If you’re a real estate investor, then you’re probably familiar with how vacant rentals can be so expensive. For instance, if you have mortgage to pay and your rental property has been vacant for months, it could cost you a year’s worth of profit. If not more! That is why so many professional property managers all over the country use a diverse range of marketing strategies in order to successfully market their clients’ property for rent and attract tenants. Let’s take a look at some of the key factors which these professionals take into consideration:
1. Timing is everything
Real estate investors often make the mistake of marketing their income property for rent after their tenants leave and the property is empty. This is wrong. You want to start marketing your property for rent a couple of months before your tenant is set to leave. This will give you plenty of time to find a new renter. If you want to show new potential renters your occupied rental property, let your current tenants know beforehand because in some states there are certain requirements on how long a notice a landlord should give tenants and when a landlord can schedule a showing. So double check these details in your particular location before taking any steps in this direction.
2. Know your demographics and who will want to rent your property
Ask yourself “Who am I marketing by property for rent to?” When you know who your target group is, you can efficiently market your rental property for rent. Be sure to familiarize yourself with Fair Housing laws to avoid discriminating against federally protected classes when you advertise your rental property. Also get to know the local population and especially those social cohorts who are most likely to be looking for rental properties. For example, if your property is located in a college town, then more student renters will be searching for housing. You can check with the colleges for advertising opportunities. Most schools will have an off-campus housing department that offers a rental directory to their students.
3. The use of signage
Even though the internet is becoming the strongest place for advertisement, a physical sign is still important in the world of real estate investing. People still like to drive around and read signs when they are searching for an income income property for rent. Spend some money on high-quality signs that are attractive and make sure that your sign:
- Looks professional: people don’t want to see sloppy signs with unprofessional writing. Be sure that they are well-kept and informative and at the same time people-friendly.
- Is visible from the street: make sure that the location of your sign is correct. You can even go a little over the top and decorate your sign with balloons or incorporate in it eye-catching colors. This will ensure that your sign is visible to all those searching for a property for rent.
- Contains key rental property details: like said above, make sure your sign is informative. Include your rental property details and any other information that may be required, such as your personal contact information. People always like to know who the landlord is. You can also include important details about your property such as how many bedrooms the house has or other attractive amenities.
4. Go online and use social media
The internet and the online resources available there are great for direct interaction between landlords and tenants. The internet is roaming with a variety of sites dedicated especially for posting listings and targeting tenants. It’s up to you to figure out which ones will help you find tenants for your properties and correctly market your property for rent. Very few landlords have tapped into the full potential of online resources and social media in the real estate industry. Yet those who are using them properly have found tremendous success and are greatly benefiting. For example, you can use Facebook to create highly targeted advertisements, or simply ask friends to share properties on their profile page. This is an easy way to get people talking about your listings and build yourself a name in real estate investing. Facebook is currently the most conducive social media platform for marketing rentals, but Instagram and Twitter could be very beneficial as well. Any form of social media will help you advertise your property for rent.
5. Pictures are worth a thousand words
They say a picture is worth a thousand words and how right are they! The first thing renters look at when searching for a property for rent is photos. Before they even read anything about the property, they inspect the available pictures. Well-done photographs can help your income property stand out and make your web listings shine. However, professional photography can be very costly, and you likely don’t need it. Thanks to the great development of technology, most smartphones come with decent cameras that have editing applications available. For best results, take photos when your property is empty and clean, shoot when the natural lighting is good, take photos from multiple angles of the room, and be smart about editing so as not to give a false impression about the space.
6. Open house
By far, the most convincing way to sell potential tenants on the prospect of renting your house is to let them see it. While this can certainly be done by an individual appointment, the more opportunities you give the casually curious to view the rental, the more interest you’ll create. For example, you can host a social event at the house, that way you can have more people over to see your rental property and increase your chances of renting out your house quickly.
The most important thing to keep in mind when filling your vacancy is to understand that marketing your property for rent should be as important as any other step of the rental process. It takes some time and effort, but a solid marketing plan will help you fill your units quicker. Be sure to check out Mashvisor for the best real estate tips and strategies.