How Do I Market My Rental Property to Potential Tenants?
As the owner of a rental property, it is important to not only avoid vacancies, but also to attract quality tenants that treat your property with respect. An intelligent marketing plan can help you do both, ensuring your property is occupied consistently and maximizing your returns. Here are a few tips for effectively marketing your rental properties:
1. Take Time to Prepare the Property
Make sure that your rental unit is clean, maintained, and ready to show to potential tenants. Repair any maintenance issues or damage, and take plenty of photos and videos to highlight the best features of the property. If you have existing tenants, work with them to keep the property in great shape, and to schedule convenient times to show the property, such as evenings or weekends.
2. Determine an Appropriate Rental Fee
Do plenty of research in your local rental market to determine a fee that is both profitable and attractive to potential tenants. You should think about factors like location, size, property features, local amenities, and your costs as you calculate the amount. If you need help to determine an appropriate rental fee, consider having a professional perform a full rental market analysis to help you price accordingly for the area and maximize your returns.
3. Prioritize Quality Tenants
While it may be tempting to fill a vacancy quickly, poor-quality tenants can cause long-lasting problems. Price and market your property appropriately to attract reliable, quality tenants that will provide a stable and consistent income while treating your property with respect. Make sure you have a comprehensive tenant screening process in place, with background and credit checks that help you avoid problem tenants.
4. Use Multiple Marketing Methods
Today’s competitive rental market requires multiple techniques to reach the greatest number of potential tenants. For the best results, combine traditional techniques like local advertising in newspapers and listing services with more modern techniques like internet and social media marketing, virtual tours, and more. Working with a professional property management company can often expand your marketing options and fill your property with quality tenants faster.
5. Be Responsive
When you receive a question or an inquiry from a potential tenant, respond as quickly as possible. Tenants often have busy schedules as well, and by being responsive to all communications in a prompt, professional manner, you can increase your chances of scheduling a showing and possibly renting the property. Professional communications and fast responses to questions can help you earn the trust of potential tenants, leading to a quality, long-term business relationship.
Rental Management & Marketing in Maryland
At Tidewater Property Management, we have nearly 29 years of real estate experience in Maryland, Virginia, and the Washington, DC area, providing us with the skills necessary to help you market your rental property successfully. We can help you through every step of the processes, from advertising and marketing to tenant screening, property maintenance, market analysis, and more. We provide property management and marketing services for both residential and commercial properties, as well as community associations.
Contact us today at 800-761-5977 to learn how we can help you keep your rental property in Maryland occupied and increase your returns!