Dividend Growth Bunny: 5 Methods to Market Your Rental Property

Saturday, July 6, 2019

5 Methods to Market Your Rental Property

Being a Real Estate Investor is similar to being a Dividend Growth Investor, but instead of investing in stocks for dividend, a real estate investor hopes to gain rental income (which can be considered as dividend) and also capital appreciation to the property. I know this blog focus in Dividend Stock, however since real estate is related to having asset that produce passive income which has a similarity to dividend stock, so I decide to write an article about this topic. Besides this blog focuses on anything that has wealth management and finance content related. So anyways, let me talk about being a Real Estate Investor. Being a real estate investor can be quite similar as well as different to dividend stock investor. Unlike dividend investor, a real estate investor has tougher time to liquidate his property during the economic downturn. It is tougher 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 fee without the rental revenue coming in. But that doesn’t 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 with stock investing however the technique he uses to invest in properties is similar to a stock value investor which is acquiring properties that are undervalued. He has 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 dividend 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’m 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 give notice at least one month before he decide to leave. So you have time to advertise and market your rental property. So, things should be planned ahead. Real estate investor 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. In addition, if you want to show your new renters the property, let your current tenant know beforehand so that he/she is able to let them view the place.


2. The Use of Billboard Sign 
Even though the internet is becoming an important 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 in renting out your property. Besides people don’t want to see sloppy sign with unprofessional writing. Be sure that they are well kept, informative and friendly to be seen. In addition, making sure that the sign is visible from the street is important. 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 information about the size of the property and other information such as how many bedrooms, bathrooms, and other important details etc.


3. Go Online and Use Social Media
The internet and the online resources are available for land lords to utilize their marketing of their rental property. There are many websites roaming online that let users dedicated to post or search for property for rent or sale. It’s up to you to figure out which one is suitable for you. Since I live in Indonesia, my country uses real estate hosting websites that are 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 use 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 platform however there are plenty others out there such as Instagram or Twitter. So in my opinion use all online resources you are able to use so that you can increase your likelihood of getting your rented property rented out.


4. Pictures Worth a Thousand Word
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 really 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 enables you to start building 360 degree Panatour pictures of your rental properties in less than 5 minutes. So what I mean is 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 a wonderful 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 provide showcase of all properties at anytime 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 like 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 inconvenience for the tenants, however a potential renter would still prefer see the property for itself. So if you have available time, you should schedule 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.


Summary
The most important thing of 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 times and effort, however a solid marketing plan will help you fill your rental property quicker. Remember you will always want your rental property to be filled quickly so that you can receive rental income just like how I receive dividend 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 would help you readers on how to market your rental properties.  

4 comments:

  1. It's right. Be ready with all other information when the prospective renters call to inquire information about the size of the property and other information such as how many bedrooms, bathrooms, and other important details etc...thanks for helpful share!

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    Replies
    1. Hey Alice, thank for visiting my blog and taking your time to read my article. I will try my best to write more quality content articles for readers to read.

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  2. Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking.
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