So, you’ve bought an investment property and gotten it ready to rent. Now what?
Finding future tenants, can be a consuming task, especially when you’re looking for the perfect tenants. If you don’t have a background in marketing, you might not know where to start.
Whether you have just bought your first investment property, or you are growing your portfolio, understanding property marketing is key to your future success.
If you are interested in property marketing, here are five things you need to know to find reliable, long-term tenants for your rental property.
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Visual Appeal
How does your property look? Applying a fresh coat of paint, planting some flowers, and promptly dealing with any small fixes can go a long way.
Presenting a well-cared for and clean space will help you to attract the best candidates possible. By attracting these candidates, you are less likely to deal with property issues later down the line, which means you will probably be saving money.
Once you have fixed, painted, cleaned, and spruced up your property, invest in a good camera or in the time of a photographer. Having quality photos of your property will help tremendously in property marketing efforts.
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Word-of-Mouth Marketing
If one of your tenants is moving to a new house, then your best tool for property marketing is word-of-mouth.
You can encourage your tenants to share their experiences with you in the form of reviews, or to talk with their friends and family about their time living on your property. If you own a property with multiple homes or apartments, you can even host events and encourage your tenants to invite their friends and family.
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Scheduling Tours
Touring a property is an important part of the rental process. If you can, try to wait until after your current tenant has moved out before you list the property as available.
This will allow you to ready the property for a new tenant and plan touring dates and times without having to work around the current tenant.
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Go Where Your Tenants Are
You need to have an idea of who your ideal tenant is. This will help you to market specifically to that demographic.
Your prospective tenants might be college students or young adults, families with children, or older adults and retirees. Each age group will frequent different places, both around town and online, so you can target your real estate marketing efforts as effectively as possible.
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Collect Data to Find What Works
One of the best things you can do as you market different properties is to keep track of what works and what doesn’t.
When prospective tenants contact you, always be sure to ask them how they heard about your property. Keep this data organized and on hand so that you can adjust your marketing strategy based on the results.
Ready to Learn More About Property Marketing?
Working with a professional property management company is a sound investment for any rental property owner. Property managers can help with rent collection, repairs, tenant communications, and property marketing.
Interested in learning more? Contact us to get started.
