Studies show that there are over 102 million renters in the United States. With so many people renting, it seems like attracting tenants wouldn't take much effort!
Unfortunately, the opposite is true. You need to have a comprehensive property marketing strategy to make sure your rental property isn't sitting vacant. But what are the best ways to attract tenants in today's real estate market?
If you're curious about New York property management, we're here to offer our help. Read on for a quick look at how to attract tenants. We'll also look at some ways you can keep your rental property running smoothly.
Online Marketing
One of the first things you'll need is an online presence. You won't get far if your only marketing is a "For Rent" sign or a roadside notice.
Most people will become aware of your property through online portals. These include social media, realtor sites, home listings, and more.
Crafting an Online Advertisement
That doesn't mean you can post a picture and be done with it. You should know how to craft a good, attention-grabbing ad that will get tenants interested in your rental property.
One of the first steps is to have a gallery of professional photos. These should show off the home at its best and include everything on the property. That way, your tenants know what they're shopping for.
You should also make sure to keep the posting maintained. Interact with potential clients when they message you and update the listing with any new information. Doing so can avoid the awkward situation where someone is interested in a dated, no-longer-relevant listing.
Renovating and Inspection
If you're increasing your rental income, you should be ready to invest some money into the property first. We highly recommend having the home inspected and renovated, when necessary.
Inspections are required by law in many states and cities. These inspections make sure that you aren't renting out a home that's dangerous to live in.
An inspection can also show you some of the things you need to take care of in the home. That way, when you begin doing renovations, you know where to focus your efforts.
You also may benefit from updating some of the more dated parts of an aged house. For example, you could renovate a dated kitchen and give it new cabinets, new countertops, and better flooring.
Not only is this more photogenic, but it also makes a great marketing point. You can flaunt your new renovations in the house listing to draw in more tenants who want the best, newest homes. Look into which home improvements have the best return on investment if you're trying to increase the value of your property.
Mastering Property Marketing
Attracting tenants in New York can feel overwhelming, but with the right property marketing, you'll have more applications than you can handle. Keep your home maintained and inspected and always tout these improvements to potential tenants.
At PMI Paramount, we know what it takes to excel in the New York real estate market. Our team brings more than 20 years of experience to your benefit and offers services from maintenance and rent collection to tenant screening and eviction. Contact us to see how we can help your property shine.
