When looking for a renter, you've probably considered options such as real estate agents, classified sections in newspapers, and for-rent-signs. But to maximize your market reach you should strongly consider digital marketplaces.
While the conventional methods will yield you a handful of potential renters, most online rental marketplaces attract countless viewers. But the benefits go beyond overall market reach. Here are a few of them.
#1 Millennials
Typically, millennials are defined as people born between the early 80s and the year 2000. And statistically, more of this generation are renting rather than buying as compared to any other in the last 50 years. Considering that millennials are the internet generation, you could be reaching your biggest demographic by utilizing online marketplaces.
#2 Fewer Costs
Going by value alone, online platforms are the best way to list your condo for rent. At little additional expense, you have access to an extra marketing channel. On the other hand, using a real estate agent means paying agency costs, commissions, and even hidden fees.
#3 International Market Reach
Bustling metropolises usually welcome more newcomers than other cities in the region. For instance, while Ontario attracted 1.2 million people between 2011 and 2016, the majority chose to make Toronto their home. Many of these were wealthy new immigrants carrying sizable savings.
There are many reasons why newcomers are drawn to large cities, including an abundance of jobs, culture, and world-class educational institutes. But, one of the first things a prospective newcomer does before even entering the city is research the rental market. Without being physically present, this is more easily done online rather than through a real estate agent. By listing your property on a marketplace, you can easily access this market of financially stable renters.
#4 Time Efficiency
Using a real estate agent can be time-consuming. After finally settling on the right one, you may have to wait weeks for them to find a suitable candidate. What's more, a renter may demand to see your property multiple times before applying.
Coordinating viewings can also be difficult with scheduling conflicts between you, your busy real estate agent, and your prospective renter. Usually, such meetings are scheduled during lunch or right after work hours. Considering traffic related issues, this can lead to some frustration.
Time management is one of the biggest advantages of using an online platform. Because such marketplaces operate around-the-clock, people can view your listing at any time. Meanwhile, you aren't troubled until your prospective renter is ready to begin a transaction.
#5 Easier Communication
On most platforms, a renter can ask you questions directly. Not only is this convenient, but it allows you to screen renters. For instance, if a potential renter asks your views on pet anacondas, you can politely choose to move on to the next candidate, depending on your position on exotic pets.
You may not find it as easy to honestly assess a candidate when communicating through a realtor because many agents are more interested in earning a commission. Through online rental marketplaces, much of the control is in your hands.
