How do you market your property and attract qualified applicants in a competitive market?

Sometimes asking yourself the simple question, “Why would I want to live here?” Can help you understand who your market is and what type of message will target them.

I think the Hanover Group has done a wonderful job in understanding their target market and tailoring the the message to attract tenants based on these terms.

Do not forget to utilize direct mail! You can target neighbors who may want a larger or smaller place, companies that move people in and out of the area and even competing property’s tenants.

We are firm believers in online marketing for rental properties. The software we use syndicates our listing to over 40 different rental websites. Zillow accounts for maybe half of our tenant placements and we use the paid Zillow application. Another strong place that we find tenants is Facebook Marketplace. With Facebook, you do get a number of people contacting you for rent-to-own and owner financing. Just something we are used to now. If we can’t find a qualified tenant through these avenues, we will do some paid ads. However, this is a last resort for us. We always take professional photos of the property. That first impression is always the most important one!!

This simple action cannot be stressed enough! It puts your professionalism, as well as, the property you are marketing in the forefront and beyond the strength of your competition.

Instagram serves a platform to really create the visual elements that certain markets would be seeking. Anything from ample parking , saltwater pools, various stages layouts, pictures from community gatherings with tenants or staff, high quality gyms, and outdoor living spaces, pet parks, landscaping, etc. can entice a potential renter to view property , and ultimately sign lease. Word of mouth referrals are my favorite, however; to get there , people may check social media to decipher their interest.

We have started implementing ChatGPT for many of our descriptions. You have to always edit these because many times the description isn’t completely accurate. As with any AI, Chat GPT is only as good as what you put into it.

Be careful of “catch phrases”. Example: “Great Location!” Really? Why? Within walking distance to the community college campus? Grocery, Fuel & 10 restaurants all under 1 mile away? Adjacent to 3 Mile Greenway?

Screening is definitely the most critical part of the leasing process. It is important to check credit and rental references, and complete an employment verification to ensure the applicant makes the required amount of money. For instance, you must make over 3x’s the amount of the rent in order to qualify with us. Although paper does not tell all, you will get a good idea of who is looking to rent your home.

If you set up a process that is the same for all applicants, and adhere to it, your risk of a fair housing violation can be greatly reduced.

Definitely the most important part of the tenant placement process. We do credit and background checks, rental history verification and income verification. Doing a thorough evaluation of the tenant will save you time, energy and money in the future.

Accurate, Clear and Consistent communication that adheres to fully executed leases creates trust! As an agent or broker, never forget the responsibilities that you have to your fiduciary client.

When marketing your property for a potential tenant, don't forget about the small things such as a sign in the yard - I have great success even though a real estate broker, putting a sign in a yard that potential tenants call, they hear a recording of the size, rent and availability of a property, cuts down on unnecessary calls. I also have used fliers in community centers, churches and workplace bulletin boards to advertise the property.

Start with the sellers motivation, consider all traditional models also auction. Discuss timescales, match to market. Ensure you research the local market and comparables. Look at current buyers and talk to buyers agents. Your NO1 job is to create competitions, and to drive the price up. Marketing options, home staging, works to enhance kerb appeal, offers to entice, pro video, drone footage. Consider open house, direct mail, door knocks to locals neighbors '' who do they know that would love to live in their area'' Don't rush. Utilize SM and the sellers circle too. I've helped to sell 1000's of homes so I've got a little experience of how to get the three C's. Competition, Choice of buyer, and to give the seller the Control they desire.