The Best Way to Market Your Rental Property
The easiest step in creating a steady stream of passive income and building generational wealth by investing in MULTIfamily property is simply buying a building. Sure, you must shop intelligently and often with the help of a knowledgeable broker, but anyone with sufficient capital can buy a building.
The challenge for investors is getting a suitable return on investment. The return on your investment in MULTIfamily property depends on attracting and signing qualified tenants.
What does it take to succeed with rental property?
There are three fundamental steps to being a successful MULTIfamily property investor:
- Market the property to as many people as possible.
- Show the property to viable candidate tenants.
- Sign qualified tenants to a lease.
This may sound simple, but each of these critical steps is loaded with nuance that can cause big problems if not handled with skill and diligence.
You can do these things on your own, or you can use the services of professionals.
Read on to learn more about each step.
How do you market your property?
When we discuss marketing your property, we’re talking about attracting and signing prospective tenants.
Every day that your property is vacant costs you money because your expenses continue even when you don’t have income from tenants. Optimizing your return on investment requires that you keep your property leased so that it continuously generates rent. Downtime between tenants is inevitable, but an effective marketing campaign can minimize lost income.
There are commercial websites on which you can post your property’sinformation. It’s easy to do.
- Here are a few negatives to consider when you post on many commercial websites: You’re often charged each month for each property that you post.
- You only reach the prospective tenants who search the website on which you posted.
- There are few, if any, controls to protect you from scammers or unqualified prospects.
Scammers are a problem. They cut and paste your information, posing as you. They collect application fees and even security deposits from unsuspecting renters. Imagine the mess you’re left with when the persons who were conned want their money back.
The best alternative to struggling to market your property on your own is to collaborate with the professionals at get MULTIfamily Property Management.
Three marketing advantages are:
- There is never a charge to post your listing.
- The photographs of your property are watermarked so that scammers can’t copy and paste their own fraudulent contact information.
- You get maximum exposure because your property is not only listed on our website, but also on Zillow, Apartments.com, Facebook, Craig’s List, and PADmission – all at no cost to you. You advertise your property to the greatest number of people for free.
What are the challenges of showing your property?
Most property owners dislike the hassle of showing their property to prospective tenants. Some of the reasons they cite are:
- No-shows. There’s nothing more wasteful or aggravating than going to your property only to discover that your prospect isn’t coming.
- Fake candidates. There are “looky-loos” out there, and a property owner doesn’t want to waste time showing property to someone who has no intention of signing a lease.
- Unqualified candidates. What’s worse than making the effort to show your property only to learn that the interested prospective tenant’s income is insufficient to qualify to sign a lease?
- If you own more than one rental property and you’re managing all the showings by yourself, you can only show one property at a time. You might waste your time with a bad candidate while the good one goes elsewhere because you weretoo busy to take care of them.
What’s the best way to show your property?
getMULTIfamily Property Management eliminates the major hassles associated with showing your rental property. Check out these exclusive features:
- You don’t have to worry about no-shows because you don’t have to be there. get MULTIfamily Property Management installs a monitored lockbox that allows candidates to enter your rental property at a pre-arranged time for a 30-minute visit. They let themselves in and out.
- They use credit card verification with each prospective tenant,so you know that they are who they say they are.
- The lockbox can only be accessed with a unique code known only to the prospective tenant, who learns the code when they are on-site to see the property by scanning a QR code that verifies their identity.
- They can only enter at their appointment time. The access code expires as soon as they use it, so they can’t re-enter later without making another appointment,and they can’t give the access code to someone else.
Our system enables you to show several different properties many times throughout the day without having to be there in person.
Furthermore, our exclusive feedback system creates reports with the number of showings each day and feedback about each visitors’ feelings about the value of the rent you’re asking, how presentable they thought the property was, and their intent to sign a lease.
When appropriate, our professionals will use this feedback and their own experience to offer you suggestionsto help place a tenant in your property as quickly as possible.
Finally, we follow up with each person who views your property. They automatically receive alerts if you make any price adjustments or other changes to the property. This is important because you never know when they might still be looking.
Why are scammers a problem for property owners?
Scammers can cause problems for owners of rental property.
- They copy and paste your advertisement and put their contact information on the posting. This dupes prospective tenants into thinking that they are dealing with you when they aren’t.
- They collect application fees.
- They meet tenants at your property and show it. They often have a fake lease drawn up and collect a security deposit.
- The innocent “tenants” move in, thinking they have a lease with you.
- You wind up with the costly and time-consuming challenges of evicting them while your expenses continue, and you have no income from the property.
get MULTIfamily Property Management protects you against scammers and other potential issues four ways:
- All photos of your property are watermarked, preventing scammers from copying and pasting to represent them as their own.
- Only qualified prospects can visit your property by verifying their identity on-site immediately before their appointed time.
- Access codes are changed after each use to ensure that no one makes an unauthorized reentry or passes the code to someone else.
- Once a prospective tenant decides to sign a lease, we screen them. We verify their income and credit, check for criminal and eviction records, verify their employment record, and seek information from previous landlords.
You don’t have to combat the common risks associated with rental property ownership on your own.
Buying property is the easy part. Marketing the property is more difficult because it involves advertising and showing it, and then screening prospective tenants. Each of these steps can be difficult and costly.
Contact Us to learn how engaging a team of professionals can make generating passive income and generating wealth much easier.
Looking for MULTIfamily investment opportunities? If you’re a first-time investor or already an investor looking to expand your portfolio, you’ll find exceptional opportunities at getMULTIfamily.com.