Advertising And Marketplace Tips In Park City Property Management
All good things must come to an end. In Park City property management tenants move on and new tenants must be found. I recently wrote a blog about property turnover that can help you be aware of some crucial time periods relating to lease end: Park City Property Management - 3 Key Time Periods For Lease End. In this post I would like share some tips and information on advertising and marketplace that can help property owners find great tenants and optimize rental income.
Evaluate The Marketplace
The first step in determining what you property should rent for is marketplace evaluation. Is your property part of a condominium development or is it a single family home? What price are similar properties in the area advertised at and how long have they been advertised at that price? What condition is your property in and will this affect the amount of rent you can charge? Are there features to your property that add value when compared with similar properties? These are some of the basic questions you should ask yourself when attempting to determine an appropriate amount of rent. There are many resources available to help you answer these questions. If you are a veteran landlord you probably already have some
marketing channels established that have helped you secure tenants in the past. Take some time to review other offers available on these and other channels to determine if the price you have in mind is in line with the market value of comparable properties. Places like craigslist, local newspapers, and other property listing services are a great place to gather information on your market and what direction rents are trending. Be honest in evaluating your property against other offerings you find. Also look at the inventory available and how your property compares. If you have a three bedroom condo to rent and there are only two bedrooms available you can try advertising at a slight premium and see what traffic you receive.
Property Description
"Condo for rent" may be an accurate description but let's be honest, it's a little bland. Be creative in your description and highlight the features of your property. Listing the number bedrooms, bathrooms, and other basic information is important but spice it up with words that have some feeling or emotion attached to them. Is your rental property a home or a quaint bungalow? Are you trying to rent a large condo or a spacious condominium with high ceilings and an open floor plan? Using words that catch the eye and help you stand out from other offerings are a big step towards. Don't be afraid to stray from the norm in your descriptions.
If you are looking for an example of a hilarious and eye catching description then Google "nissan xterra for sale ninja". The owner of an average SUV describes his vehicle as "engineered by 3rd degree super ninja warriors", that the automatic transmission will help you "shoot your machine gun out the window" when you are being chased by Libyan terrorists, and that there are only "69,000 miles on this four-wheeled hellcat from Planet Kickass." Now you probably shouldn't describe your property in such hilariously over-the-top terms but you can't argue that the vehicle owner's description definitely helped him stand out of the crowd.
Offering Incentives
People like free stuff; it's as simple as that. Coming up with valuable incentives can help a vacant property become an occupied one quickly. An example of a great incentive would be offering a week's free rent with immediate move in. This way a prospective tenant feels like they are getting a deal and you are getting your property rented. Make sure there is some type of restriction or sense of urgency tied to your incentive. This way a potential tenant will need to act quickly in order to obtain the offer. If you are interested in learning more about Park City property management download our free white page "5 Questions Every Landlord Should Ask Themselves".
