The reason you have spent the time, energy, and money in acquiring the rental property is to enjoy a passive rental income for many months to come. To meet that goal, you must avoid certain common pitfalls.
One such pitfall is failing to have a proper marketing strategy in place for your rental property. And by not having one, you won’t be able to target the right tenant. As a result, you may end up renting to a difficult tenant which causes added stress.
But here is the good news, there are proven solutions to rental marketing mistakes. In today’s blog, we at T-Square Properties will walk you through the common rental marketing mistakes to avoid and what you can do to solve them.
Failing to Target the Right Tenants
Know what kind of tenant you’re targeting right from the beginning. This is the only way that you’ll be able to create a targeted marketing campaign that gives you optimal results.
Therefore, if you’re just starting, spend some time doing your research. Know your target audience and understand their housing needs. Then, start devising specific strategies on how to reach them.
Relying on One Marketing Tactic
Are you still using yard signs to market your vacant rental property? While that may work for small-scale local marketing efforts, nowadays, you need to use a combination of marketing tactics to reach as many prospective tenants as possible.
From yard signs, local classifieds, and flyers on community bulletin boards, to social media, rental listing sites, and word-of-mouth, there are many market avenues to explore. Doing so will ensure that your property is exposed to many prospective tenants, which will maximize your chances of landing the right one.
Handling Everything on Your Own
Managing a rental property is a team effort. Trying to manage everything on your own opens you up to several risks. The following are some professionals that you need in your corner to be a successful real estate investor:
- An Attorney – No matter how experienced you are as a landlord, you’re likely to encounter a legal issue at some point in your career. Understanding laws while marketing properties, screening tenants, and conducting management tasks is vital.
- A Certified Accountant – You must file your taxes every season. They can also help you maximize your tax deductions, thereby reducing your expenses.
- A Real Estate Agent – They can help you find the right property to invest in because of their intimate knowledge of the local market. They also have networks to help spread the word about your available rentals.
- General Contractor – Before you can start marketing and renting out your property, it’ll be your responsibility to ensure it’s up to code. It’ll also be your responsibility to respond to your tenants’ maintenance requests. This is where a general contractor comes in.
- A Property Manager – If you get a good property manager, they’ll be able to address all the tasks listed above.
Drafting Uninspiring Rental Ads
This is one of the worst mistakes you can make when it comes to rental property advertising. A rental ad is supposed to help you get the word out about your available units and encourage people to check them out.
First, you need to take high-quality photos. Ideally, work with a professional photographer. Next, write a proper headline. Make it eye-catching as it is the first thing a prospective tenant will come across in your rental ad. Ensure it contains important details such as the rental price, number of bedrooms and bathrooms, rental location, and a desirable feature about the property.
Last but not the least, compose an engaging description to accompany the photos to help prospective tenants visualize themselves living there. Keep it detailed yet succinct.
Not Charging Tenants the Right Price
How you price your rental property can make or break your marketing efforts. The rental price is one of the first things that prospective tenants look for when they come across a rental ad.
Charging too much makes your property undesirable while charging too little results in missed earnings. Conduct a comparative market analysis to know just how much you should be charging.
Not Complying with the Fair Housing Act
This is another grave mistake you can make when marketing your rental property. As a landlord, compliance with the Fair Housing Act, alongside all other legal obligations, is a must.
The Fair Housing Act requires landlords to treat tenants equally and fairly based on several protected classes. The classes include race, color, national origin, religion, sex, disability, and familial status.
When marketing your rental property, you want to avoid including any discriminatory language such as, “Ideal for a Couple,” or “Perfect for Single Professionals,”. Instead, focus on describing the property rather than your ideal tenants when marketing vacant units.
Not Hiring a Property Manager
Hiring an experienced property manager is your best bet to avoid the aforementioned property marketing mistakes. A good property manager will have managed dozens, if not hundreds, of rental properties throughout their careers. They will have ample knowledge of what needs to be done at every step of the way.
What’s more, a good property manager can help you not only market your property, but also screen prospective tenants, collect rent, maintain units, address tenant concerns, and take care of all paperwork.
These are 7 common property marketing mistakes an investor should avoid. For expert help in managing your property, look no further than T-Square Properties.
We’re a proven property management company dedicated to maximizing investors’ ROI. Get in touch to learn more!
Disclaimer: This blog article is for informational purposes. The information contained in this blog article may not be the official policies of T-Square Properties.