Whether you are a property manager who takes care of rentals for investors, or you are a self-managing investor whose goal is portfolio diversification and asset protection among other benefits, getting into the rental property industry can be a smart move either way. Fortunes have been made in real estate, but beyond that rental property has a number of other benefits as well.
Buying a home or apartment building to rent out can be a wonderful way to earn passive income and enhance your wealth, but finding the right investment property to purchase is only the first step to realizing that goal.
After all, that lovely home or well furnished apartment will not earn you a penny until it is occupied by a qualified tenant, and marketing rental properties is a talent you need to learn whether you are an self-managing investor or thinking of getting started in property management yourself.
So how can you market your rental property more effectively, and how can you maximize the value you receive from your investment? How can you make your rental home or apartment stand out, and how can you entice the best possible tenants to move in and call your property their home?
Here are some rental property marketing tips every landlord and investor need to know.
Price Your Offerings Appropriately
Sometimes maximizing your return on investment means cutting the price instead of raising it. That is certainly true when marketing rental property, and it is important to set your rents based on the level of competition and the state of the local market.
It is important to do your homework, researching the rents on similar properties in the area, digging into vacancy rates and otherwise assessing the situation.
Pricing your own property slightly below market averages could help you attract quality tenants, but going too low could cause would-be tenants to worry about the quality of the building. Likewise, setting your rents too high could result in months of vacancy and more money out of your own pocket.
Use Social Media as a Marketing Tool
There are many rental property marketing channels, but social media is one of the most effective and least expensive. Marketing your rental property on sites like Facebook, Twitter and Instagram can be surprisingly effective, and in many cases the efforts will be totally free.
You can market your rental properties on your existing social media pages, but you can also join groups aimed at local renters or new residents. These are the people most likely to be your future tenants, and reaching out in this manner is a great way to avoid vacancies and maximize the return on your property-based investment.
Take High Quality Photographs
Whether you are marketing your rental property on social media or hanging flyers at the local college, the photographs you take will make a world of difference. When you shoot your rental properties, take more pictures than you think you will need, shooting from various angles and accentuating different parts of the rooms.
Once you have all your shots in place, choose the ones that best represent your rental home or apartment and what it has to offer. That could mean getting quality shots of the brand new appliances, shooting out the window to show off the spectacular view or staging the shot to emphasise the enormous size of the master bedroom.
Stage the Property in an Attractive and Subdued Manner
Staging is not just for residential real estate. The right staging can also make a big difference when marketing rental property. If you are offering a fully furnished apartment, choose furnishings that are neutral in color and attractive to the widest swathe of potential tenants. If you are offering a rental home, make sure the color scheme is subtle but attractive, and that the space is sufficiently impersonal.
This will allow potential tenants to see themselves in your space, the end goal of any good staging efforts. You do not have to be an expert interior designer to stage your rental property like a pro; all it takes is time, effort and a little research.
Investing in real estate be a wonderful way to earn extra income, or even the path to long term wealth. But if you want to make money and not lose it, you need to market your rental property the right way. The tips listed above can help you market your rental home or apartment like a pro, so you can welcome quality tenants and start enjoying a steady flow of rent payments.