Want to make it easier to attract high-quality renters for your rental home in Central Florida? As a landlord, use these strategies to optimize your rental property marketing.
Start with a Clean Image
The first step to attract high-quality renters and get more applications is to make sure your rental has attractive curb appeal. This means making sure the lawn is well-manicured, even (actually, especially) if the property is vacant. You’ll also want to trim any landscaping and ensure garden beds and walkways are free of weeds and debris regularly.
On the inside, ensure all appliances and other amenities are operating properly. Once any previous tenants move out, add a fresh coat of interior paint and repair minor wear-and-tear damages. For larger issues, properly document any deductions from the security deposit to cover them. Give the entire rental a good scrubbing, and have carpets cleaned or hardwood floors buffed or restained if needed.
You’ll also want to conduct periodic maintenance and repair inspections to ensure the property is clean, safe, comfortable, and free of odors.
Make the Right Upgrades
Whether it’s time to replace older appliances or completely remodel a rental property, don’t go overboard. Before making any decisions, a wise landlord will ensure they’ll quickly earn back whatever they’re putting into their investment.
For example, say you spend $15K to remodel a kitchen, but the market will only support an extra $50-$150/month in rent. It will take years to recoup the costs! With that said, it will increase the value of the home, but likely won’t be worth the monthly cash flow bump for those looking to attract high-quality renters.
Know Your Market
Many inexperienced landlords want to set the rental rate based on their rental mortgage and the monthly return they want. Inevitably, they’re surprised when no one shows interest in the home.
The trouble with this thinking is no one cares how much you want to make. Potential tenants care about what they can afford and the going rate for comparable rentals in the same area.
Instead, you’ll need to research comps based on location, number of bedrooms and bathrooms, square footage, and sought-after amenities. Those who try to press the market higher by being greedy will find their listings stale.
Know HOW to Market
You’ve done your homework. You’re sure you have the right amenities in the right neighborhood and have set the right rent. So now, how do you find those high-quality tenants?
Because you’re vying for the attention of highly distractible humans, your listing will need a stellar marketing description and high-quality professional photos. Once you have a dynamite listing, you’ll need to know where to post it to attract high-quality renters (ahem, not on Craigslist!). The typical renter uses 5 websites to find their next rental, with 24% using at least 10 sites, so the more exposure the better.
Then, when you get those bites and requests for showings, diligently follow up. Ask people for feedback and if they’re ready to apply. If not, ask why. Learn from the feedback you receive (well, the valuable input anyway), and keep growing.
The Best Optimization Strategy: Hire a Property Manager
The best way to ensure that you effectively implement these strategies for all your rental properties (while you still have a life) is to hire an Orlando property management company. These experts can take care of all the details, from knowing exactly which upgrades yield the best returns to attract high-quality renters.
Let’s maximize your rental’s potential! Contact The Realty Medics for a free rental analysis and take the first step toward attracting your ideal tenants.
