One of the lowest times in the life of landlords is when they are unable to refill vacant rental properties long after the tenants vacate. Not only do the owners miss out on rental income but energy. They are forced to commit valuable time and money to locate a new occupant.
At such a time, either because of desperation or the eagerness to restore the cash flow, many landlords would go easy on the tenant screening process. They would then permit the first prospect who shows interest in the asset. Which in most cases, would result in many headaches of dealing with problematic tenants.
Ironically, all these challenges are preventable. All the property owner needs to do is know how to advertise his or her property to attract quality renters quickly. Here are several pointers in the right direction.
Have a rent ready property
It does not matter how much you spend or the number of platforms you use to advertise the asset. As long as the house is not in a habitable state, you will struggle to get renters. To be a great landlord, take the time first to refurbish the property to make it inviting to prospects. Make sure that it is clean, beautifully painted, all the utilities are working efficiently, and the curb is welcoming. It is equally important that you have all the relevant paperwork like property inspection reports in place. Such preparation will significantly increase your chances of attracting the ideal tenants.
Set a competitive rent price
Many landlords are not aware that a rent price is a useful tool for marketing the asset. Almost all prospecting renters consider the rent price when deciding whether or not to pursue a rental property. For this reason, take the time to determine what the best price for your assets is. Nonetheless, be careful not to price it too low or exorbitantly. A low price might attract equally low-quality renters while overpricing will make you seem unscrupulous. The best strategy is to research what similar units to yours are charging and then price yours accordingly. Still, you could demand a lower security deposit. For instance just a month’s rent deposit.
Capture spectacular images of the property
At times the sole reason you are unable to attract tenants is that you are not portraying the right images to the masses. Prospects are highly visual. Even if you have the best property in the neighborhood, as long as the pictures do not reflect that, you will miss out on good tenants. Avoid such a disservice to your property by investing in a professional digital camera that will help you to capture high-resolution images of the property. If possible, go a step further and hire a professional specialized in landscape photography. With such an expert, you have the guarantee of capturing striking images.
Design a winning ad
As the landlord, your focus should be to create an advert those targets, captures and compels high-quality renters to want to move into your property. Hence, take the time to ensure your ad does just that. Come up with a message that; informs the target audience about the vacancy, clarifies the rent price, showcases the unique and attractive features of the property, specifies what kind of occupant you want, and provides up to date contact information.
Have a contact person
Even though creating a winning ad is significant, one of the best ways to advertise your property is by giving it a human face. Prospects would love to talk and interact with the person in charge of the property. So, consider adding an active phone number. Not only will interested clients appreciate making inquiries, but it also gives you the perfect opportunity to learn first-hand, what prospects think of your property. Besides, you can use the occasion to clarify and convince quality renters to move into your investment.
Place adverts on different media platforms
Once you have fabulous property images, and a winning ad message, you need to put adverts on various marketing platforms. For starters, you should consider placing classified advertisements in popular newspapers and magazines. Even though most of these platforms charge for the service, the price is often pocket-friendly. Another equally important option that you should consider is social media and online listing sites. Platforms like Facebook, Instagram, YouTube, Twitter, LinkedIn, Flickr and Pinterest can produce impressive results. You only need to learn how to optimize them. For instance, what image size and resolution to use, what type of content to post as well as the best time to post, to get the maximum engagement.
Develop a website
In this time and age, any serious landlord will have a website for advertising vacant rental properties. The good thing about having a website is that you have absolute control over what you post and how you want the images to appear. The freedom means you can create remarkably compelling adverts. Moreover, if you get your SEO and use of Ad words correctly, your website can score impressively on search engine pages, giving you unlimited access to an infinite pool of prospects.
Hire a property management firm
Property managers are conversant with the local housing dynamics. Warner Quinlan is a great example of a property management company that services Orlando. Property managers know the right rent price to charge, the best way to revamp the asset and the most effective strategy to attract high-quality renters. Enlisting the manager’s service will be beneficial.
Design flyers, handbills, and posters
If you only wish to advertise your rentals within the locality, then using colorful flyers and posters will suffice. But make sure you provide great images and accurate information. You could then distribute the brochures in public and social gathering places like shopping malls, bulletin boards, churches, libraries and coin-operated laundries.
Mount “for rent” signage
The good old “for rent” signs are still as effective as they were several years back. Whether you make or purchase the sign from the local supply store, make sure it has the winning ad message on it. Furthermore, position it in a way that it will be visible from across the street.
Word of mouth
That words can spread like bush fire is not such a bad thing. Use this fact to your advantage by informing the members of your social circle about your vacant property. These include family members, workmates, fellow property owners, and even current and moving out tenants.
Have a property viewing
Another perfect opportunity for you to advertise vacant rental properties is to organize the viewing of the building. When prospecting clients see the asset on-site, you can easily persuade them to make the buy decision.