1. Timing is Crucial
As a real estate investor, you should have
a mutual agreement with your current tenant that he or she will give notice at
least one month before he decide to leave. So you have time to advertise and
market your rental property. So, things should be planned ahead. Real estate
investor often made a mistake of marketing their income property for rent after
their tenants left. This is a mistake. My brother fell to this problem before
and has had one of his rental apartments vacant due to not finding a tenant on
time. It requires time to find a new tenant for your rental property. So always
market your rental property in advance. This reason gives you plenty of time to
find a new tenant. In addition, if you want to show your new renters the
property, let your current tenant know beforehand so that he/she is able to let
them view the place.
2. The Use
of Billboard Sign
Even though the internet is becoming an important role in the advertising
world, an old fashioned way of placing a physical sign is still important in
the world of real estate marketing. People still like to drive around and read
signs when they are searching for a place. For example, my dad was able to rent
his unused factory by placing a big sign showing that the factory was for rent.
Surprisingly, people do call after seeing the sign and had the factory rented
out in no time. This is because some people still do drive around to search for
places in the location they like. Spend some money on high quality signs that
are attractive and make sure the sign looks professional and visible from the
street. It should contain key rental property details. Making the sign look
professional gives the impression that you are serious in renting out your
property. Besides people don’t want to see sloppy sign with unprofessional
writing. Be sure that they are well kept, informative and friendly to be seen. In
addition, making sure that the sign is visible from the street is important. You
can make the sign eye catching by placing attractive lighting, that way there’s
no way a person will not take a look at the sign. Last but not least, remember
to put your contact number. Be ready with all other information when the
prospective renters call to inquire information about the size of the property
and other information such as how many bedrooms, bathrooms, and other important
details etc.
3. Go
Online and Use Social Media
The internet and the online resources are
available for land lords to utilize their marketing of their rental property.
There are many websites roaming online that let users dedicated to post or
search for property for rent or sale. It’s up to you to figure out which one is
suitable for you. Since I live in Indonesia, my country uses real estate
hosting websites that are frequently used by the people here. However, in the United States people usually
use websites such as www.craigslist.org
to post or search for rental property. People find great success in interacting
between landlords and tenants using these online resources. For example, I had
use Facebook to create a post regarding a rental property my parents own in San
Francisco. I was able to find mutual friends who were interested in checking
the available rental property. Facebook is currently one of the most useful
social media platform however there are plenty others out there such as
Instagram or Twitter. So in my opinion use all online resources you are able to
use so that you can increase your likelihood of getting your rented property
rented out.
4. Pictures
Worth a Thousand Word
They say “a picture is worth a thousand
words”. A single picture conveys so much meaning and essence more effectively
than a description does. Before they read anything about the property, people
tend to see the pictures available in the posting first. Pictures are really
crucial in times to promote your rental property. Well-done photographs can
help your rental property stand out and make the web listing look interesting.
However, professional photography can be very costly. This is the reason why I
want to introduce you readers to a program that can solve this matter. My
brother and one of his longtime friends from Singapore have developed a web
program that can enhance your rental property pictures. This web program is
called Panopedia. This program enables
you to start building 360 degree Panatour pictures of your rental properties in
less than 5 minutes. So what I mean is that a potential client can see a 3D virtual
reality of the property without even going to the location, which can save time
for both parties. In addition, professional real estate agents have also used
this program for marketing their inventories of real estate and they were so
pleased that a wonderful program like this exists. It has helped them not to
waste time with clients who want to visit the properties for the heck of it
since the program provide showcase of all properties at anytime and anywhere.
It’s like having a 24 hour open house for all their properties listed. Moreover,
the quality image that Panopedia provides is so incredible that it feels like
as if you are in the location itself. You should check out the link I have
provided to check it out and try it out for FREE. Trust me, you won’t regret it
besides it’s free to try it out, you have nothing to lose.
5. Open
House
By far, the most convincing way to get
clients to check out your rental properties is to have an open house to let
them see the property for themselves. I know this could be inconvenience for
the tenants, however a potential renter would still prefer see the property for
itself. So if you have available time, you should schedule time where anyone
can take a look at the place for themselves. For example, you can host a social
event at the house, that way you can have more people to come over which
increases the potential of having the property rented out.
Summary
The most important thing of having your
rental property rented is to always remember marketing your property for renting
should be as important as any other step of the rental process. It consumes
times and effort, however a solid marketing plan will help you fill your rental
property quicker. Remember you will always want your rental property to be
filled quickly so that you can receive rental income just like how I receive
dividend from my portfolio. That way, you can use the money received to be reinvested
in income producing assets and compound your overall wealth. I hope the
marketing methods would help you readers on how to market your rental
properties.
It's right. Be ready with all other information when the prospective renters call to inquire information about the size of the property and other information such as how many bedrooms, bathrooms, and other important details etc...thanks for helpful share!
ReplyDeleteHey Alice, thank for visiting my blog and taking your time to read my article. I will try my best to write more quality content articles for readers to read.
Deleteby the way, here are some more reference:
ReplyDelete1. https://homeia.com/investing-5-steps-to-buying-a-single-family-home-to-rent-out/
2. https://homeia.com/basics-for-buying-residential-rental-properties/
3. https://homeia.com/8-tips-for-landlords-to-increase-rental-property-income/
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