In this article, we are going to share 3 of our top marketing tips to successfully leasing your rental property in a soft market.
The presentation of your property
A little bit of elbow grease can go a long way when it comes to leasing your rental property! Ensure that your property has street appeal and, that both inside and out, it is as low maintenance as it can possibly be. Having fixtures in the property that are attractive to tenants is also important to increasing the appeal of your property. These are items like security screens, ceiling fans and air conditioning.
Getting the marketing mix right
The old adage ‘You never get a second chance to make a first impression’ is especially true when it comes to marketing your property for lease. This means that professional photos and floorplans should be included as essential components to a successful property marketing campaign.
Presenting your property in its best light is one thing, but knowing who to market your property to, is another. Do some research to make sure you understand who the target market for your property is and look beyond the major property portals to effectively reach these people.
The rental market is constantly moving, so it’s really important to monitor the rental market and adjust the price accordingly. An interesting statistic is that every week a property is left vacant, it loses 2% of its annual income. So when considering your cashflow, it can be far more beneficial to receive 90% of your perceived market value, rather than 100% of nothing.