Our topic today is marketing, and what you can do to get the maximum exposure for your property, which will ultimately lead you to finding a highly qualified tenant.
First, get the property in the right condition. You want it to show well. Take photos and use those pictures in whatever media you’re using to advertise it. Know the right property features when you’re marketing. If you say there’s a washer and dryer in the property, but then a prospective tenant comes to see the place and there’s no washer and dryer, that’s going to be a problem. Pay attention to the details of your ad. Know what the features are, and be thorough in understanding the property.
Use proven media strategies. If you can, post your ad to the Multiple Listing Service (MLS). If you’re working with a property manager or an agent, you will have access to it. Some companies charge more for this marketing service, but a lot do not because it’s part of the strategy of leasing out your home. There are other sites to use, including Trulia, Zillow and Hotpads. Sometimes, these are syndicated, so if you run an ad on one, it will show up on all of them.
Show the property with the help of a seasoned leasing agent. This is imperative. Some companies will simply check out a key to a prospective tenant with a copy of that person’s driver’s license, and that’s it. This is a huge risk to you and our property. There’s a lot of liability exposure, especially if someone else moves into the property with that key. Make sure you have a professional showing your property.
Finally, do what you can to prescreen your tenants. Find out who they are, and do a quick background check to look for evictions, criminal histories and bad credit. If the tenants are really interested in the property, they’ll be fine with that.
Even if you are self managing, consider using a property management company just to lease up the property. You’ll get better procedures, all the paperwork completed, and a deeper screening process. That’s money well-spent.
If you have any questions, please contact us at Paramount Property Management & Realty, and we’d be happy to answer them.