Every landlord knows that you’re losing money whenever your unit is vacant, but it’s not always easy to find a good tenant. It’s a struggle, most of the time. That’s why you always have to be ready and be sure to start marketing your rental at least a month before your tenant vacates your space to give you plenty of time to find another tenant.
Marketing online is one technique you can use in marketing your rental property with no hassle since you just have to post here a winning combination of appealing details and attractive photos. Great photos of your property could be the real thing here as these could be your best marketing tool ever. These photos were the first things your renter sees so strategically photographed images of your property can be your edge to get ideal tenants.
But there are still many ways for a hassle-free marketing of your rental property. So if you’re looking for one, this article will surely help you.
Know Your Property
With this kind business, you should anticipate a lot of competitors especially when your rental is located at strategic places like a college town and military bases. Your rent amount is the key to covering your expenses and finding a good renter should be a priority. Pricing too high and too low will never benefit you, structure your price based on the minimum rent you need to charge in order to cover your expenses. Remember to consider the amount of your rent that is competitive for the neighborhood.
As any property owner knows, location is by far the single most important aspect to be considered. Only the addition to it was the security features of your place, its proximity to neighboring establishments, place of parking, outdoor space, etc.
When Should You Start Marketing Your Property?
As mentioned earlier, planning to market your rental a month before it vacancy is important to ensure the continuity of your business. Make sure to create a timeframe in marketing your place so that it would not be vacant for too long. Alongside with these, be courteous to your previous tenant by respecting their left personal belongings and make sure that you accompany prospective tenants on all the property showings.
Ways to Find Tenants
Vacancy of your rental property will cost you money for every day it sits empty. Conventional printings ads such as flyers, signboards, newspapers, and posters are helpful but affixing other marketing strategies can maximize the exposure of your establishment. Before you start your marketing efforts, take note that the rental price itself needs to be as attractive as possible. It’s also a good time to take photographs of the rental property for your marketing efforts. Photographs of clean, empty rental units are generally more attractive to possible tenants than photos of someone else’s furniture and belongings.
- Social Media is Your Best Friend
This is one of the most effective means of marketing your place. Almost everyone has their social media accounts, posting rental ads on this media will maximize the publicity of your ad. And again, all you need to have here are striking photos of your property with appropriate descriptions.
- Make Use of the Rental Websites
Surround yourself with people of the same interests. Joining rental websites will serve as your hotspot and a platform where you can showcase your own property. This also increases the possibility of finding a good tenant.
- Hire a Property Manager
A good property manager can also find and screen tenants for you. This is a good option for out-of-state properties, you have multiple properties, or you don’t have time to work your day job and screen tenants.
You should still try and meet the prospective tenants if you have the time. After all, the rental property is your still investment (not the manager’s) so if you don’t have a good first impression, you can still decide to interview more applicants.
- Advertise in Print Media
This conventional advertisement seems to be cliché but it is still one of the prominent ways to physically advertise your place. This includes but not limited to signboards, fliers, pamphlets, newspaper ads, and posters.
Putting “For Rent” signs can capture local traffic like nothing else. It should be placed in an eminent window or more effectively in front of the lawn to get the attention of pedestrians and motorists who frequently visit your neighborhood.
- Word of Mouth
This approach effectively spreads recommendations without involving any monetary value at all. Sometimes, other tenants can be your best free resource when it comes to finding potential tenants. Let your tenants know that you have a vacancy so that it can be spread among family, friends, and co-workers.
- Short-Term Rental Resources
The idea of sharing economy was adopted by many of us, one of which is the short-term rental. This is helpful for those people who aim to have some extra income by sharing their possessions through sites like Uber, Spinlister, and Airbnb. Airbnb is an exceptionally good platform as it could find a match between your wishes and your potential tenant’s desires.
- Use the Latest Technology
Proper choice of words, featured highlights of your place paired with good photographs of the property and catchy prize will be effectively augmented by placing it in an appropriate site. The world has evolved in terms of its information technology capabilities. And it would be always good to include a new technology that will be changing the way people market their rentals. Three-dimensional technologies are now available which could give a 360-degree virtual tour of your rentals. With the latest technology of Pedersens.net.nz, it can give your potential tenants the ability to take a tour through your property online, without them having to visit the property. See? Effective utilization of new technologies can do good in your business.
Above all, you should keep in mind that when filling the vacancy in your properties, it is important to understand that marketing your rental should be one of your top priorities. Take action right away to get that empty unit filled as soon as possible, but not so fast that you miss important and wise steps in recruiting and selecting prospective tenants. It would take a little effort and time, and a solidly strategized marketing plan will help you fill all your units.