Rent hikes in CT are causing major stress for tenants, and in a lower-income area like Putnam, they're also causing issues for landlords. It's getting harder and harder to attract quality tenants, and landlords are spending more money upkeeping vacant units.
What can you do about this? This is a multi-layered problem, but at the very least, landlords should be working on their property marketing to combat the problem on their end.
Not sure how to market your property in such a tough market? Read on for our top tips.
Present Professional-Quality Photos
Professional photography is an absolute must if you want to showcase your property in its best light. Hiring a professional photographer who specializes in real estate photography can make a huge difference.
Well-lit photos that highlight the best features of the property are essential in online property listings. Consider using a drone to take aerial photos of the property and its surroundings. You can also use photo editing software to enhance the colors and brightness of the photos (without being deceptive).
Do Virtual Tours
Virtual tours are another great way to attract tenants, especially in a tough market. Creating a virtual tour allows potential tenants to explore the property remotely. This can save time and increase interest from busy people or people who are moving from far away.
Use a 3D scanning camera or a smartphone app to create a virtual tour that is easy to navigate and includes all the important features of the property. Consider adding virtual tour functionality to your website or online listings to make it more accessible.
Highlight Key Features
Highlighting amenities is a great way to set your property apart from the competition. Identify the amenities that make your property unique, such as a pool, gym, or in-unit laundry, and emphasize them in your real estate marketing strategy.
Consider offering extra amenities, such as a dog park or community garden, to attract tenants. Put some of your rental income back into the property! Property promotion is far easier when you have something good to promote.
Maintain Competitive Pricing
You need to make rent prices competitive. Research the local market to determine a competitive rent price. Consider offering discounts or promotions to attract tenants.
Remember that if your rent is too high, you won't earn any money. Vacancies are expensive.
Factor in the cost of any upgrades or repairs when determining the rent price. Consider offering flexible lease terms or rent concessions to attract more people. Be sure to stay up-to-date with market trends to ensure your pricing remains reasonable.
Try These Property Marketing Tips
These real estate advertising tips can help you attract tenants even when the rental market isn't ideal.
Remember, make sure the price is right, highlight (and add) amenities, consider virtual tours, and make sure you take excellent photos of your rental property.
When in doubt, it might be time to hire a property manager. At PMI Putnam, we help landlords in Putnam, CT, with property marketing, tenant screening, and more. Reach out today for a free consult.
