Renting is a tremendously popular option in the US. Approximately 36 percent of US households live in rental property, making it a lucrative investment. It's an investment that comes with a lot of responsibilities, including tenant screening, maintenance, and evictions.
You'll also have to ensure your rental property marketing strategy is on point. If you're new to the world of real estate marketing and don't know where to start, don't panic. Read on for the dos and don'ts of rental marketing plans!
Do Your Research on the Local Housing Market
If there's one thing that's for certain about rental property marketing, it's that it looks different from city to city. That's because each city has a unique demographic profile. With that comes a demand for certain features from rental properties.
For example, some cities have a higher demand for affordable housing with fewer bells and whistles. On the other hand, owners of rental properties in other cities may find that they have to take their amenities to the next level to get the attention of potential renters.
Knowing what you're up against and what you need to offer helps you effectively frame your marketing plans.
Don't Violate Fair Housing Laws
Most landlords in the United States are subject to the Fair Housing Act. The Fair Housing Act was put into place to protect tenants and potential tenants from discrimination on a protected class (e.g. sex, race, familial status). While you may not intend to engage in discriminatory behavior, it is easy to accidentally violate the Fair Housing Act.
For example, if you're marketing a multi-unit property, and you specify certain types of tenants you'd like, you could violate Fair Housing. You may also violate it if you specify the type of people who already live on your property.
Do Hire a Professional to Help
If you feel overwhelmed by the prospect of marketing your property, that's perfectly normal! There's a lot that goes into it. When you're looking for a relatively passive investment opportunity, landlord responsibilities can come as a surprise.
Thankfully, there are professional property management companies out there that are skilled at creating marketing plans based on the current housing market. They can also help you with things like tenant screening, lease renewals, and rent collection. Paying for professional help often pays off in spades, so don't hesitate to explore your options!
Don't Let Rental Property Marketing Keep You From Finding Great Tenants
If you want to have a strong rental property portfolio, then you must be skilled in rental property marketing. You need to know what's going on in your local rental market at all times so your properties are competitive among renters. If you want to take a more passive role, don't hesitate to hire a skilled property management company!
Are you looking for a Las Vegas property management company to help you with all of your rental housing needs? You've come to the right place. Contact Avalon Realty and Oaktree Management today to learn how we can help you!
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.