Your rental property can be looked at as a second home to you… you may not be living there but you put the same amount of care into it as you do the home you live in. With that being said, you expect the same treatment from prospective renters interested in your rental property.
It’s not something too far-fetched to expect by any means… the same process rental property owners go through, potential renters should go through somewhat of the same process.
The process to become a rental property owner isn’t a hard process at all, if you’re considering getting your start in the business… in fact, to get started, all you need to do is fill out a rental loan application. Once you’ve been approved, you can start the process of getting your property ready and finally begin implementing your marketing strategies to attract the best renter for your property.
You might not be looking at this rental venture as something that you’d want to turn into a full-time business but even the work you’re putting in as a landlord, you’re learning the skills it would take to start a small business. Whether you turn videos of your property into video marketing to promote your brand or utilize virtual reality to allow potential renters to do a tour of your rental properties, any aspect of the real estate business is going to translate into business terms for you to successfully start your own rental property business.
How the Times Have Changed
If you can believe it, there once was a time where renting out a rental property was solely just that… you were the landlord and your renter was, well… the renter; nothing more, nothing less. These days, you’re not only the landlord but you’re also the maintenance man, the bill collector, and the marketer.
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Not only that but when it came to trying to rent your property out, it was you (the landlord) trying to sell a potential renter on how wonderful the property but now, the potential renter has to sell themselves as to why they’re worthy of renting such a beautiful living space, especially when you know you have a beautiful property that lots of people want.
You almost have to look at the selection process like it’s a job interview. The employer (landlord) doesn’t just want any candidate (renter) for the job… they want the right candidate for the job. So when you’re going through the selection process, try to think of it like that.
Marketing For the Right Renter
When it comes to your marketing efforts, you need to be very specific about where you’re advertising your rental property. Why? Because it’s all about finding your ideal renter. That’s not being picky or even discriminatory… it’s simply marketing to an audience who will best benefit from your property based on their finances, living situations, and family size.
Not only that, it’s helping you not set yourself up for financial failure by renting to a family that can’t make the rental payments. In this business, you have to remember that it’s not personal, it’s business. No matter how you try to chop it up, you have to make a decision on what you feel would be best for that family and what’s financially best for yours too because you’re taking on a financial risk too, remember, and the last thing you want to do is lose your own credibility because of someone else’s poor judgment.
You wouldn’t want to have to do it but you would be forced to give that family a pay or quit notice, which is essentially a type of eviction notice when the renter’s payment is late. The life of a landlord can be tedious, emotionally draining, and exhausting, to say the least but that’s why you have to make the best efforts to find the best renter for your rental property… They’re the type of renters landlords dream of. If you want the best renters for your property, take a look at some of the best marketing strategies to follow.
Word-of-mouth is probably the most underrated form of marketing since the emergence of the internet. Yes, the internet has certainly taken marketing leaps and bound ahead from where it started but never underestimate the power of the tongue. Do you know how many people have found homes simply by word-of-mouth? Tons.
When you go to social gatherings, if you happen to mention that you’re looking for a rental property, so many people chime in on the conversation, saying how they saw some properties on their way home from work or on their way to the store… you just never know who’s in the market for a rental property, so don’t dismiss word-of-mouth like it’s a prehistoric marketing strategy that no one uses anymore.
2- Social Media
Social media is one of the top outlets to get the word out about your property. With social media, you can post detailed pictures of every room, the outside, the neighborhood. This is a platform that also allows you to communicate with people online who are seriously interested in your property, and from there, you can set up an appointment to meet up with the potential renters and schedule a tour.
3- List Your Property on Realtor and Rental Sites
Because renting properties is more convenient for people who are not ready for the responsibilities of homeownership, more and more people are turning to realtor and rental sites to see what kind of properties are available. Because of this surge in the demand for rental properties, more and more people are listing their properties on those sites. It’s actually been very beneficial and people’s listing are able to be seen by hundreds of people.
4- Put Signs in the Yard
This direct marketing method is one of the most effective way to attract potential renters in the neighborhood and the word of mouth can travel farther. However, make sure to have an attractive sign board with clear and impressive message on it.
Concluding it all….
Different people may value different amenities, but everyone values the community they live in or want to live in. While marketing a property you’re not just promoting a certain building, but the entire neighborhood that’s what increases the value of your property as well. So include the details of community in your marketing materials. Be creative; start with the above ideas and you will find tens of more to better promote your property.