Episode 94: 1 of 3 Secrets to Marketing Your Rental Units
Summary
Today's show starts a three-part series all about tenant transitions. In today's episode, I discuss one of the biggest secrets to marketing your unit is finding the dealbreakers as FAST as possible. You don't want to waste anyone's time in marketing your units so get information out and back as quickly as possible. Maybe having only a shower is a deal breaker for a tenant. Maybe a tenant who smokes is a deal breaker for you. Today's episode is all about how to get the marketing information for your rental unit out and then create the action item for that potential tenant.
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Welcome to My Life as a Landlord. I'm Dr. Jennifer Salisbury, and I'm thrilled to have you join me today as we kick off a three-part series on tenant transitions. This first episode is all about marketing your rental units, a crucial aspect of ensuring your property doesn't sit vacant for too long. Whether you're self-managing or working with a property manager, these insights are designed to help you attract the right tenants efficiently.
Understanding the Market Dynamics
It's important to recognize that rental markets can vary significantly across regions. While some areas may experience a surplus of rental properties, others have units that are snapped up quickly. The key is to ensure your property generates enough cash flow by attracting the right tenant. Avoid the temptation to rent to just anyone out of desperation, as this can lead to problem tenants and unnecessary stress. Patience is vital, and it's better to wait for the right tenant than to deal with the fallout of a hasty decision.
Crafting Your Marketing Strategy
When it comes to marketing your rental unit, consider the who, what, where, when, why, how, and how much. Start by defining who you're targeting without violating fair housing laws. Clarify what you're offering, including details about the property like the number of bedrooms, bathrooms, and amenities. Be specific about the location, highlighting nearby attractions or conveniences. Explain why the unit is available, such as recent renovations, and use high-quality photos to showcase its appeal.
Timing and Application Process
Timing is everything in rental marketing. Begin advertising as soon as your current tenant gives notice, and ensure your ads are clear about when the unit will be available. Establish a straightforward application process, directing potential tenants to a website or property management office to pre-qualify before viewing the property. This helps filter out unsuitable candidates early, saving time and effort.
Determining Rental Price and Advertising Channels
Setting the right rental price is crucial. Research comparable properties in your area to gauge the market rate, and be transparent about additional costs like utilities. When it comes to advertising, consider the demographics of your potential tenants. Use a mix of traditional and digital platforms, such as newspaper ads, Craigslist, and social media, to reach a wider audience. Ensure each ad includes a clear call to action, guiding interested parties on how to proceed.
Preparation and Execution
Finally, preparation is key to successful marketing. Have a template ready for each unit, complete with updated photos and detailed descriptions. This allows you to act quickly and efficiently when a tenant gives notice. By having everything in place beforehand, you can confidently market your unit without the stress of last-minute scrambling.
Thank you for joining me in this episode of My Life as a Landlord. I hope these insights help you successfully market your rental units. Stay tuned for the next episode in this series, where we'll explore what to do when a tenant gives notice. Until next time, keep learning and thriving in your landlord journey!