The rental market is in high demand. However, that doesn’t mean you’ll automatically get the right tenants to your door when you market your rental property. Marketing effectively is an essential step in securing long-term tenants. In addition, it can reduce the high turnover often seen in this market. This process isn’t just as simple as advertising your portfolio online, either. There are a host of elements to consider, including where and how to market it.
For more information on where to begin, check out this short guide.
Prepare your rental property
Before you list a property for rent, it should be in an acceptable condition to rent to potential tenants. If you had previous renters, the property might require a professional clean and touch-up to the paintwork. Anything that needs attention, such as damages and repair work, should be rectified before putting it back on the market. This may involve some investment for properties that need updating, but it can help you rent a home quicker.
Market the property online
Nearly everyone uses the Internet to explore the rental market, so if you’re not using this avenue, you could be missing out on a slice of the pie. There are numerous places to advertise your property to rent. However, these platforms are competitive. Think about what type of rental it is and the best place to promote it. There are different options for long- and short-term leasing to attract the right audience. To be in with a chance of standing out among similar properties in the area, ensure you include good-quality photographs and a well-written description with all its benefits.
Use a property management company
A property management company doesn’t just handle the paperwork and legalities of renting a property; they provide marketing services, too. Opting for total property management includes advertising the rental via the best platforms including its waiting list of matched tenants. Property managers have expert knowledge of the industry and can advise on the best ways to promote a property. This service will also consult with you on the market value and rental value to ensure you remain competitive in the marketplace.
Use 3D images
Another step forward for marketing properties is the use of 3D imaging software. This has been proven to be an invaluable tool throughout the pandemic and is still used by a wide range of realtors and property managers. This software enables a walk-around-style viewing of the property to give a tenant more access before applying. Of course, the cost of producing imagery with 3D aspects is more than for a standard image. Still, for higher-end properties, it will reap the rewards. This photography style also helps filter out common questions about the property that might not be clear in traditional pictures.
As the market for rentals is in demand, it often doesn’t take long to find a suitable tenant. However, if you’re looking to reduce turnover in your property and are aiming for long-term renters, partnering with a property manager can help you pre-screen individuals before committing.