They should be entirely left for properties management companies or professional property managers regarding rental real estate, property management, screening and choosing tenants, and rental home management. It is not bad, but property owners love to be directly involved and updated about everything with their properties. Most people today choose that, and they manage to successfully take complete control of their properties until they are satisfied with the performance. As much as there are good things about managing your rental properties, there are challenges in marketing your rental property, managing a good landlord-tenant relationship, and choosing the right tenants. Anyone who has tried managing their properties can testify about this; the three are the significant challenges that they experience.
Here we examine the significant challenges individuals managing their rental properties go through and tips that can help them avoid or solve them. I have been in the management industry, and it has been excellent. I have had a significant period with all my tenants where they even went forward and took good care of my property, and I did not have to hold any of their security deposits. Today, this article focuses on the primary objectives you should consider to have a successful marketing journey for your rental properties. Here is everything you need:
Understand the area’s rental rates
The first thing to find out is the rental rates in the particular area. Start by researching and knowing the range of rent in the area you own property; I realized that most landlords fail here because they rarely take it seriously and thus do not research well on knowing the rent rates. You will realize that a significant percentage of landlords tend to ask for a higher amount than what their previous tenants were paying. This is a wrong approach, and currently, it does not always lead them in the right direction. So as a landlord, it would help if you did your research first. It is simple: you can start online and find out what other landlords ask for properties like yours. It is challenging to get rental properties advertised online, so it could be better if you consider visiting your neighborhood. Begin with the nearby subdivision and ask what they have been asking for rent
Talk to the property managers or owners and ask them what they charge for rent and the reason for their charges. Knowing the reason gives all the information you need about the real estate market. I was on this mission severally, and I called the property managers inquiring about the property and the rent charges. For instance, they had the property in the market for three months, and their rent range was $1,100; this information can help reduce their vacancy length. If you find incomparable houses in that neighborhood, you should consider driving to other neighborhoods with such. However, it would help if you did not drive so far; take a radius of 5 miles around and see what they offer for rent; remember, the more you search, the more you connect with property managers, and the more information you will get to help you decide.
Set a competitive amount of rent
The research you conduct will help you know the amount of rent most tenants ask for, say the range is between $1,100 to $1,300; you should figure out the amount you will be asking for. You would want to get as much as possible from your property to avoid extended vacancies than usual. In addition, you should be able to make the renter you have understood why you are asking for such an amount. With proper and adequate research that won’t be a problem, you will always have an answer for every question they ask you. It would help if you avoided the urge to set rent based on your mortgage because it is not concerned with what is happening in the local market. You can best set your rent by getting the average of what other comparable properties ask for.
For instance, if four rental properties are precisely the same as yours or closely related in your subdivision and are distributed between $1,000 to $1,300, the best amount for rent you should ask for is around $1,200. It should be around this because you might want to give the best deals, and thus you may ask for slightly higher or slightly lower than this. The main aim here is to get recognized among many but not give away your property, and if the need arises, you might get the rent at $1,250 as you read what is happening at the market.
Advertise your rental at least a month out
Now you know the rental rates in your subdivision and set yours, it is time for advertisement. It could be better if you consider researching and getting information about your local market and begin advertising at least a month earlier. Some prefer it to be 60 before the vacancy date you anticipate. You are now wondering where to get the best advertising places; you can start with the home rentals advertising sites. You should know that people searching for rental homes online usually start searching 30 to 60 days before the dates they anticipate moving out. Therefore, you should get a head start by advertising online. Remember, more tenants are getting online daily looking for homes, and this should be your chance to get their attention, but you should not stop here.
If you are keen, you must have realized that thirty days before the vacancy, you anticipate thirty days into your vacancy is the adequate time most renters make the inquiry and come driving to the neighborhood searching for the best homes to rent. Therefore, ensure any person driving to your property knows it is there for rent and how they can reach you for more information. You can do this by placing your property signage in high and easily noticeable areas like the ads you see online.
Conduct a weekend open house
No one would want to call the landlord when they are interested in the property to check it, but if the property owners consider showing their property every weekend, it will help. When advertising your rental properties online, you should include the tour days when the interested people will come to see what you have to offer exclusively. This is essential because it enables you to get the chance to speak with the prospective renters in person and hear their views. Remember, when renters see your property in person, they are more impressed and know what they are getting into rather than the online pictures on the advertising websites. In addition, the Open House idea enables the property owner to improve their understanding of the rental homes’ local market as you can talk with many renters within a short time and understand their expectations.
There are many benefits a property owner will get from holding an open house on particular days when people are off work. Most property owners in this have come forward to say that this has helped them understand or get firsthand information of the expected market range for the renters who need the property for renting. After conducting research, the property owner concludes that they should ask for an average rent of $1,200 and seem to be fair. Still, most of the potential renters one has been talking to consider $1,000 as the fair rent amount; they will know that the amount of rent they are asking for is a bit high and they need to reduce it, and with this, you will realize that Open Houses are influential.
A significant percentage of rental property owners who have considered conducting open houses on weekends usually end up with the right and best tenants. Advertise online and ensure that you find a way of meeting these prospective renters who can give you more information about what the market entails and how you can attract most of the best.Rental property can be a tough business to be engaged in; however, combining research, preparation, and a better marketing plan, you will be in the correct position of meeting the market needs. I am a property owner who has always followed this approach, and I can tell you I have never regretted a thing, and it has drastically reduced the length of rental home vacancies. As usual hard work will always pay off, now what do you need to do? Just create a perfect marketing plan considering the four objectives discussed in this article, and for sure, you will get the best results.