Investing in real estate is and has always been a smart investment. Real estate ownership offers both passive income as well as great potential for appreciation during the investor’s ownership. However, over the past two years, rental ownership has become increasingly popular, so competition has increased as well. As a result, properly marketing a residential rental property has become more critical than ever.
Great Photos & Videos Are Imperative
When it comes to residential real estate advertising, professional photographs tend to pay big dividends in attracting appropriate people for a vacant unit. Although with digital cameras, real estate professionals and property managers have become quite skilled at photographing a rental unit effectively.
To begin, include at least one photograph of each room, including all living spaces and storage areas. Try to create a logical sequence of pictures that helps to define the home’s layout. The images provided in the online rental property listing should provide multiple views plus enough information for prospective renters to decide if the unit meets their needs and if they would like to take a tour in person.
Digital cameras have made video creation a simple process. Even a phone camera has the technical capability to create an informal in-person tour. Be mindful of the narration, which should focus on and highlight the apartment’s features while touring the available rental unit. Consider these important unit preparations:
- Brighten the space by opening the windows for natural light.
- Turn on unit lights.
- If furnished, de-clutter the unit.
- Ensure the unit has been sufficiently cleaned.
- Avoid night photographs unless there are city/bridge night scenes to highlight.
Remember, photos and videos allow renters to decide for themselves if the unit has potential. This insight helps avoid unnecessary in-home viewings.
The Rental Property Should Be Adequately Described
Potential renters often have a list of requirements that need to be met if a property is to meet their family’s needs. A property description should be able to complement photographs by highlighting the residential rental property’s unique and desirable features. The property description should highlight, in part:
- The number of rooms, bedrooms, bathrooms, etc.
- The floor the property is located on.
- Is there a basement? Is it usable?
- Is the yard fenced in to offer safety for small children or pets?
- Is the property tiled without carpets? This can be helpful for potential renters with allergies, for example.
- A list of items included –lighting, new appliances, or window coverings, to name a few.
Stage the Unit Appropriately
Staging a unit helps to create the best first impression for a potential renter who typically starts their rental home search online. It offers people a view of how the unit may look when furnished.
Note that studies suggest there's an extra 8 -10% return for staged homes compared to those non-staged homes.
Pro-Tip - Staging can cost a few bucks; however, some professional property managers may have experience marketing rental properties and own some staging items needed for staging projects.
Set the Right Rent Price
The reality is that even the best-applied marketing strategy will not be able to overcome a residential rental property that's overpriced. Rental properties that are priced too high may mistakenly exclude potential renters, ultimately extending the time (and cost) of marketing a vacant unit.
Respond to Inquiries Promptly
One of the simplest ways to lose a potential renter is to fail to return a request for additional information or forgetting to schedule a rental unit viewing. Remember, potential renters typically look at several property listings when searching online. So, a delayed response may unnecessarily cause a property owner to lose a potential renter.
In the modern digital real estate market, potential renters and clients anticipate a response to an inquiry in minutes or, at most hours, as many may be facing a strict moving deadline and a need to schedule movers in advance.
Pro-Tip – Property managers have the experience and resources to ensure potential renter inquiries are answered quickly and professionally.
Time Your Rental Ad Appropriately
Statistics note that Thursday is the best day to list a rental property because it offers the most visibility. This is because many renters want to make decisions by the upcoming weekend.
Ultimately, understanding the nuances of rental property marketing is key to ensuring the unit minimizes its vacancy and maximizes the rental income it generates.