As a rental owner much of your focus will be on residents. Without residents, a rental property won’t make money. Because vacant rentals don’t generate income you will want to fill your vacancies with good, stable, rent-paying tenants that can pass a tenant screening as quickly as possible. Just as any other business depends upon attracting customers, rental ownership requires attracting good residents. To bring people into retail businesses managers rely on numerous marketing tools, including newspaper advertising, internet listings, special promotions, targeted publications, etc. A rental owner advertises rental vacancies, highlights special features of the home, and so on with the end goal being an apartment rental agreement.
There are several ways to find suitable residents, all involving some form of marketing. You may have the best property in the world, but it won’t rent itself. You must make your property’s availability known.
Attracting great residents
Step 1. Prepare the Property
Develop a plan to get each vacant unit in top condition so that it will be attractive. You should have system in place to make each unit “rent-ready” so that when someone answers your advertising they will be suitably impressed with what you have to offer.
Step 2. Plan.
Developing a marketing plan that you put in place immediately upon knowing you will have a vacant unit will reduce your worry and headaches significantly. If you exactly what steps you will follow each time you need to put a unit on the market you can take quick action steps that will save time and money.
Step 3. Select the media
There are many different media for advertising: TV, radio, newspapers, industry publications, and many others. No matter which medium you use you must let people know you are there. You cannot rent property that no one knows about, no matter how great it is. Begin by comparing prices of each medium for your area. Get distribution information from each. Think seriously from a resident’s point of view. Is this a medium that will reach the type of resident you would like to attract?
Step 4. Develop your USP (unique selling proposition – what sets you apart)
Think about the things that make your property unique and especially attractive to a prospective resident. Be creative – maybe it is access to schools, shopping, transportation, and so on. Think of any special features the property has such as landscaped yards, garage, fireplace, and others. It is important to draw attention to any features that will make your property stand out from others. Let prospective residents know that you can offer them a home that would be better than the others listed.
Step 5. Think outside the box to expand your potential market.
Remember that there are traditional and non-traditional methods as well. You can use print ads, signs, online ads and even special relationships such as Section 8 or corporate placements.
