If you are looking to begin renting out your investment property, you will need to put a marketing strategy in place to be successful and find tenable tenants. It is important that you recruit quality applicants because you are looking for someone who will respect the property and stay there for an extended duration, so you do not need to exert continuous energy on marketing.
There are many opportunities to create a successful marketing campaign with just a few quick tricks we have outlined here:
1. Be honest. You don’t want to waste your time or the applicant’s time when showing a house. Make sure you are honest throughout the marketing of the property. The applicant wants to see the property matches up with expectations provided online and any other publication.
2. Provide photos or video. The ideal number of photos is between 18-24. You want to showcase every part of the property. If there are only a couple pictures and you are missing a bathroom, the applicant may feel like you are excluding it for a reason. You may consider identifying the imperfections of the property ahead of time so that they feel like they are working with an honest owner. If you have the ability, create a short walk through video so they can experience it even further, expediting the decision-making process.
3. Stick to the facts. Don’t add any subjective language to the description. You should stick to the dimension, features, amenities, and possible restrictions. Explaining the space is much more important than adding beautifying language from your prospective in which the tenant may not agree with you about.
4. Create a referral program. Use your current tenants as advertisers. If you establish a referral program, you can support your current tenants and get more reliable people. It also minimizes your time of marketing on your own.
If you are not able to dedicate significant time to marketing and finding tenants for your property, it would be a good idea to hire a property management company. At MGR, we have creative and innovative marketing strategies that find and retain tenants. Get in touch today.