MoneyMagpie

Sep 29

Marketing your rental property – Landlording 101

Running a rental property business can be a lucrative profit maker. Many entrepreneurs have invested in real estate in order to take advantage of the competitive rental market, and the opportunity for profits is vast.  If you’ve decided to rent out one of your properties, it’s important to determine the best ways to market the place to appeal to high quality tenants.

 

Use Multiple Listing Sites

In order to reach the widest audience, post your listing on a multitude of rental listing websites. You can start with free-to-post sites such as Craigslist, but it’s also important to pay the nominal fees for posts on other, rental-specific websites as well. There are so many listing sites to choose from. Check out Postlets.com and the numerous other options. Often the small fee sites like this charge are more than worth the investment. Keep in mind that old school styles of advertising are sometimes still worth the effort. Whether it’s fliers in the neighborhood or referrals from friends, do everything in your power to get your property out in the public’s face. The more exposure, the more prospective tenants you’ll have to choose from.

 

Professional Photography is a Must

If you want to attract high-quality tenants, you must invest the money in high-quality photography. The photos of your property can make or break the listing. It may seem easier to just take a few snapshots with your iPhone, but professional photos can give your property that competitive edge, which is important if you’re in an area saturated with rentals. If prospective tenants have their pick of the litter, you’ll want to make sure yours is a standout from the get go. Beyond photography, you may want to consider video elements on your listing. Posting a virtual tour of the place on your listing will help weed out those who might not be interested, saving you time and money.

 

Curb Appeal is Important

You can spend thousands on updating the interior of a property, but if you leave the front yard in disarray, prospective tenants will drive off before ever setting foot in the place. You can’t underestimate the important of curb appeal. The right landscaping features can actually have a huge effect on the overall value of a property. Homes with trees lining the streets can sell for up to $10,000 more. Homes with earth berms in the front yard can cut down significantly on utility costs. It also can’t be denied that the aesthetic appeal of landscaped yards can draw in a higher paying clientele, meaning the right landscaping features could help you justify charging a higher rent rate.

 

Learn How to Sell Your Amenities

Amenities are the priority of many searching tenants, and if you want to come out on top (and be able to charge competitive rental rates), you’ll need to highlight what makes your property great. It could be that you recently upgraded the kitchen with energy efficient stainless steel appliances, or perhaps you’ve recently added indoor laundry to the property. Other popular amenities include hardwood flooring, outdoor living spaces, and walk-in closets, but consider your target demographic in the area to better hone in on which amenities you’ll need to provide to stay at the top of the pile. If you’re looking for professional help, look at accomplished real estate brands with a great reputation.

 

Up the Competition Ante

Capitalise on competitive nature by scheduling all of your walkthroughs for similar time frames. When prospective tenants see that your property is a desirable commodity, they’ll be more inclined to throw their application into the ring. It’s human nature, and a fantastic way to garner the best tenants and the best rental rates. When those applications do start pouring in, make sure you put your prospective tenants through rigorous screening processes. Check out SmartMove’s online services for landlords and make sure you’re not renting your personal property out to a stranger that could end up being a nightmare tenant.

If you’re looking for ways to find high-quality tenants, use these marketing tactics to entice great prospects and make your rental business as lucrative as possible.

 

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