Header Ads

  • Breaking News

    6 Methods to Market Your Rental Property


    Being a Real Estate Investor is similar to being a Dividend Growth Investor. However, instead of investing in stocks for dividends, a real estate investor hopes to gain rental income (which can be considered as a dividend) and also capital appreciation to the property. I know this blog focuses on dividend stocks; however, since real estate is related to having assets that produce passive income, which has a similarity to dividend stock, I decided to write an article about this topic. Besides, this blog focuses on anything that has wealth management and finance content related.

    So anyway, let me talk about being a Real Estate Investor. Being a real estate investor can be quite similar, as well as different from dividend stock investors. Unlike the dividend investor, a real estate investor has a tough time liquidating his property during the economic downturn. It is a hassle when your property is vacant, for there is no more income coming in. It can be a burden to upkeep expenses such as tax, property insurance, and maintenance fees without the rental revenue coming in. Nevertheless, that does not mean being a real estate investor is unacceptable.

    My dad is considered a real estate investor since he invests in lands and properties. He is skeptical about stock investing; however, the technique he uses to invest in properties is similar to a stock value investor who is acquiring properties that are undervalued. He had done really well when he invested and managed to acquire a portfolio of properties. Just like my dad, my brother is also a property investor. He has a few real estates that he rents out for passive income, just like how I receive dividends from my dividend growth stock portfolio. However, being a real estate investor requires some techniques to have the properties always rented out. I learn a few techniques he uses to market his rental properties, and I am here to share the methods to market your rental property.

    1. Timing is Crucial.
    As a real estate investor, you should have a mutual agreement with your current tenant that he or she will notice at least one month before he decides to leave. So you have time to advertise and market your rental property. So, things should be planned ahead. 

    Real estate investors often made a mistake of marketing their income property for rent after their tenants left. This is a mistake. My brother fell to this problem before and has had one of his rental apartments vacant due to not finding a tenant on time. It requires time to find a new tenant for your rental property. So always market your rental property in advance. This reason gives you plenty of time to find a new tenant. If you want to show your new renters the property, let your current tenant know beforehand so that he/she can let them view the place.

    With the rental property I have in America, my friend is always managing it pretty well. He always has the room in the rental property rented. He does this by always be ready when a current tenant decides to leave. He usually gets a one month notice before the tenant leaves. Having some time allows him to look for a new tenant for the room. Moreover, when the time comes, he was able to replace the room with a new renter. This has made the rental property I own always to be rented and have cash flow coming into my pocket.


    2. The Use of Billboard Sign.
    Even though the internet is becoming an essential role in the advertising world, an old fashioned way of placing a physical sign is still important in the world of real estate marketing. People still like to drive around and read signs when they are searching for a place. For example, my dad was able to rent his unused factory by placing a big sign showing that the factory was for rent. Surprisingly, people do call after seeing the sign and had the factory rented out in no time.

    This is because some people still do drive around to search for places in the location they like. Spend some money on high-quality signs that are attractive and make sure the sign looks professional and visible from the street. It should contain key rental property details. Making the sign look professional gives the impression that you are serious about renting out your property. Besides, people do not want to see a sloppy sign with unprofessional writing. Be sure that they are well kept, informative, and friendly to be seen.

    Also, making sure that the sign is visible from the street is essential. You can make the sign eye-catching by placing attractive lighting; that way, there's no way a person will not take a look at the sign. Last but not least, remember to put your contact number. Be ready with all other information when the prospective renters call to inquire about the size of the property and other information such as how many bedrooms, bathrooms, and other important details.

    The use of a billboard sign even though it is an old technique is still considered to be pretty effective. I say this because I like driving around the block, and when I see signs of properties being listed makes me curious about the property that is listed. Without sign being posted, no one will know that the properties are for sale or rent. 


    3. Go Online and Use Social Media.
    The internet and online resources are available for landlords to utilize the marketing of their rental property. Many websites are roaming online that lets users dedicated to post or search for property for rent or sale. It is up to you to figure out which one is suitable for you.

    Since I live in Indonesia, my country uses real estate hosting websites frequently used by the people here. However, in the United States, people usually use websites such as www.craigslist.org to post or search for rental property. People find great success in interacting between landlords and tenants using these online resources. For example, I had used Facebook to create a post regarding a rental property my parents own in San Francisco. I was able to find mutual friends who were interested in checking the available rental property. Facebook is currently one of the most useful social media platforms; however, there are plenty of others out there, such as Instagram or Twitter. So, in my opinion, use all online resources you can use to increase your likelihood of getting your rented property rented out.


    4. Use High Quality Pictures (Pictures Worth a Thousand Words).
    They say "a picture is worth a thousand words." A single picture conveys so much meaning and essence more effectively than a description does. Before they read anything about the property, people tend to see the pictures available in the posting first. Pictures are crucial in times to promote your rental property. Well-done photographs can help your rental property stand out and make the web listing look interesting.

