One of the most important parts of the rental process is marketing your property to prospects and finding a great tenant.
If you want to get into the exciting and lucrative investment real estate world, owning a rental apartment or condo is a great place to start. But you won't make any money if the unit sits empty without someone living there and paying rent.
Lots of people are moving to Northern Colorado and looking for great places to rent. A property management company in Fort Collins is an excellent resource for marketing tips, especially on leveraging the power and appeal of the area. It helps to know where to start when reaching out to potential tenants and finding the right fit.
Starting your rental property journey off with effective marketing sets the foundation for a smooth experience as a rental property owner. Still, it's also one of the biggest challenges property owners may face.
Here are six tips for marketing your rental property to potential tenants.
Your property may be beautiful in person, but people won't be interested if it doesn't look good in pictures. Quality photos can make or break a listing. Studies have found that potential tenants spend 60{ec1d25302c0c3e829886c092caa623e779a888dbf9e1057900a08c9ab9a85bb1} of their time browsing photos when viewing a listing.
Your rental property may have some fantastic features or updates. Still, if they don't come through in the pictures, they aren't very effective in promoting your property.
To get the best photos, hire a professional real estate photographer. At the very least, use a tripod and a good camera if you take the pictures yourself. Highlight the space overall, including a great exterior shot, as well as photos of each room.
People viewing your listing online should get a good idea of the unit's layout and flow just by looking at the pictures. Include pictures that make your property unique, including community features.
If you have any upgrades, outdoor features, extra storage, or community amenities like a pool or recreation center, be sure to include all of these in the photos.
Every property doesn't need to appeal to every person. Consider your target audience or who is likely to become a tenant at your rental property and tailor your listing and marketing efforts accordingly. Keep in mind that it's illegal to discriminate against any potential tenants.
Think about the location and neighborhood your property is in and what nearby features and services are offered. These details will give you a good idea of who may find value in your listing.
If your property is in a college town close to campus, you're more likely to rent to college students. If it's a rental house in the suburbs, your target audience is likely a family. At the same time, a downtown apartment is more likely for a young professional. Think of what matters to your target audience and lean into those features.
For a college town apartment or condo, emphasize the great location and extra storage. A suburban rental house may have outdoor space or a great kitchen, which can entice that potential audience. But be sure to keep Fair Housing guidelines in check when working with prospects.
Potential tenants are renting a unit, but they are also paying to join a community. Your unit doesn't stand on its own, but the location and area will influence it. Highlight the community around your unit, either the neighborhood it is part of or the complex's community features.
Share the positives about the neighborhood and location, including nearby parks, restaurants, shops, or schools. Highlight what makes your area unique, including its diversity, safety, events, walking paths, and more.
Potential renters will appreciate knowing that their unit's benefits extend past just the walls of the apartment.
It helps to know the local area to give detailed information about the location and community around the unit.
All Property Services has been locally owned and operated since 1984, making it an expert in Northern Colorado real estate.
It's no surprise that most people search for their new rental online in our technology-driven world or at least begin their search there.
Research from Zillow suggests, 83% of tenants use online resources when searching for a place to live. If you want prospective tenants to see your rental property, it has to be where people are looking. Meaning you'll need a robust online presence.
Online marketing starts with great pictures—people tend to scroll through listings and judge them first based on the picture before even going deeper on details and logistics.
A detailed listing is also crucial, including the size, amenities, location, price, and availability. Put information where people are likely to find it, including on multiple real estate listing services.
Including your listing on a property management website can help it gain views and credibility.
Don't forget the power of social media. Share your listing online and in local groups. Make the content shareable so that people who aren't looking for a rental can easily share it with their friends and family who might be interested.
Many of your prospects are on social media, so it is important to lean into these trends to help them find you.
Even with the power of the internet, traditional marketing can still be incredibly useful in marketing a rental property. The most basic form is a physical rental sign by the property.
Many people still walk or drive around neighborhoods they want to live in and look for available rental units. Ensure the sign is updated and readable—it could be someone's first impression of the property. The sign should include a number to call, a code to scan on their phone for more information, or flyers to take with more pictures and details.
Strong traditional marketing allows potential tenants to see the neighborhood and property in real life instead of just through a screen before applying.
Traditional marketing also includes word of mouth referrals. If you have a place you want to fill, start talking about it. Share it with tenants of other units in the complex or neighboring properties who might know someone who wants to live in the area.
The more you can talk and share about your rental unit, the more people will hear about it and potentially be interested. Sometimes the most basic forms of reaching prospects are the most effective.
Renting out a unit on your own is uncharted territory for many people. There is a lot of potential in owning rental properties and managing your rental property, but it also comes with a steep learning curve.
The most important part of making money through rental properties is to fill them with people, so marketing your property is one of the most critical aspects of this process.
An experienced professional management company can take over the logistics and day-to-day marketing and management of your unit. They can relieve you from the many details and responsibilities of finding a tenant.
When you use a professional management company like All Property Services, you can tap into their resources and network. These companies have been marketing rental units for years. They are familiar with the neighborhoods and what it takes to fill a unit. They also have a strong understanding of the property management industry in Fort Collins. They know the most effective ways and places to share a rental property to find the right tenant.
A property management company also lends credibility to your unit. Instead of just being a person trying to rent a unit on your own, you become part of a larger and more established network.
Management companies also handle showings, so you don't have to. Finding a tenant and showing your property takes time, from creating the listing to posting it and sharing and scheduling times for potential tenants to visit the unit to see it in person.
When you list a property yourself, it all falls on you, including answering all the emails and phone calls and setting up showings. Most potential tenants expect to hear back from the property within 24 hours, which can be overwhelming for individuals.
A professional property management company takes over all the communication and logistics, which allows for a faster and better response.
Before you can start making money on your rental property, you have to fill it with the right tenants. Follow these steps for marketing your rental. Contact All Property Services today to see how we can help with your property management needs.
Our team is here to help you find your next home. Feel free to call and schedule a showing or start your search right here.
