A 2021 study showed that the pandemic made conditions for landlords much tougher.
Today, things are still quite tough for landlords, and with increased housing options, it's not easy to compete for the best tenants. In other words, you've got to find a way to attract tenants in a tough market.
We'll show you how to use effective property marketing methods to make your home stand out. Here's what you need to know.
1. Set Up a Virtual Tour
A virtual tour lets potential tenants see homes for rent without having to opt for an in-person viewing.
Some tenants will make their decisions solely based on these virtual tours. Other tenants won't even consider an in-person tour unless they've had a great virtual tour.
These virtual tours allow potential tenants to navigate your property using VR technology. They'll get to see your appliances and furniture up close. They'll also get to explore the neighborhood and view the home's exterior.
2. Reach Out to Existing and Previous Tenants
Do you have any current who are pleased with your property? What about any previous tenants who had a great experience?
You can reach out to them for referrals. If they are great tenants, there's a solid chance they'll reach out to similar potential tenants. They'll only refer you to potential tenants who are serious and responsible.
Often, the best property marketing is through referrals!
3. Consider Flexible Renting Options
Since 2020, we've been facing an economic crisis, and many Americans still haven't recovered.
If you want to attract more tenants, you might want to give consideration to flexible renting options. For example, many landlords want the first and last month's rent in addition to the deposit.
You might just want to ask for the first month's rent along with the deposit. You can also give your tenants the option to pay their rent every two or three months.
What happens if your tenants travel for two months? You can cancel their rent during this period or give them a discount. Or let them sublet it so that someone else can cover the fees.
You should also offer competitive pricing. If possible, consider giving a minor discount.
For example, let's say the average rental price for a similar property is $1,000 per month. You may want to offer your place for between $800 to $900 per month.
If you can't offer a discount, try to sell an amenity. Offer to pay for their internet access, for example. Or you can provide housekeeping services once per month at your expense.
Succeed With Property Marketing
Now you know what property marketing strategies to use in a challenging market.
Start by setting up a virtual tour. Potential tenants can explore your property's interior and exterior. If they're impressed, they'll come in for a further viewing or decide on the spot!
If you've had a good experience with tenants, you may want to contact them for referrals. You can also consider flexible rental options to attract more tenants.
Another option is to hire property management services. Let's talk and see how Wheeler & Associates can help.