At the end of 2020, United States rental vacancy rates were at 5.5%. While the demand for rental housing may be high, finding the right tenants is crucial.
Having a good tenant that takes care of your property is worth its weight in gold. When leasing to good tenants, you have peace of mind knowing your property is being looked after.
However, not all tenants are made the same, so seeking the best is essential. This is where good property marketing can help.
This blog will help if you're battling to find quality tenants for your investment property. Keep reading for some top marketing tips to get you started.
Offer New Signing Deals
If you're not getting the number of applications you were hoping for, it's time to spice up your property marketing. After all, how many of us can resist a great deal?
You can offer applicants several new signing deals, but a common one includes giving one month's free rent when signing on for an 18- or 24-month lease. This way, you secure great tenants for a longer time than you may have otherwise.
Ask Around and Get Referrals
Another way to find tenants in a tough market is to ask around. For example, if your great tenant has to move, don't hesitate to ask if they know anyone looking to rent.
If they were great tenants, chances are high, whomever they recommend will have similar standards. After all, they will unlikely recommend someone they know will damage the property and make their recommendation look bad.
Keep It Updated
Nowadays, technology is everything. If your rental property is still in the dark ages, most potential tenants will pass up putting in an application. Instead, they'll choose a property that's more up-to-date with things like:
- More storage
- High-speed internet
- High-quality appliances (dishwasher, washer, dryer, etc.)
- An alarm system
If you want applicants to consider your listing, ensure you stay relevant by upgrading your property accordingly. Ensure your listing mentions all the features your property offers.
Build an Eye-Catching Rental Listing
After you've upgraded your short-term rental property, ensuring you have an eye-catching online listing is vital. Hundreds of listings are available online, so you must ensure potential applicants click on yours over the rest.
You can do this by offering things like a virtual 3d tour, including drone footage of the property, and hiring a professional real estate photographer to capture your property at its best.
Hire a Property Marketing Professional
Finally, if you've tried everything listed here and still need help, consider hiring a professional property marketing agency or a property management company. A company specializing in the marketing of rental properties will:
- Have years of experience in the industry
- Know the best rental property markets
- Tell you the fair market value of your property
Put Your Rental Listing Above the Rest
Knowing how to attract good tenants is essential if you want your rental property to be well taken care of. However, with the market being so competitive, steps need to be taken to get your listing seen by more applicants. Remember to have an eye-catching rental listing and enlist the services of a property marketing professional to help.
If you need short-term rental management in Orlando, Florida, get your free rental analysis today. We have experts waiting to help.