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Renting is the way of the future. Recent surveys show that 51% of Gen Z renters believe that renting is a better financial move than purchasing a home. The best way to capitalize on these generational preferences is to come up with a solid property marketing plan.
If you own a Chevy Chase property for rent, you might be wondering what you can do to set yourself apart from the rest of the DC area rentals. Read on to learn about the latest and most effective tenant attraction strategies!
Highlight Your Best Features on Social Media
The first mistake property owners make when listing their rentals online is putting out a vanilla ad. Prospective tenants aren't going to gravitate towards listings with basic information and adequate quality photos. You want your ad to grab prospective renters' attention by highlighting all of the best aspects of your rental.
Use high-quality images, preferably staged. Use enticing language that allows prospective tenants to see themselves in your rental.
Don't forget that social media platforms matter. Facebook has been around for a while, but it still retains the largest user base. Don't stop there, though. Do your research to determine which platforms give you access to the largest portion of your target market.
Make It Pet-Friendly
Many property owners struggle with weighing the pros and cons of allowing pets. If you've decided to allow pets, then it is a fantastic idea to make that a central aspect of your property marketing campaign.
Consider adding the following elements to your ads:
- The types of pets allowed, including any breed restrictions
- Green space or local pet-friendly spaces
- Information about fenced pet runs or backyards
- Information about other pet amenities, like dog wash stations
Price It Right
You know your rental property is special. Many property owners get caught up in the sentimentality associated with their property and price it too high. If you want to ensure that your rental doesn't sit vacant, then it's critical that you price it competitively.
The best way to do this is by comparing it to other properties in the neighborhood and determining the average price per square foot. You must also consider the following factors:
- The amenities you offer
- Any upgrades inside the property
- The specific location of the property
- Utilities that you and the renter cover
Timing is Everything
The busiest time in property management and real estate is the spring and summer. Expect your rentals to be more in demand during the peak moving season. If you end up with a vacancy during the off-season, consider incentives like rent discounts or credits to draw potential renters to you.
If you're struggling with vacancies, the best thing you can do is to hire a property management company to help you elevate your marketing plan.
The Right Property Marketing Plan Equals Success!
You'll come across many rental market tips online. Still, few are as effective as these. Crafting a property marketing plan that is current and in line with the latest trends is the best way to boost occupancy rates and attract fantastic tenants. Don't wait, get the word out about your Chevy Chase property today!
Do you need a little help refining your tenant attraction strategies? Backed with national-level resources and comprehensive local-level knowledge, PMI Chevy Chase can help you curate a powerful marketing plan and run your properties, too. Contact us today for a no-obligation rental analysis!
