When investing in rental properties, one of the most important aspects is knowing how much to budget for advertising. To ensure your rental property has maximum exposure and reaches the best renters, it’s essential to know what kind of costs you will be facing when advertising your rental property. Here are some key facts about average costs of rental property advertising that investors should consider.
Online Resources
The most popular form of rental property advertising is through online sources such as Craigslist, Zillow, Trulia, Apartments.com and HotPads. The average cost for these listings varies greatly depending on the location and services offered. Generally speaking, you can expect to pay around $20-$50 per listing on sites like Craigslist or Zillow.
For more specialized sites, such as Apartments.com or HotPads, the cost of listing a property can range from $50-$100 per month depending on location and services included. Many of these services offer advanced features that allow landlords to track leads and manage multiple listings in one account.
Print Advertising
Print advertising is also a popular option for landlords looking to reach potential renters. Newspaper and magazine listings typically cost between $30-$100 per ad, and can often include several photos as well as contact information and other details about the property.
Another option is to advertise in local publications such as apartment guides or neighborhood newsletters. These publications generally charge around $50-$200 per listing depending on the size of the ad and the publication’s distribution.
Brochures and Flyers
Another effective way to advertise rental properties is through brochures or flyers that can be distributed in a variety of locations, including grocery stores, post offices, laundromats, libraries, business centers and more. These materials are typically very affordable and range from $20-$50 for a large batch of flyers.
Word-of-Mouth Advertising
Word-of-mouth advertising is also a great way to attract potential tenants and build your rental business. The cost of word-of-mouth advertising is free, but it can be time consuming to spread the word about your property. Reaching out to friends, family, and coworkers can be an effective way to reach potential tenants. You can also use social media platforms like Facebook and Twitter to advertise your rental property for free.
Investing in a Property Management Company
Finally, if you want to maximize your rental property’s exposure and attract the best tenants, investing in a professional property management company can be beneficial. Property managers typically offer full-service advertising packages that include print, online, social media and word-of-mouth campaigns for an all-inclusive fee. Prices vary depending on the size of the property and the services included, but generally range from $500-$2000 per month.
Successful Rental Property
By knowing the average costs of rental property advertising, landlords can budget more effectively and make sure their rental properties generate maximum exposure to attract the best tenants. With careful planning and a bit of research, landlords can find an effective advertising solution that meets their needs and fits within their budget.
Rating potential tenants and understanding the local rental market can also help landlords make informed decisions when advertising their properties. With the right strategies in place, landlords can maximize their exposure and ensure their rental property is successful.