11 steps to Professionally Market Your Rental Property
1. Choices, choices
Choosing a Property management company that suits your needs and to market your rental property is the first step in ensuring a successful long-term property investment. This is where the All Properties Group Rentals Team can be your partner in effectively marketing your rental property.
2. Inspect, repair and clean:
Before you can work with an agent to begin the marketing process, you will first need to take a hard look at your property. The easiest properties to showcase are those that will present well, with everything in prime working order. It’s helpful to go over your property with the help of a professional property manager, who can give you an objective opinion of what would be most beneficial for your purposes.
An agent who is well versed in your local property market will be best, because they will be able to compare your properties to the competition. Together you can work on which renovations or actions will be both cost-effective and worthwhile for marketing purposes. Many improvements cost very little money, and may involve easy fixes such as simply painting the walls or giving kitchens and bathrooms a good scrubbing.
3. Boost Value with add-ons
To attract quality tenants, you can use add-ons to broaden your appeal to a more desirable, higher standards market. These add-ons might include extra storage space, security screens, lighting, built-in wardrobes, stainless steel appliances, fans air-conditioning, heating and dishwashers. While these add-ons are an investment, they will boost the value of the rental property and help you increase your rental yield in the long-term, not only assisting in the ability to market your rental property.
Don’t forget, any work you do to your property at this stage could be tax-deductable, talk to your accountant.
Always be available, whether it’s by phone, message or your preferred means of contact. This is an important stage of the rental process, as your manager may need to contact you at any point to clarify any questions that may arise either about your property or from a tenant.
5. Crafting a Marketing and Advertising Strategy:
After you have taken these preliminary steps to clean and improve your home, you will be ready to present it to the world.
There are several key features which any good advertising plan should address:
- The best features of your property
- Amenities offered
- Features of the location
- Amount of rent to charge
- Any issues or objections to the property and how they can be overcome
- The number of open inspections to hold
- Agreement with current tenant regarding days and times for inspections
The most successful advertising campaigns will utilise a variety of different mediums. Today’s top property management companies and real estate agents use a number of strategies to showcase properties for rent, including some or all of the following:
- Online classified ads
- Online property listing websites
- Property Videos
- Social Media
- Agency rental lists or client databases
- Special interest publications,
- Word of mouth advertising
- Existing Tenant Database
As you discuss marketing strategies with your property manager or agent, don’t be afraid to ask for data that shows how well each of these methods works. If you’re paying for the services of a professional, you want to be sure that they are using a strategy that is most effective for your unique property rather than simply using the same cookie cutter approach for all of their clients.
6. Professional Photography
In a recent survey it was established that 89% of prospecting tenants consider quality photography as the most important factor when considering a property to rent. It is true that substandard photography will often see a property listing automatically dismissed by potential tenants. To ensure the maximum online engagement, professional photography should be the number one factor to consider when listing your rental property. Virtual furniture is often highly recommended as well to show the potential of a rental space in an uncluttered, stylish way and so helkp to market your rental property.
In most instances, it is virtually impossible to portray the layout of a property through photos alone. Traditionally, floorplans have only been used in the marketing of ‘for sale’ properties. However, from experience, we have found floorplans even more important to tenants looking for a home to rent. Tenants will be able to envision their lifestyle and furniture arrangement by studying a floorplan and thus further enhance your listing for maximum engagement.
8. Listing Type
Having your property viewed as high on the first page of any property website is vital for the visibility of your property. This is where your professional photography will shine and lead to more prospective tenants adding your home to their must see list.
9. Open Inspections
The next step to take in any marketing campaign is to set up open inspections. There are certain considerations to take when you have tenants already residing in the property.
- Current tenants must be given appropriate notice regarding inspections. These may vary depending on your state’s tenancy laws.
- The current tenant should be consulted to find out what the most reasonable times would be for open inspections.
- Some landlords or property management companies choose to compensate the current tenant for this inconvenience by temporarily reducing rent, or offering gift certificates.
- Midweek and Saturday Open Homes plus being flexible to private viewings or via video, Facetime etc
10. Tenant Selection
All Properties Group rentals team provides a class leading thorough screening process can be employed by your property management company, which should involve credit checks, employment checks, and reference checks. A good agent will be diligent about following up on tenant applications, and will give you a thorough assessment of each applicant to help you make the right decision. While the agent can give you solid advice, in the end it is your decision.
Having a tenant moving into a home and being happy from day one goes a long way in ensuring a stress-free tenant/landlord relationship, to this end, we always recommend a final house sparkle clean and garden touch-up.
The All Properties Group Rentals Team hope this has been a useful article, but if you have any further questions please feel free to get in touch.
If you have a property in Brisbane that you would like to consider engaging a new property management team for, please feel free to contact Paul Tooze directly on 0414 037 007 or the friendly team at All Properties Group (07) 3800 0988.
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