Hi, this is Tanya with Envy Property Management. In today’s video, we are going to talk about the importance of marketing your rental property effectively. This is a crucial step in finding a new tenant quickly so you can start generating an income on your investment. You may have the most beautiful property ever but unless you can attract a qualified tenant it could sit vacant for weeks.
Long gone are the days of listing your vacancy in the paper, with advances in online rental advertising, it has become more important than ever to make sure you are utilizing the most current websites and marketing tools available to advertise your rental property. The key to reducing the time between a renter moving out and a new tenant moving in is utilizing technology to make the process quick and convenient. All landlords should be taking advantage of the latest and greatest marketing techniques available.
Today I’m going to review the top 6 steps you should take to effectively market your rental property.
#1: Determine if Pre-Leasing Your Property is an Option:
Implementing pre-leasing strategies can result in your investment property being leased before your current tenant even moves out. If you are using a property management company, they may already have marketing materials for your property ready to start advertising as soon as they receive the current tenant’s Intent to Vacate Notice.
Every day the unit is vacant is money lost, and pre-leasing can help to minimize the days between renters. You’ll still need a few days in between tenants to get your rental property rent ready, but having a tenant ready to move in right away is a huge advantage.
At Envy, we offer pre-leasing on your investment property when we can and when there are professional photos and video available to begin marketing the property.
#2: Enhanced Property Description
Be sure that your listing description is optimized so that potential tenants can find your property easily in the search feature. Be creative so your property stands out and attracts a lot of traffic. Highlight any unique features of your rental to invite more potential tenants and traffic to your listing.
#3: Amazing Photos
Professional photos in listings and advertising are a crucial first impression of the property. There’s a clear difference between professional photos and photos snapped quickly from your phone. Make sure the lighting is optimal and everything looks professional, bright, and open. These photos are your first opportunity to make a lasting first impression on potential tenants.
#4: Video or Virtual Tours.
Video is a powerful tool in its ability to bring the property to people virtually. You want to cast a wide web and quickly capture as many interested renters as possible.
Shooting a video of the property allows potential tenants to preview multiple properties from the comfort of their homes at their convenience. No more running around to see properties they instantly aren’t interested in because of the layout or other reasons.
Video also allows the property to be seen by more people. The ease of sharing a link with someone vs scheduling an onsite tour is a huge advantage in reaching a much broader audience.
It is also convenient for people relocating from out of town who can now easily tour properties without the time and cost of traveling.
Video tours give potential renters the ability to narrow their list of properties and schedule self-showings themselves. It is a safe showing process to offer during a pandemic because it doesn’t require any face-to-face interaction from the landlord.
Prequalifying people by having them view the video and photos before scheduling an onsite tour saves time for both landlords and the potential tenants.
#5: Syndicate your Rental Property Across Dozens of Sites
A tech-savvy property management company has the means to syndicate your rental property across multiple platforms at the click of a button. Assets such as photos, videos, and descriptions are loaded in one place and pushed out to all the most popular platforms. This technology-driven solution results in your property being listed in multiple places quickly without having to manually import data to each individual site.
#6: Consider Virtual Tours and Self-showings
Covid has demanded a lot of pressure on landlords showing in-person rental properties. Social distancing, masks, and many other challenges have made it very tricky to show a property in-person safely. Virtual tours and showings are welcome alternatives to actual onsite visits to the home.
At Envy, we offer self-guided tours of investment properties for rent. Someone interested in the property can select their desired appointment from a schedule online. There is also a very strict ID verification process in place, so we always know who is going into the property. They are given a temporary access code and we are notified of when they have accessed that temporary code. Every single step is tracked so there is an information trail on who has accessed the property and when. The process is very convenient for potential tenants and is a safe course of action for everyone involved.
Statistics show that self-showings increase the conversion rate of a prospective renter to a resident because a lot of the friction in the process is removed. They don’t feel the pressure of a salesperson, and they can better schedule the tour when it is most convenient for them.
Each one of these 6 advertising tools gets more eyeballs on your property. The more potential renters you reach, the larger number of applicants you will have to choose from.
Although be aware, certain platforms may perform well in one market and not so well in another. A local property management company like Envy will know what will work best for marketing a property in their specific area.
Ready to Hire a Property Manager?
Envy Property Management is ready to be your partner. Whether you are looking to expand your investment portfolio or need management services on your current investment property, contact us today. We offer a three-tiered pricing plan, so you can choose the package that best fits you and your needs. Visit our website at envypm.com and click on Pricing for more information, or give us a call at 801-337-4337.