This process begins after acquiring a rental license, prepping your property for occupancy, and determining an appropriate rent rate. Now, it's time to turn your attention towards effectively marketing your rental property to draw in potential tenants.
Attracting excellent tenants hinges largely on ensuring your property's visibility and appeal. Below, we provide an extensive guide to these crucial steps in the property rental process.
Your marketing strategy should kick off with a comprehensive overview of your property's selling points. While mentioning the fundamental details, such as the location and the number of bedrooms and bathrooms, is essential, don't stop there. Your marketing should illuminate all the unique and additional features your property has to offer:
· Modern appliances: State-of-the-art appliances are a big draw for prospective tenants, adding convenience and a touch of luxury to their lives.
· Upgraded kitchens or bathrooms: Recent upgrades, especially in high-use areas such as kitchens and bathrooms, indicate that the property is well-maintained and modern.
· Outdoor spaces: Highlight features like yards, patios, or balconies that offer tenants their own private outdoor retreat.
· Security systems: Enhanced safety features like security systems can be a significant attraction for tenants, emphasizing your commitment to their security.
· In-unit laundry facilities: An in-unit washer and dryer can add significant appeal, offering tenants a convenient, time-saving amenity.
· Community facilities: If your property includes access to shared facilities such as a pool or gym, be sure to point that out as it can significantly raise your property's value.
· Neighborhood amenities: Proximity to local services and amenities like shops, restaurants, parks, or public transport can be a major selling point.
· Unique architecture or interior design: Unique design elements that set your property apart from others can make your property more appealing to potential tenants who value aesthetics and individuality.
The age-old adage, "A picture is worth a thousand words," holds even more truth in the context of marketing rental properties. Renters perusing dozens of listings are likely to gloss over ads with poor or no photographs.
Professional photography isn't just about capturing images but utilizing proper lighting, angles, and staging to present your property in the best light possible. Good lighting is crucial; it can accentuate the spaces, making them look brighter and more spacious. The right angles can highlight unique architectural details or spaciousness, and thoughtful staging can help prospective tenants envision living in the space. Therefore, investing in superior photography is not just a suggestion, but a necessity.
If photography isn't your forte, consider hiring a professional real estate photographer. They'll have the expertise to capture high-quality, inviting photos showcasing your property's best features. The cost is indeed an investment, considering the increased potential to attract quality tenants and the ability to reuse these photos for future vacancies.
An enticing ad with high-quality photos won't mean much if it doesn't reach the eyes of potential tenants.
Starting with free platforms like Craigslist, Zillow, and HotPads can be a good idea, but competition is high, and you might need to repost regularly to stay visible. You might want to consider utilizing paid platforms to increase your property's visibility.
Furthermore, tap into local resources. Look for community websites or local listservs where rentals are promoted. Tailor your approach based on your target demographic. For instance, if your property suits students, consider advertising on college bulletin boards or in student newspapers.
Lastly, traditional methods still hold merit. Hanging a tasteful 'For Rent' sign in the yard with clear contact information can draw attention from local passersby, potentially bringing in excellent leads.
If the prospect of marketing your property seems overwhelming, you can always call in the professionals. Real estate brokers and property management companies can shoulder the task of marketing and leasing your rental property, providing services such as advertisements, professional photography, and identifying potential tenants. This is usually done for a fee, typically a percentage of the first month’s rent. A property manager also offers the advantage of screening tenants, a service that's typically included in leasing packages.
Click here to go to the next chapter in our Landlord 101 Guide, where we will tell you everything you need to know about rental agreements, or dive deeper into our comprehensive guide on successful landlording with the other parts in this series:
Part 1: Making the Decision to Become a Landlord
Part 2: Next Steps To Becoming A Landlord
Part 3: How Much Rent to Charge
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