There’s more to creating cash flow from your investment property than upgrading the curb appeal and screening your tenants thoroughly. Marketing your rental property well is the first step to finding quality tenants.
Here are five common mistakes when it comes to marketing your rental property:
Low quality photos
“A person’s first impression of your property will more than likely be online,” says Ben Flurey, General Manager at RPM Iowa. Accurately depicting what your property looks like is key in securing a tenant. You don’t need expensive gear to do so. Capture photos of the front yard and backyard in the spring, summer and fall months. Play with the existing light, interior and exterior.
Timing is key – try shooting the interior of the property during the sunrise or sunset hours so you don’t overexpose the windows. If you’re using your phone, click around the camera settings until your phone adjusts to the right lighting.
Wide angle lens is the best way to capture a whole room. iPhone 11 and up has a wide-angle and ultrawide-angle lens setting. Samsung Galaxy, Google Pixel and Huawei Android brands have wide-angle lenses, too.
Here’s a simple guide to follow when using your smartphone’s camera for real estate purposes.
Vague property description
There’s a common saying that less is more when it comes to selling a product or service. If you put enough information to get people curious, they will click and ask questions. This is not the case for real estate.
Remember that most people will do the bulk of their research online. Include an accurate description of the lot when marketing your rental property. Square footage above grade, the amount of bedrooms and bathrooms, include the garage and if it’s attached or not, if the driveway is paved or not, etc. all need to be included.
Feel free to write a little bit about the neighborhood your property is in. Is it close to schools? Where is the nearest grocery or convenience store? Is there an entertainment district nearby?
Don’t forget the rental rate. Nothing turns a person away more than not having the price listed front and center.
Limited showing options
You will be doing yourself a disservice if you only offer in-person showings with you present. Your schedule may make it difficult to be there for every showing. Consider leaving a coded lockbox on your vacant property for easier access. Change the code after each showing to avoid any issues.
Virtual tours are a growing trend. If you are not looking to add more to your marketing budget, try a video tour. You can upload them to YouTube or any video sharing platform and share the link on your listing.
No pet policies
Sixty-seven percent of U.S. households own a pet, according to the 2020 National Pet Owners Survey. You don’t want to cut out a huge demographic of 85 million families by not allowing them.
Pets in the home gives you an opportunity to collect more cash flow. You can charge a non-refundable fee and pet deposit for furry friends. It is common to charge pet rent as well, and usually, the bigger the dog the higher the pet rental rate.
Messy or cluttered property
If you have a current tenant living in the space, give them a heads up so they have time to tidy up before a showing. A cluttered space can overwhelm potential renters. Don’t take your property photos when the home is messy. Consider staging the home and reuse those photos when it comes time to start marketing your rental property again.
We have a few more tips and tricks for you.
The following three tips are easy to implement in your marketing routine. Boost your property manager skill set by:
- Communication is key. Don’t make someone wait days on end before you get back to them. The quicker you respond to questions, the easier it is for people to trust you and decide to rent with you.
- Incentivize. If your property is not in a place where it’s common for people to live, try offering a free moving truck service or a couple months of free rent.
- Update your curb appeal. Trimming the trees and adding a couple of potted plants in the front and back yard adds a lot of value to your property. It’ll be easier to get people in the door to see the rest when your front yard is in tip-top shape. Here is an article by Better Homes & Gardens highlighting 23 different ways to update your curb appeal in a day.
Properly marketing your rental property will create cash flow.
Marketing your rental property isn’t always a walk in the park if it’s not done correctly. You want quality tenants in your space to avoid constant turnovers and vacancies. In following the tips throughout this article, you can get ready to rake in the cash flow. If you have any questions, our door is always open. Contact us any time and we’d be more than happy to advise you.