include professional photos, 3D virtual tours if possible, and detailed descriptions highlighting amenities and nearby attractions. The more enticing your listings, the more interest you'll generate.
Advertise on local Facebook groups
Many Canadians look for rentals on hyper-local Facebook groups. Post eye-catching ads for your properties in relevant neighborhood groups. Be active in discussions and build your reputation as a helpful community member. People will remember you when they're looking for a place to rent.
Offer move-in incentives
Consider offering incentives like a month's free rent or a gift card for a nearby store. This can motivate prospective tenants and give your listing an edge. Just be sure to screen applicants thoroughly to find responsible tenants, even with incentives offered.
Host open houses
If allowed in your area, open houses are an ideal way for potential tenants to view your property, ask questions and get a feel for the space. You can pre-screen several applicants and choose the strongest candidates to follow up with after the open house.
With the right marketing techniques, you'll start seeing more interest from high-quality tenants in no time. Stay active in the process, be responsive and helpful, and choose tenants that will care for your property as if it were their own. The effort you put into marketing and screening will pay off!
Creating Appealing Online Listings to Connect With Ideal Tenants
To attract quality tenants for your rental properties, you need listing photos and descriptions that showcase why someone would want to live there. Think about what features would appeal to your ideal renter and highlight those aspects.
They say a picture is worth a thousand words. High-quality photos are a must for any online listing. Be sure to include:
- Exterior shots of the building and any outdoor space. This gives renters their first impression.
- Bright, uncluttered photos of each room. Make sure the space is clean and decluttered before photographing.
- Any amenities like appliances, fireplaces, or storage areas. Close-up photos of high-end features can attract those looking for upgraded units.
Your written descriptions should “sell” the property to prospective tenants. Some tips:
- Describe the overall space and layout in a sentence or two at the top. For example, “Spacious 2 bedroom, 1 bath upper unit in quiet 4-plex building.”
- Highlight any amenities or upgrades. “Gleaming hardwood floors, modern kitchen with stainless steel appliances, in-suite laundry, nest thermostat, and smart lock entry.”
- Mention the location and what’s nearby. For example, “Short walk to shops, restaurants, transit and parks. Close to highway access for easy commute.”
- Include details like square footage, parking, pets, etc. The more information you provide upfront, the less time you’ll spend answering questions.
- Close with a call-to-action, such as “To schedule a viewing, please contact...”.
Using eye-catching and detailed online listings with high quality photos is the best way to attract good tenants. With the competitive rental market in many Canadian cities, you need to make your properties shine online to connect with responsible renters looking for their next great place to call home.
Offline Marketing Tactics Landlords Should Use
Offline marketing tactics allow you to reach prospective tenants where they are already searching for rentals—in your local community. Don’t underestimate the power of traditional marketing methods. Many renters still prefer finding places the old-fashioned way.
Place “For Rent” signs in your yard with contact information and the availability date. Yard signs are inexpensive but effective, especially for single-family homes or multi-unit buildings. Drive by your property and see if the sign is clearly visible from the road. You want it to catch the eye of anyone passing by.
Put an ad in your local classified section of newspapers, community newsletters and rental magazines. Give a brief but appealing description of the key details like number of bedrooms, amenities and your contact info. Photos are a must to attract interest. Classifieds are often a renter’s first stop when searching for a new place.
Hosting an open house allows potential tenants to view the property in person. Advertise your open house on websites like The Golfi Team and put ads in classified sections of local media. Make sure the place is clean and clutter-free. Be there to answer questions and pre-screen visitors. Some renters will apply right away if they love the place.
Don’t forget the power of word-of-mouth. Let your friends, family and neighbors know you have a rental available. Offer a referral bonus to encourage them to spread the word. Loyal tenants who have lived in your other properties may know someone looking to rent. Ask them to pass on your contact details. Referrals often lead to the best long-term tenants.
Using a combination of offline marketing tactics will increase your chances of finding good tenants. While the internet has changed how we search for rentals, traditional methods are still tried and true. Don’t put all your marketing eggs in one basket. Cast a wide net across multiple channels to get your rental in front of more prospective tenants.
How a Leasing Specialist Can Help You Market Your Rental Properties
As a landlord, marketing your rental properties and finding ideal tenants can be time-consuming and challenging. One way to make this process easier is by hiring a leasing specialist to help attract qualified tenants. A leasing specialist, also known as a rental agent, is a professional who specializes in marketing and leasing residential or commercial properties.
What a Leasing Specialist Can Do
A leasing specialist can take over many of the responsibilities involved in marketing your rental units and screening potential tenants. Some of the key ways a leasing specialist can help include:
- Advertising your rental listings on various websites like The Golfi Team, Kijiji, Craigslist, Padmapper, and Facebook Marketplace to reach lots of prospective tenants. They can also promote your properties on their own website and social media profiles.
- Conducting showings and open houses of your rental units to interested tenants. They can show the properties when you're unavailable and handle scheduling all viewings.
- Thoroughly screening all tenant applications by performing background and credit checks to verify income, job history, and rental references. They will review applications to find tenants that meet your requirements.
- Negotiating lease terms like the rental rate, move-in date, and length of lease to get the best deal for you while also satisfying the tenant.
- Handling all paperwork like rental agreements, leases, and move-in/move-out forms. They can have leases signed and ensure all proper documentation is complete before a tenant moves in.
- Managing advertising and showing costs by only charging you a percentage of the first month's rent once a tenant is placed. So, you pay nothing upfront.
- Providing advice and recommendations on how to best position and price your rental units based on the local market and their experience. Their expertise can help attract top-quality tenants.
Using the services of a leasing specialist allows you to save time and focus on other areas of your business. With their skills and experience, they can market your properties, screen tenants, handle paperwork and find you the ideal renters. Think of a leasing specialist as your partner in managing your rental units and maximizing your investment.
You've worked hard to find and prepare an investment property to rent. Now comes the fun part - finding great tenants to call it home. With the right marketing approach tailored to your area and property type, you'll be well on your way to finding qualified tenants, reducing vacancies, and maximizing your rental income.
Stay on top of the latest online listing sites and tools, highlight what makes your place unique, price it competitively, and make the viewing experience memorable. Do that, and prospective tenants will be knocking at your door in no time. Before you know it, you'll have handed over the keys to tenants who will take good care of your place and pay the rent on time. Then you can sit back, relax, and enjoy the rewards of your investment.
Contact us today, and let us help you find the best tenants in town.