One of the most challenging and essential aspects of managing a rental property is marketing. Without marketing, potential tenants won’t know about your available rental. This one task requires several activities that all work together to get the word out about your available real estate.
The biggest mistake property owners and managers make is getting the timing wrong for their marketing efforts. You could have the best marketing materials and have listings in all of the right places, but start too late, and you simply won’t be able to get a tenant secured in time to prevent a vacancy period.
This article will discuss timing and three important benefits of marketing your rental property early.
Good Tenants Look Early
There’s truth in the old adage; the early bird gets the worm. This famous saying applies to both tenants and landlords. Quality tenants look early so they can have the most options and greatest chance of securing the most desirable housing. Landlords can use this to their advantage by marketing their properties early.
While this is a reliable rule of thumb to adhere to, it isn’t always the case. Sometimes undesirable tenants look early, and there are cases where high-quality tenants get stuck looking for a rental at the last minute.
When you market your properties early, you have created more favorable odds of placing high-quality tenants in your rental unit 99% of the time.
Eases the Pressure
Starting your marketing efforts early gives you plenty of time to find a tenant. This will ease the pressure and stress of finding a tenant and preventing your rental unit from sitting empty. After all, a vacant property isn’t generating the cash flow you hoped for when you invested in the real estate.
Marketing your property early reduces your level of urgency and allows you to test the market. You have the time and flexibility to adjust your property’s positioning. You’re more likely to find the ideal tenant sooner, thereby reducing the property’s vacancy time and reducing the risk of a negative impact on the bottom line.
Build a Prospect List
Another benefit of marketing early is that it allows you to build a list of interested and desirable tenants. This list may be useful in the future when you are trying to fill other property vacancies, so you are not starting from scratch.
You’ve already done the work and made the expense to attract these qualified tenants, so begin your marketing efforts by reaching out to these people first. Doing this utilizes a classic marketing theory that getting customers to return is more cost-effective than continually sourcing new ones.
In this case, your customers are your tenants. This could reduce your overall marketing cost and efforts by avoiding having to market a property.
Start Marketing Your Rental Property Early
While there are other possible benefits of marketing rental properties early, these three benefits should encourage you to take the proactive step for yourself.
There’s just one question remaining, how early should you begin marketing your property? The answer isn’t so simple. The length of time may vary depending on your business and your market.
I will commence marketing efforts more than 30 days out from an expected vacancy for the properties I manage. But for others, it could make sense to begin marketing efforts as far as 60 days out. To determine what’s right for your property, consider your current lease terms and notice requirements, the time of year, and the current rental market’s competitiveness.
PMI JCM Realty Group