Now that the excitement of completing the purchase of your first rental property is passing, it is time to start planning how to attract the right tenants. One of the primary drivers of rental property success is finding people to stay there long-term. Building a successful rental relationship makes being a rental property owner less stressful and more rewarding.
Given the hundreds of stories about nightmare tenants, how would you go about finding these model renters? Experts believe it is all in how owners market their properties. Here are some tips to guide you:
Get some help
While there are many ways to market a property individually, getting it done by a property management company.. A property management company takes a lot of pressure off you as the property owner. Matching a property with ideal tenants is their bread and butter, something that they do daily. As a busy investor, you might not have sufficient time and knowledge to market a property as effectively as a property management company can.
Property management companies have access to resources that you, as the owner, might not. For example, they usually have a marketing team that stays on top of the latest trends and crafts advertising accordingly. These teams monitor average monthly rental prices per neighborhood in Fort Collins to ensure that your rental property is advertised as a competitive price. The average rental cost in Fort Collins is $1,300, and homes in neighborhoods like Brown Farm, Burns Ranch, and Casa Grande fall into this range.
A property management company in Fort Collins like Evernest or Newmarket Knight Frank have an impressive network they use for marketing. Their efforts have a wider reach and are more likely to secure an agreement with an ideal tenant.
A picture says a thousand words
When people browse listings for rental properties, they typically skip the write-up and start looking at any photographs included. Photos make the house more tangible to them and allow potential renters to start picturing themselves, their families, and their possessions in it.
Picture quality is undoubtedly critical for successful property marketing. A few blurry, badly lit photos taken on a cellphone are unlikely to do the property justice. Rental property owners should ensure that pictures include the scenery around the home. Therefore, photos of homes in more expensive Fort Collins neighborhoods like Waterfield, Waterglen, and Water’s Edge should show the viewer why they should expect to pay more to rent homes there.
A way with words
Marketing a rental property includes writing a description of the home. It should be written to persuade potential tenants that your property is ideal for them. While the description should be functional, it cannot be impersonal as this will not interest the reader.
Instead of merely listing property features, the description should set a scene for a tenant, describing what it will be like for them to live there. Therefore, it should include descriptions of the property, which Fort Collins neighborhood it is in, and why it would be beneficial to the reader to live there.
Not everyone is a born wordsmith, and it might be preferable to hire a freelance copywriter to write the text for you. Copywriters know how to use persuasive language that connects with readers and makes them want to find out more.
Utilize multiple options
Most listings for rental properties are done online these days. There are so many sites at your disposal, and while you do not need to use them all, you should undoubtedly publish on more than one.
Investigate different sites and see what they specialize in to determine if they meet your needs. For example, some sales websites that have a rental section are not an ideal place to put your listing as site visitors are more interested in buying property than renting it.
Some sites have different requirements for listing a property, such as how many photographs are allowed and specific information that an advertisement must include. Using suitable sites will give your property the necessary exposure to find its way onto the ideal tenant’s screen.
Online marketing can reach thousands of potential tenants. However, do not discount more conventional marketing practices, including a listing in the area’s local newspaper.
Many would-be tenants drive around the Fort Collins neighborhoods they would like to stay in, and having some signage up could generate interest in your rental property. If your renters hand in their notice put a sign up that says ‘Coming Soon’ as this will attract early applications. Ensure that you include a telephone number and email address for potential tenants to contact for more information or to apply.