Ever wondered why some properties fare well in the property rental market whilst similar properties don’t? When you compare their features, the properties are actually pretty much the same. But why is it that some properties get rented out quicker than others? More often than not, it all boils down to effective marketing, property presentation and pricing. In the rental property market, like any other business, there is competition.
So who can help you market your property the right way? Your number one goal is to be able to stand out among the rest, and in order for you to do so, you must work with a professional who can tailor a marketing strategy to suit your property.
Here are the steps to ensure you market your property the right way:
Assess your property
Examine your property and find out if there are any repairs or alterations that need to be done. Take note that the first thing that attracts tenants is the property’s appearance. Properties that are well presented, clean and tidy will attract quality tenants.
Employ the help of a professional
There is no better person to do the job of determining the property’s value than a property manager who has extensive knowledge about the local property market. It is best that you work with a property manager in deciding which renovations are worth doing to make the property more marketable and to increase the rental return.
Establish a Marketing Strategy
When determining your marketing and advertising plan, you must consider the following:
- What is the best feature your property has to offer?
- What are the amenities?
- Is your property positioned in a good location?
- How much rent would you charge?
- What issues does the property have and how can you resolve them?
- How many open inspections does the property need to have?
- What is your agreement with your current tenant (if you have one) pertaining to the schedule of the inspections?
After addressing the issues mentioned above, it’s time to determine which marketing/advertising medium would best suit your property. To give you an insight, here are today’s top strategies for property advertising:
- Online property listing websites
- Social media platforms
- Special interest publications
- Online classified ads
- Agency rental lists
- Advertising through word of mouth
Choose the Content and Image with the Most Impact
After determining which marketing medium your ads will be placed on, you should then get the actual advertisements ready. When advertising a property, you need to include images and content as both are very important. Of course, you need to include all of the key information about the property such as:
- Number of bedrooms and bathrooms
- Parking information
Provide as much information as possible as it will draw interested renters to the property. Interested tenants would also want to see what the property looks like, and that’s where the role of the visuals/images will play. The more attractive your visuals are, the higher the chance that prospective tenants would want to visit the property for inspection.
Carry Out Inspections
If you have a property manager, he/she will be in charge of this. Just make sure that you take certain things into consideration such as the following:
- You must provide appropriate notice to your current tenants regarding property inspections.
- Inspections are carried out at times and on days of the week when prospective tenants can attend
Selecting the Right Tenant
When choosing a suitable tenant, it’s only logical that you would pick the best one. The tenant that will most likely take care and respect your property, and most of all, be on time to pay the rent. Because of this, it’s important that each applicant should go through a screening process where you or your property manager will do background investigations such as employment checks, reference checks, and tenancy database checks.
It pays to have a qualified professional assist you on the entire process – one who is diligent about following up applications as well as providing you with a thorough report of each application, including their assessment on how to make the selection process much easier.