Many new landlords think that the only way to market their rental property is by putting an ad on Craigslist or just posting on social media. While that is a good rental marketing idea, you should refine it and make it a better strategy.
As the landlord, you need to treat your rental property as your business.
This means everything from sticking to a budget in order to maximize your profits as well as getting tenants into the property.
This can be especially important if you have numerous units that you are trying sell. If you have rental units that you want to sell, try these tips in order to best market your rental property and for you to maximize your rental marketing ideas.
Knowing When to Begin Marketing
Timing is everything when it comes to rental marketing. You should start the process around a month before the current tenants are expected to move out. Your rental marketing ideas wouldn’t execute properly if you have not allotted at least a month before the existing tenant moves. This will give you plenty of time to find a new tenant with minimal time where the property is not being rented.
Be sure to remember that if you are showing a property that is currently occupied, that you discuss showing the property with your current tenant. Politely inform your existing tenant that you will need to set a specific schedule for showings.
Spruce Up the Property
With any business, getting people in is only really half the battle. You need to inspire people to want to rent the property once they see it. For this reason, you need to do whatever it takes in order to make the place as appealing as possible. You need to let your property speak for itself. This means investing in cleaning and updating the space as well as adding a fresh coat of paint on the walls. Otherwise, your rental marketing ideas wouldn’t make sense if the tenant who visits the place doesn’t get satisfied based on the rental marketing strategy or copy they clicked on or see.
Your Target Market
Every business has a specific demographic of people that they are trying to market their products or services to. This means that you need to figure out what type of tenants are going to be most interested in your property so that you can target your rental marketing ideas and plans at them. For instance, if your property is in a great location with excellent schools and playgrounds, you will most likely be trying to attract families to your property. Marketing in areas where parents would find themselves can be very helpful to you.
It can be essential for you to keep and make sure that your rate is competitive with other rental properties in the area. If you price your property too high or too low, you will have some negative consequences. When you price too low, you will get some less than desirable tenants or you will barely cover your expenses for the property. If you put too high of a price tag on the property, you will not get very many applicants for the property. There is a very delicate balance that you need to find when pricing the units. Keep in mind that your rental marketing ideas and strategy should be in line with your pricing.
Before you would just list your unit in the classified section of the newspaper and hope for hits, that’s one of the most popular rental marketing ideas ever. These days, you have so many tools that you can utilize to advertise your property. You should use all of these to market your property. So continue to list with the local newspapers, but you should also advertise on as many websites as possible.
Getting your rental property on the market is not different from selling a product. You still need to plan, strategize then execute. What do you think? If the whole thing is too much work for you, then hire a property manager.