Marketing Your Rental Property
While every landlord dreams of stable, long-term tenants and fully occupied apartments, vacancies are part of being a landlord, and knowing how to market your property will help get it rented again quickly.
If you own or manage a rental property, you likely had to deal with multiple vacancies and the need to find new tenants. Finding new tenants requires you to market your property successfully, which can be a little easier said than done. Here are some tips for how to successfully market your rental property.
Make Sure It’s Ready To Go On The Market
If you want to draw in tenants, your rental property needs to look appealing, clean, and ready to show. If you had previous renters, you’ll probably need to make a few repairs and ensure the property gets professionally cleaned before you can put it back on the market. Hopefully, you didn’t have nightmare tenants that were overly messy and destructive, but that is a likelihood. You’ll struggle to find new tenants if the place looks untidy or has clear signs of wear and tear.
Determine a Realistic Rental Price
When your property is clean and ready to be moved into, it’s important that you determine an accurate market rental rate. If you have had tenants for the past year, or even just a few months, there’s a good likelihood that the rental rate has changed in that time. Check current rental listings in your immediate area to make sure that the rental rate you ask for is in line with your unit. Bear in mind that trying to get the most rent as possible also means it will take longer to find tenants. Typically, it’s advisable to try and stay within the median rental price range for your location.
Get Great Photos Taken
Professional real estate photography will help you get tenants at better rental rates. Taking high-quality photos is all part of professionalism and putting your best foot forward. Photos will help home-hunters determine what properties they want to look at, and you want to ensure your listing catches their eye. Shy away from taking photos on your smartphone because they won’t do the trick in today’s market. Any pictures you take need to accurately represent the property and show as many different viewpoints and rooms as possible. When browsing through listings, if the tenant can imagine themselves living in your property, they’re more likely to come and view it.
Digital Marketing is Key
One thing is for sure in contemporary society: if you want to find tenants, you need to market online. These days, people just don’t look in newspapers for rental properties. If you try to shy away from marketing online, you’re going to miss out on a massive pool of potential tenants to choose from. There are plenty of online platforms to select from, so do your research on which ones you think will work best.
It’s also important to consider marketing on social media since a lot of people look for rentals through sites like Facebook and Instagram, which they’re on almost every day. If you own a larger rental complex, it’s common for prospective tenants who have already found your property to check out your social media to get a better idea of what type of lifestyle they’ll be able to enjoy.
Pre-screen Your Potential Tenants
If you’re fortunate enough to get dozens of applications, it’s time to narrow down your tenant pool by pre-screening. There are many online websites or rental property management software that will let you do this fairly easily. Or, if you prefer to keep it old school, you can read through applications yourself to narrow down the tenant pool.
Once you pre-screen tenants, it’s time to show the property. When booking showings, make sure to choose dates and times that are convenient for all parties involved. Showing the property is your time to convince potential tenants this is the place for them! Do your best to accurately answer any questions they might have and be upfront about the conditions of the property and your expectations for your tenants. Avoid dodging any questions or leaving out important rental details. Once you’ve shown the property and successfully marketed your rental, it’s time to get new occupants moved in.
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