Marketing Your Rental Property in a Tough Economy

By E-Renter Tenant Screening
Posted on February 6, 2009 under Landlord Tips | Be the First to Comment

Part 1 of 2: Prepare Before You Advertise

 

As we pointed out in our previous post, the newest study on rents and occupancy rates showed that both were down overall for 2008. No big surprise there! What wasn’t down in 2008 (besides unemployment figures)? 

 

Today we’ll show that you don’t have to be down about marketing rental property in this tough economy. If you’re sitting on vacant rental properties and tightening cash flow, we’ve got some practical ideas that won’t break your budget.

 

4 Steps to take before you advertise your rental property:

1. Check it out:  Look at your rental unit through the eyes of a potential tenant. Even better—ask a friend to come along and suggest some honest, critical observations. You may not see things like they do.

 

2. Spruce it up: It doesn’t take a ton of money to put things in tip top shape! Is your rental property super-tidy, inside and out? If not, get busy. Scrub the interior and powerwash the exterior, make sure the entry or porch is spotless, and put out a fresh, new welcome mat. First impressions are critically important.

 

3. Clear it out: A prospective tenant does not want to see beer cans and lost dog fliers in the yard—so remove any trash from the premises. Cut the grass and trim the shrubs, sweep out the carport and haul it all away.

 

4. Make it safe: Repair broken or sagging steps. Check railings for security. Trim overhanging branches and out-of-control shrubs near windows. Check the exterior lighting, and install additional if needed. Finally, check all door and window locks to be sure they work properly and easily.  You’ll make your prospective tenant feel safe and reduce your risk.

 

Your rental property makes impressions every day. Ask yourself, What does the public see? You never know who will refer your new tenant, so make sure yours is an outstanding property, ready to become the perfect tenant’s new home! 

 

Next post: Cost-Effective Ways to Advertise Your Rental Property