Marketing to Maximise Rent
When renting out a property all landlords look to maximise the rent they are receiving and to make the most of their investment. It is important to take into consideration how the marketing of your property will affect this; good marketing will also reduce rental voids between tenancies. This is a manageable task which simply requires early preparation. Aim to begin marketing your property at least a month before your current tenants move out, use the marketing tips below to ensure your property stands out from the crowd and is viewed favourably by potential tenants when compared with other properties.
The three most important things to consider are:
According to Rightmove, people take an average of 2.7 seconds to decide whether they would like to pursue a rental property further. Making a good first impression is therefore vital and presenting your property well, is essential.
- Photography: Good quality photographs of your property will improve your listing by appealing to potential tenants. Images should be well lit and show the room off to its best advantage. Consider investing in professional photography. These images can be used for marketing each time you re-let your property.
- Drawing in potential tenants: Potential tenants will form their first impressions of your property based on what they see in the search results and they don’t take long to do it! Pick an inviting photo as your main image and consider your summary text carefully. This should make them want to click through and find out more. Highlighting any particular advantages or characteristics of your property such as period features is always a good idea.
- Property description: The full description of your property should be professional in tone, clear and concise. Be specific about where the property is and what the rental figure includes. If you’re looking to let the property on a furnished basis, make sure the potential tenants are aware of what furniture will be included.
How you price your property will have an effect on the number of enquiries you receive and how long it will take you to secure your tenants.
- Marketing advice: Your letting agent should be able to provide advice on the price of the property; this will be based on its location, specification and the level of demand in the area for that particular type of property.
- Competitive market: Ensuring your property is competitively and realistically priced from the start will help you find a tenant for the property quickly which will help avoid costly and stressful void periods.
Promotion is vital for marketing your property to maximise rent.
- Full exposure: Ideally you want as much exposure for your property as possible, taking full advantage of the advent of online property portals will aid you greatly in this.
- Online promotion: Sites such as Rightmove are some of the most popular websites in the UK and statistics have shown that nine out of ten tenants will start their property search online. With this in mind ensure that the online estate agent you instruct to let your property will list it across all the major property portals.
- Target market: It is also important to be aware of your target market. Are you looking to attract students, professionals or young families? Promote your property to appeal to them and you should have no problem finding tenants for your rental property quickly.
Written by Sarah Male, Urban Sales and Lettings
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