Real estate investors understand that vacant properties are a huge liability. If no one is currently living in your property, you’re not making money on it, but you’ll still be responsible for maintaining it and keeping up with expenses.
It’s in your best interest to market and support your rental property so that you can generate more interest and eventually fill the property with a qualified tenant faster. But how do you make your rental property stand out in a crowded market?
The Problems With Competition
Competition can be a killer. If your property is one of several in the area, and demand is moderate at best, interested tenants may choose other properties over yours – and they may not even be aware that yours exists.
Rental property marketing is the solution. If you can make your property more visible, enticing, and better targeted to your most important demographics, the competition factor becomes less of a threat.
So how can you use marketing to make your property more visible and more uniquely appealing?
How to Make Your Rental Property Stand Out
These are some of your best strategies:
- Invest in professional photography. One of the easiest strategies to incorporate is hiring a professional real estate photographer. Many landlords and property managers skimp on photography, hoping to list the property as quickly and easily as possible. But if you’re willing to spend a few extra dollars and take a few extra days to prepare the home, professional photography can make it look much more appealing.
- Pay for a deep cleaning. Before that photographer does their work, consider paying for a deep cleaning. If prospective tenants walk through the unit and feel grossed out by what they see, it doesn’t matter how fair the rental price is or how many other amenities are offered. In contrast, a squeaky clean unit will make a much better first impression.
- Highlight unique features for the area. In your property description, highlight the most unique features for this property, given the local area. Do you have dedicated parking spaces when no other property does? Do you have an updated kitchen in an area known for its older, less updated properties? Show them off!
- Upgrade the curb appeal. Curb appeal refers to the attractiveness of the property exterior, and it’s often the first thing that prospective tenants notice. Replacing the siding, installing a new front door, or just applying finishing touches to the landscaping can all help you significantly here. Keep in mind that upgrading the curb appeal doesn’t have to be expensive – in fact, you can tackle many curb appeal jobs for less than $100 each.
- Install smart home technology. Want to make your property seem even more distinctive? Install new smart home technology. It’s less expensive than you think and can make tenants feel more connected to the property and more secure.
- Add popular amenities. Consider making renovations or additions to give tenants access to popular amenities. For example, you could add a washer and dryer to the property or invest in new cabinets or storage options. Updated appliances, parking spaces, and free amenities and services like Wi-Fi are all exceptionally popular.
- Stage the home. Most people are familiar with home staging as a strategy for selling a home (rather than renting one). But it may also be useful for renting your home, especially if you’re having trouble generating interest. This does represent an extra cost, especially if you hire a professional home staging company, but if it allows you to fill your property a month or two faster, it might be worth the investment.
- Consider hiring property managers. Finally, consider hiring property managers so you don’t have to do all the marketing and advertising work yourself. A property management company can help you with practically every responsibility associated with property management, from marketing and screening tenants to handling disputes and managing evictions. Plus, you typically won’t have to pay for services while the property is unoccupied, incentivizing the company to fill your property faster.
Bonus: Get Feedback
Here’s a bonus strategy: get feedback from every prospect who seems interested in your property. If they look at the property but choose not to rent it, see if you can find out what stopped them from moving forward. This feedback can help you better understand the dynamics of your property, its appeal to your target demographics, and the possible strategies that could help you move forward.
Keeping your rental properties visible, attractive, and filled can be challenging, even to the most experienced property managers. But if you remain dedicated to this art, and willing to adapt along the way, you’ll be in a much better position to succeed.
