In today’s blog, we are talking about how to develop a marketing plan for your rental property. In developing that plan, you need to cover three important areas: price, advertising strategy and preparing your home for showings.
Do a lot of research when you’re setting a rental price for your property. Here at Phoenix Property Management, we subscribe to some of the latest software that allows us to see the current market listings, past market listings and any trends that are currently having an impact in the market. So, we’re able to help owners price their homes correctly. There are some things you can do. Check sites like Realtor.com, Zillow.com and Trulia.com. Look at the homes in your area that match up well to your own property, and see what they are renting for. Pay attention to features like granite counters, the age of the home, the number of bedrooms and bathrooms and how fresh home is. When you’re setting a price, keep in mind that you can do it one of three ways. You can set the price below the market average, which will ensure that you lease your home quicker; you can price it at the market rent, which means you’ll get about the same amount of interest as your neighbors; or you can price it above the market, in which case you’ll need to be prepared for having that home on the market longer.
At Phoenix Realty and Property Management, we use over 900 websites nationwide. As an individual owner, you have advertising availability on Realtor, Zillow and Truila. We recommend you use those sites, and also post your ads to your Facebook page and any other social media accounts like Twitter. Don’t forget bulletin boards at church or the local coffee shop. There’s a lot of traffic in those areas and it’s a good place to post information about your rental property.
Once you have priced the property and done some advertising, you need to be ready to show it to potential tenants. Make sure the house has good curb appeal. The grass should be mowed and bushes trimmed. Take a look at the front door and paint it if necessary because this is the first thing someone sees. Update the kitchen and ensure the bathrooms look fresh.
We wish you the best of luck with your marketing plans and if you have any questions along the way, please contact us at Phoenix Property Management.