How to Market your Rental Property
Property management systems are effective in maintaining real estate — however, they are largely ineffective in proactively marketing them. Comprehensive marketing of rental property encompasses much more than just hanging a “for rent” sign on a street corner and hoping for the best.
Ineffective Marketing Costs Money
Whenever your vacant rental property sits empty, it will cost you time and money. The key to minimizing the time between an empty property and one that is full of responsible tenants is by marketing appropriately and strategically. Here’s what it takes to market your property in today’s climate, and the trends that will pop up in 2019.
Focus on writing an enticing marketing copy. When advertising a rental property, use words that are relatable that will highlight features of the property. Paired with photographs, the right marketing copy will tell applicants everything they need to know. You will waste less time answering rudimentary questions; instead, you’ll spend more time with quality leads. Your marketing copy should include:
- All the features that the rental property offers.
- Number of bedrooms, bathrooms, size of the apartment or home
- Deposit amounts. While deposits are primarily contingent on income and creditworthiness, you can help with guesstimates, linking specific deposit amounts to different credit scores. This will help the prospective tenant gauge what they can or cannot properly afford.
- Location and contact information.
Take time to think outside the box and list the features that make your rental property different than your competitors. For example, mention that the rental property has access to a freeway or that is close to downtown attractions. For families, list nearby elementary schools and high schools, and any awards that they might’ve won in the past years. A compelling marketing copy will not only describe the rental property, but it will also paint a complete picture of the neighborhood.
Get social. Millennials are notorious renters. However, marketing to them may be a bit more different. Millennials have put capital on brands and online identities that invest in being personable and relatable. Garner awareness with the help of online visual platforms like Pinterest and Instagram, and stay in contact with potential clients and tenants via social media. Consistent posting will help you maintain an active online presence.
Take advantage of available sources. According to the Pew Research Center, individuals who read the newspaper typically are over the age of 55. So if you’re looking for an opportunity for lead generation, then this can be a potential avenue to market your rental property. This demographic will also be more inclined to drive around looking for a “for rent” sign rather than using the Internet to do their research. There are also other avenues you can use to attract this group of people who are typically more affluent and are familiar with the renting process.
Advertising via newspaper ads. Even though it tends to be harped as an archaic form of marketing, there’s still enough newspaper readers that will justify the investment, especially if you are struggling to fill vacancies.
Using new types of resources to market your rental property:
Craigslist. This is an old website but still very viable to help generate interest in your rental properties. Ensure posts are complete with pictures and available video of the walk-through.
Rental on Zillow. Zillow actually acquired Postlets rental due to its ability to create very detailed listings. Zillow then rebranded the site as Zillow Rental Manager that still retains many of the functionality of the original Postlets. One of the significant bonuses of this platform is that when your property becomes available, you do not need to re-create the listings. All you have to do is make it available again, saving you time. Here are some marketing tips for promoting your rental property on Zillow.
Take advantage of visual walk-throughs. In November 2016, Zillow enabled video walk-throughs for rental listings. These short videos make it possible for prospective tenants to visualize their presence in the space. The Zillow Real Estate App simplifies the process.
Actively work with your current tenants. Promoting via Zillow will garner results— besides, more than 180 million people visit the site every month, with about 50 percent of visitors planning to buy or sell. Once your rental property starts to fill up, work closely with your current tenants. We do not want to surprise them with a prospective tenant once their lease is about to end. It’s unprofessional, and there’s a good chance that the property may be unfit for an impromptu viewing. Give these tenants that have worked to put into your rental property and notice. Requirements will differ by jurisdiction, but for the most part is best to let your tenants know that you plan to show the property or apartment off before they officially move out.
Unique Benefits of Hard Money Loan
One of the real estate trends that will continue in 2019 is the use of hard money loans for real estate investments. Building wealth via real estate can be lucrative, and it’s an effective method to diversify your portfolio. However, if you are uncomfortable parting with a substantial amount of your cash to purchase property, a hard money loan can be beneficial. Hard money loans work as a short-term lending opportunity for investors to use to finance a projector to purchase real estate. It is often used for individuals who buy low and sell high — colloquially called “house flippers.” Unlike traditional loans, hard money loans are typically issued by private lenders. This allows investors to skip the potentially convoluted process of obtaining a loan through conventional means. Since you are working closely with an actual human being, they will be considerate to your goals. With a hard money loan, the value of the property is more important. Lenders focus on the after appeal value, which is an estimate of what property will be worth once it’s been flipped or tenants have been placed.
Real Estate Investing With Wildcat Lending
Wildcat Lending Advantage offers the convenience of quickly and efficiently obtaining the necessary funds for your real estate investments. Flexible terms and room for negotiations are the cornerstones of working with Wildcat Lending. To learn more about our hard money loans and our property criteria when applying, contact us.