5 Steps To Effectively Market Your Rental Property
Whether you are a new landlord or have been renting your property for years, these steps will help you effectively market your rental property!
1. Looking Good
It is important to make sure the rental unit looks good before showing to potential tenants. Any of those upgrades or fixes you have been putting off should become a priority. Consider having the place professionally cleaned, spruced up with new paint or floors replaced.
2. Determine the Price
Depending on the market, rental prices can change quickly. Do your research to see how other rentals in the area are being priced. You want to make sure that you aren’t pricing your property too low and not maximizing your cash flow but you also want to make sure you aren’t priced too competitively which can lead to long vacancy periods. When in doubt, set a price and keep a close eye on the traffic of incoming inquiries to see if you need to adjust your price accordingly.
3. Photo Ready
In today’s age, an iPhone photo can look almost as professional as a high quality camera. You can use your phone to take photos, but make sure that the space is picture ready. The photos should be an accurate representation of the property showing each bedroom, bathroom, kitchen, family room and other areas that a potential tenant would have questions about. These photos will help potential tenants to determine if the property is the right fit for them before contacting you which will save you time.
4. Post Your Property Online
The most effective place to post your rental property is online. There are countless number of tenant acquisition websites that people search daily to find new rentals. You can find both paid sites as well as free sites to post your property. Some websites will even pre-screen potential tenants so that you can see if someone is qualified based on your criteria before even scheduling a tour. Make sure that your photos and description of the property are accurate and engaging to get the most interest.
5. Scheduled Showings
Including a calendar link in your description where people can sign up for a tour, will make everyone’s life easier. Schedule blocks of time with showings scheduled back to back so that you can commit to a time window instead of showings scattered throughout your day and week. Make sure to reconfirm people by calling, texting or emailing the day before so that you fill an open time slot if you receive a cancellation. This is an effective and productive way for you to manage your schedule and offer the most amount of showing times without all the juggling.