    However, professional photography can be very costly. This is the reason why I want to introduce you, readers, to a program that can solve this matter. My brother and one of his longtime friends from Singapore have developed a web program that can enhance your rental property pictures. This web program is called Panopedia. This program lets you start building 360-degree Panatour pictures of your rental properties in less than 5 minutes. So, I mean that a potential client can see a 3D virtual reality of the property without even going to the location, which can save time for both parties.
    In addition, professional real estate agents have also used this program for marketing their inventories of real estate, and they were so pleased that an excellent program like this exists. It has helped them not to waste time with clients who want to visit the properties for the heck of it since the program provides a showcase of all properties at any time and anywhere.

    It's like having a 24-hour open house for all their properties listed. Moreover, the quality image that Panopedia provides is so incredible that it feels as if you are in the location itself. You should check out the link I have provided to check it out and try it out for FREE. Trust me; you won't regret it; besides, it's free to try it out; you have nothing to lose.


    5. Open House.
    By far, the most convincing way to get clients to check out your rental properties is to have an open house to let them see the property for themselves. I know this could be an inconvenience for the owner; however, a potential renter would still prefer to see the property for itself. So if you have available time, you should schedule a time where anyone can take a look at the place for themselves. For example, you can host a social event at the house; that way, you can have more people to come over, which increases the potential of having the property rented out.

    I have gone to many open houses that were hosted. I know it can be an inconvenience for the property owner; however, when I visited an open house, I was able to get a better picture of the property listed. This usually can make a potential client decide on the spot when trying to rent your property. It's easier to persuade someone to rent out your property when they are already in front of you. This strategy can usually help many to close the decision to rent your rental property. If you are still lacking time, then choosing the right real estate broker can be the right choice for you.


    6. Find the Right Real Estate Broker to Advertise For You. (Last Solution)
    You can also find the right real estate broker to help you market your rental property. Renting a property requires a lot of work and a high level of commitment, which many property owners do not have the time or the inclination to put in. A good property manager will handle all the headaches and downsides of renting for you, making life potentially much easier.

    A real estate agent can help you find suitable renters to avoid periods of vacancy and income loss. They will able to employ all the necessary marketing methods to ensure that your property is highly visible to potential tenants. In addition to showing your rental property to prospective tenants, real estate agents can be involved with these tenants' professional screening to make sure you choose the right tenant for your property.

    One of the major roles of a good property manager is acting as the liaison between the landlord and the tenant. If any calls need to be made for repairs or if the tenant has any complaints, these can be handled by the property manager to make your life easier. They help ensure that both parties can relate appropriately to one another, clearing up misunderstandings and resolving issues.

    My dad has many rental properties in Jakarta, Indonesia. I have helped my dad find clients for the rental properties, but sometimes I had to rely on a professional real estate agent to do the work for me. Real estate agents can help clients with your rental property better than you do. They have the connection and the entire marketing tool to help you advertise your rental property in an instance. I know you have to give them a commission for their service; however, it's sometimes worth it to pay this small fee to have your rental property always rented.
    If you are based in Indonesia and are looking for properties that are for rent or are trying to rent out your properties, I would recommend a real estate agent that I used. Prop2Go is a trustworthy real estate brokerage company that provides excellent service property owners or buyers. They consistently stay dynamic and innovative in every real estate transaction and always look for more effective and efficient ways. 

    Because of having close contact with Prop2Go owner, I was always able to be informed about any properties for sale in Indonesia. This gives me the ability to let my father know if there is an excellent potential buy if there is an excellent bargain out there in the market. They have also helped me find potential clients interested in renting out my dad's shophouses. With their excellent service, I was able to have the properties rented in no time. I would highly recommend using the Prop2Go service if you are located in Indonesia. They are always updated with all real estate listing that is based in Indonesia. So consider checking their website out at www.prop2go.com to learn more about their business and service.


    Summary
    The most important thing about having your rental property rented is to always remember marketing your property for renting should be as important as any other step of the rental process. It consumes time and effort; however, a solid marketing plan will help you quickly fill your rental property.

    Remember, you will always want your rental property to be filled quickly so that you can receive rental income, just like how I receive dividends from my portfolio. That way, you can use the money received to be reinvested in income-producing assets and compound your overall wealth.

    I hope the marketing methods I discuss in this article would help you readers on how to market your rental properties. Please consider trying all of the methods I have discussed if you are trying to market your rental property. And let us hope that you can have your rental property rented out as fast as possible.

    1 comment:

    1. Hey, great blog, but I don’t understand how to add your site in my rss reader. Can you Help me please? hausverwalter duisburg

      ReplyDelete