There is more competition for finding tenants lately and vacancy is costly. Our #1 focus is attracting and securing good tenants swiftly. Every part of the process is critical, so let’s look at the first part – attracting. The quality of real estate marketing has improved year by year and it’s mainly been made possible by new hardware and software technologies. We now use these innovations to attract tenants as well as buyers. Here is what rental marketing now encompasses.
- Enhanced Professional Photography – Using an appropriate lens and lighting needs a professional. Now, for just a few dollars we can also enhance them – an overcast day becomes blue sky or even dusk with the lights on, rooms will be made brighter, clutter removed and more. It’s simply amazing for the cost.
- Virtual Styling – Everyone appreciates a furnished room, so we now can add furniture for as little as $40 per room. Instant styling – see example below
- Floorplan – Will my furniture fit? This saves everyone from wasted visits and allows us to focus on the self-qualified tenant.
- 3D Virtual Tour – What a difference these made in COVID restrictions. We can start ‘showing’ the property from the moment the existing tenant gives notice. From being a prohibitive cost, we now are including these tours free of charge.
- Window Display – We love our highly visible location and hi-tech backlit displays. Not only do we open 7 days per week, but these showcase our rental properties 24 hours a day.
- For Lease Signboards – They still work.
- Viewings and Appointments– We use Inspect Real Estate, an advanced web-based system, to make it easier for tenants to inspect properties by appointment or inspections, receive updates and register their interest in applying. IRE has the capability to send invitation alerts to prospective tenants who have previously viewed similar properties.
Remember, all of the above will be wasted if the asking rent is too high. It is far preferable to set a fair asking price that should lead to the swift receipt of multiple applications from acceptable tenants.