Rent payments in the US have gone up by about 61% over the past 50 years.
Rental properties can be an excellent source of income, but only if you can attract tenants. This can be a lot more difficult in a tough market, so you need to be able to go above and beyond with your property marketing to make your property stand out in the local market.
Keep reading for some crucial tips that will help you attract tenants in a tough market in Cleveland, Ohio.
1. Update Technology and Utilities
Updating your real estate property will take time, effort, and money. The results, however, can be well worth it. Having the latest technology in your property will make it far more appealing to renters.
This is especially true of younger generations, who make up the majority of renters. Any home that has newer features than similar ones in the area will naturally be more appealing.
2. Refurbish the Exterior
Curb appeal is one of the most important aspects of a property when trying to attract tenants. First impressions at property viewings can have a huge impact on whether or not someone will want to live there.
If the exterior is in a bad state, a fresh coat of paint can make a huge difference. If it's not too bad, a pressure wash can be enough to spruce it up. You should also make sure the lawn, plants, footpath, and any other exterior features are in good shape.
3. Create a Fantastic Rental Listing
One of the most basic marketing tips any real estate agent would give is to ensure the listing is as good as it can be. A property manager can help you curate this.
Most people go online when looking for a new home, so you want to lure people in with an engaging listing. List all the important features along with any characteristics that stand out, and ensure you use quality images.
4. Set Up Virtual Tours
Modern technology makes virtual tours easier to implement. Adding these to your online listing can give people a much better look at your property before they come for a viewing.
Make sure you use high-quality equipment. This will ensure it provides people with a quality experience that will make them want to see the property.
5. Allow Pets in Your Rental Property
This isn't something that everyone wants to do, but allowing pets in your rental property opens it up to a lot more potential tenants. If someone has pets and is looking for somewhere to live, they'll immediately eliminate any non-pet-friendly homes from their list.
In a tough market, you can't be quite as picky. Allowing pets will give you a larger pool of potential tenants so that you can get someone in and start making a rental income.
Effective Property Marketing
It's essential that you produce quality property marketing in a tough market. You need to be able to highlight all the best features of your property and show potential residents what makes it a better choice than other homes that are available.
PMI CLE offers property marketing as well as a range of other real estate services. Check out our Residential Property Marketing page today to see how we can help you find tenants in Cleveland, OH.