Once all is said and done, and you're ready to put that "For Rent" sign on the lawn, it all becomes about marketing. This is an aspect a Property Management company with their wealth of experience can help with. It all boils down to getting those people through the front door and making sure they want your property over anybody else.
Let's take a look at the importance of marketing your new rental property effectively. As someone who's been in property management for over 40 years, I've learned a thing or two about how to attract the right tenants and ensure your property stands out in this competitive rental market.
The moment potential tenants pull up to your property, they should feel that instant connection that says, "This is my home." Ensure that your yard is neatly cut and trimmed, with perhaps a touch of color from well-maintained flowers in the front. A fresh coat of paint on the door can also work wonders in creating a positive first impression.
Professional Photography and Videos
A picture is worth a thousand words, and this holds true when marketing your rental property. Invest in professional photography with wide-angle lenses, capturing each corner of the property to give potential tenants a sense of walking through it themselves. If you're considering video, remember that poorly executed footage can be more of a distraction than an attraction. So, strive for quality and highlight the best features of your property.
Understand Your Market
Knowing your local rental market is crucial. Find out where potential tenants are searching for rental properties. Is it Craigslist or Oodle? Each region may have different popular platforms, so make sure to be present where your target audience is most active.
Beware of Fair Housing Laws
While crafting your property advertisements, it's essential to be cautious about fair housing laws. Focus on describing the property itself, rather than the ideal tenant. For instance, saying "Three-bedroom two-bath home waterfront dock davits" is acceptable, but specifying that you're looking for an "executive making a hundred and fifty thousand dollars a year" could lead to legal complications. Describe the property, not the person.
Utilize the Expertise of a Property Management Company
A professional property management company can be your greatest ally in marketing your rental property. They have the know-how and experience to navigate various advertising platforms and save you both time and money. They know the best places to advertise and already have an established presence on many rental listing websites.
Remember, marketing your rental property effectively can make all the difference in attracting the right tenants quickly. The goal is to showcase your property's best features, create a welcoming atmosphere, and adhere to fair housing regulations. By doing so, you increase the likelihood of finding tenants who will treat your property as their own, ensuring a smooth and profitable rental experience.
So, if you're about to put that "For Rent" sign out front, take a step back and consider your marketing strategy. A little effort and the right expertise can go a long way in making your rental property stand out in the competitive market.