When you own an investment property, your very first objective is to create a revenue flow. Advertising your property and getting it rented out is the best way to do this. It cannot be successfully done through just one source. Some people think that listing their property on just one website will bring them the marketing coverage that they need to find great tenants. However, a more effective approach is to get it out there to as many different places as possible so that people can come across the listing anywhere. The goal is to have people find it. This means putting your advertisement on multiple websites, using the MLS so that Realtors can see it and posting yard signs anytime they are allowed in the community.
In addition to advertising in a variety of locations, networking can help you find great tenants. Talk to Realtors, peers and even prospective tenants who might not know who you are until you start talking about the properties you have available. Marketing your property is essential and you must remember to hit as many different touch points as possible. If you do it right, the market is big enough that you can get a hundred different prospects in a week, just through clicks, emails, phone calls and lease showings.
Market the property you have available to businesses. Developing a relationship with large employers such as hospitals and other companies is smart because these are institutions that are always in touch with people moving into the area. Do whatever you can to advertise your rental property to people looking for a place to live.
Finally, if you work with a property management company during the leasing process, use one with sufficient reach and a good reputation. You want people to know where to go when they want to find available properties. When your property management company has a great reputation within the community and is visible, you will have a much better chance of getting your property rented out. Get on the market and be seen as many people as possible. You don’t want to be stuck with only one rental applicant. If you advertise and market your property well, you should have a large pool of applicants which means you can choose the most promising tenant. Having the right tenant in place will ensure you are able to earn revenue through your investment property.
If you have any questions about advertising and leasing, please contact us at Sarasota Management and Leasing.