One of the reasons why a landlord or investor hires a property manager is because a property management company has better contacts in the business, and is better placed to ensure that the rental property lies vacant for the least amount of time. A property management company relies on effective advertising in the right places to help fill vacant rental properties as soon as possible. A vacant rental property is a disaster which can quickly become a financial drain. It can also place the owner in a tight spot if he/she is relying on property rent for mortgage payments.
Focusing on Your Target Market
Advertising is one of the best ways to let prospective tenants know that your property is available for renting. But to make it effective you need to develop a clear advertising strategy. This will become your road map about when, how, and where to advertise to reap the best return on the money you spend on advertising and to ensure that you have struck your target market.
Here are some thoughts when formulating your advertising policy:
Location counts. Your property location will determine where you should advertise. If the property is in the vicinity of a business district, your ads should be placed in local business publications to the business section of the local newspaper (of course you should have a winning website that contains SEO friendly content on it as well). Location could be your biggest selling feature.
What is the unique selling point or USP of your property? Check out the defining features of your property like a splendid view, the latest appliances or its own pool, and highlight these in your ad. What is the feature that your property has which is likely to make it appeal to the largest spectrum of potential tenants. If there are no clear defining features then look to the quietness of the neighborhood, proximity to schools, hospitals and shopping, or ease of access to public transportation.
Is your rental rate competitive? A winning strategy and to undercut the competition is to offer market-prices that are below rental. This is a sure-fire way to fill your vacant properties. Check out what is the going rate in your vicinity and how much you can discount your rental rate and still make a reasonable profit margin.
What sort of lease dohave you in mind? If the standard lease format where your property is located is for one year or more, you could offer an advantage with month-to-month leases. This will attract many renters who are averse to long-term leases for rental homes or condos. But before you make this decision you should know this strategy could also prove troublesome because you have to expect a higher turnover in tenants which means additional screening and lease agreements. You may alternatively consider other options like allowing pets in a non-pet area or permitting a tenant to sublet.
An Outstanding Company in this Field
Talley Properties of Charlotte, NC is one of the oldest and leading property management companies in the area with a reputation for high occupancy and minimal vacancy. This company has earned the reputation because of the excellence of service it provides to both the landlord and the tenant. It is also the reason why it has been able to expand its area of activity and now manages residential and commercial rental properties in all surrounding counties.