Since early 2023, we've seen a gradual slowing down of the tough property market.
Thanks to increased construction, there are many opportunities available for real estate investing. But what happens when another tough market comes around?
This guide will show you how to succeed with property marketing in such a scenario. It'll show you how to find the right tenant and continue earning a lucrative income even when the chips are down.
Here's what you should do:
1. Reach Out to Existing or Prior Tenants
What happens if you have one or more tenants but are afraid of losing them? Or have you already lost them? If you want a tenant to renew their lease, you need to understand their needs.
Send your current and previous tenants a survey to ask about how they're feeling. Here are some sample questions you can ask:
- Do you feel satisfied with the maintenance and housekeeping services?
- Can you rate your level of satisfaction for the following:
- Property Exterior
- Property Interior
- Utilities
- Appliances
- Building amenities
- Building staff
- Safety
- Community
- What would justify an increase in rent?
These are a few of the questions you can ask. You want to use the findings to decide how to improve conditions for your tenants.
2. Upgrade Technology
If you've got an empty property, you might want to upgrade it with SMART technology.
This can enhance your tenant's experience with your property. It's a great way to attract long-term tenants.
If you advertise your property as having the latest technology, you'll attract a better class of tenants. SMART technology often appeals to upper-middle-class and high-income earners.
Of course, make sure your tenant is comfortable with SMART technology. You'll have to know which ones to disable if they aren't comfortable.
For example, a tenant may be comfortable with CCTV cameras outside the home but not inside.
They might want a TV that can connect to Netflix and YouTube. But perhaps they get annoyed with Alexa chiming in every now and then.
3. Offer the Best Visual Tour
The average tenant doesn't have time to visit several properties. If they come for a viewing, it means there's a great chance they'll consider your property.
But to get them through the door, you'll have to showcase your property online.
Hire a professional photographer to take photos of your property. Make sure to also take photos of appliances, the toilet, shower area, sinks, fridge, etc.
You can also hire a videographer to create a visual tour of the property. A property with both photos and videos will attract more potential tenants.
Make sure you also show the exterior. Let's say you've got a great property in Orlando. You'll want to show the neighborhood and how far your home is from the city's popular attractions.
Start Your Property Marketing Today
Now you know how to succeed with property marketing to find the best tenants in a tough market.
If you have existing tenants or prior tenants, send them a survey. Use this survey to assess how you can improve conditions in the future.
Upgrade your property using SMART technology to attract high-end clients. Make sure you use both photos and videos in your online listings.
You may also want the help of a property manager. Contact us to get started.
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