When you have made a great investment and own a great property, the last thing you want is to have that property sitting vacant and not make the ROI you intended to.
Attracting the right kind of tenants is something to keep in mind, as it will determine how well they take responsibility for your property when you are away.
Advertising your property well and in effective ways will ensure you get the best returns for your investment. Advertising online has become essential in times like this to attract a larger pool of potential renters, as most people will now be constantly browsing online to find the right fit for them.
As the world has become virtual and has gone mostly online, having a good ad for your property, understanding how to make your property visible for renters and having the right kind of marketing for your property becomes essential in order to reduce losses due to vacancy.
Here are a few insights into making your property more visible for potential renters:
- Online listing (free and paid): You may have a great property, but if it’s not listed in the right way, you’re less likely to find a good tenant, increasing the vacancy and losses.
You have to pick effective platforms where your property will be visible to a large pool of tenants. If prospective renters can’t find the ad you’ve posted, they’ll never find your property. Think about the sites that your best renters might be visiting.
Once you have your listing online, you need to consistently monitor and update it. Different sites will have different policies around listing, it’s important you read and understand the terms and conditions before going ahead with your listing. Another thing to keep in mind is understanding if it’s worth listing on free platforms or sometimes paying some extra money to bump up your listing if your property is in a competitive locality.
- Social media: Social media is a powerful tool and can be a great way to advertise your property. Facebook’s platform for buying, selling, and advertising items for rent or purchase, has nearly 800 million users per month. There are also several Facebook pages and groups where you can post your listing to reach out to a large community.
However, you have to keep in mind that you have to actively keep your listing updated, take good pictures to post so your property remains at the top of the page or group you are posting in.
You will also have to ensure you invest time in checking messages that come into your inbox and answer any questions that a potential renter may have and be prompt with your responses.
- Pictures and videos: “A picture is worth a thousand words” – when you have a great property, you want to ensure that when you list it online, it looks just as great in the pictures as it does in real life. People tend to look out for images to get a better sense of the place. That’s why having good pictures of your property is essential.
A few images you can consider are:
- A picture of all rooms in the property: Ensure all bathrooms, balconies, kitchen slabs etc. are clean before the image is taken. No one wants to come visit a property that looks untidy.
- An image of any parking space, lifts (if any) and any other services and amenities in your property.
- A image of the building from the outside: this gives the tenant an idea of what the exterior looks like.
- Images of the locality the property is in to give a gest of the area the property is in and its surroundings.
In addition to images, you can consider making a video of the place as a virtual tour around the house. The video should be preferably made in natural daylight and you will have to make sure you have steady hands so the video is not shaky and gives a clear shot of the house.
- Good copy: Once you have decided what platforms you want to post on, have joined various facebook groups and got some great pictures of the property – the way you advertise or write about your property will be the make it or break it.
You may get the first 3 points sorted, but how you describe your property will also play a role in whether a potential renter will check your property out.
For example, if you listing just says: ‘New property, great locality at affordable price with all amenities’. It is a very vague description of the property. It does not communicate important things like:
- How many rooms are there?
- What are the amenities?
- Where is it located?
- Is it furnished?
- Is it pet friendly?
A sample of a good copy would be: Amount of Rent Price + Number of Bedrooms + Number of Bathrooms + Type of Property + Location + Great Selling Point
E.g: House for rent at INR 25,000: A 2BHK with attached bathrooms and balcony. Independent house in Koramangala 8th Block, Bengaluru. Property located in a fully residential area and 200m from the metro station.
The second example clearly communicates most of the questions a tenant may have, making it more likely for them to get in touch with you.
- Connect to a network of people: Although not online, word of mouth is also a great way to get the word out. Telling your friends or relatives about the vacancy will help you reach out to potential tenants who someone may already know about – making them more reliable and trustworthy to ensure they don’t damage your property.
An all-in-one solution
If you are someone who lives in a different city or an NRI, these simple tasks become tedious and it may be a good idea to consider a property manager to make your life more simpler.
To begin with, finding the right and best platform to list your property takes time as you need to ensure you have a thorough understanding of the terms and conditions. Once listed on various platforms you have to track the listing so you don’t miss potential leads.
Furthermore, taking pictures, trying to understand local market trends all become a difficult task when you don’t live in the same city as the location of your property.
A property management firm like Propadis solves all these problems for you. We have a team of experienced professionals.
An insight into what a property management firm would solve for you:
- We Evaluate local market trends of the location of the property to get you the best price and ROI for your property
- Effectively market your property keeping all the above mentioned points in mind and also have a network in the real estate sector to get the word out.
- Complete all paperwork and documentation in a timely manner
- Carry out thorough background checks on tenants
- Tend to any issues that arise with respect to your property, from maintenance and repairs to any issues with the tenants
- Keep you updated at all times via our app so you know exactly what is happening with your property at all times. We save you the time and effort, all you have to do is check our regular updates via email and app to keep track.
A property management firm helps you get the best out of your property. If you are an NRI, leaving your property in a relatives hands may be instinctive, but a firm like Propadis will assist you in tracking your managing your property hassle free, always keeping you in loop.