It’s every Orlando landlord’s goal to land the dream tenant. A perfect tenant is one who is respectful, takes care of their property, and, above everything else, pays their rent on time. That said, finding tenants of such caliber isn’t always easy. This is especially true for first-time landlords.
To land a great tenant, there are many things that you must do. Among these things is knowing how to market your Orlando rental property. You must use strategic marketing tactics that will help you not only land the tenant you want but also outwit the competition.
In this article, you’re going to learn 6 tips on how to market your Orlando rental property successfully.
Tip #1: Charge the right rent.
Seems obvious, right? It’s not always the case, particularly for first-time landlords eager to earn consistent cash flow. Unknown to them, overpricing the unit will only make it less desirable to potential tenants.
Underpricing is also not an option. It’ll mean not being able to maximize your income, as you’ll be leaving money on the table.
Charging the right rent is important for two reasons. Firstly, your Orlando unit will be attractive to prospective tenants and will be filled quickly. Secondly, as an investor, you’ll be able to maximize your return on investment. In other words, charging the right rent is a win-win for you!
Tip #2: Make your rental ad eye-catching.
Prospective tenants have lots of options to consider when searching for their next home. As such, if you don’t make your ad attractive, chances are that they will ignore it.
So, how do you ensure your rental ad looks as attractive as it can be? Firstly, make sure it has an eye-catching headline.
Pick the most important feature that the unit has. Is it near a train station? Is it located at the heart of the city? Does the property have a rooftop pool?
An example of a headline could be: “Spacious studio with a side ocean view!”
Secondly, move on to the body of the ad copy. This is where you’ll provide more information about the unit. For example, where it’s located, its dimensions, available amenities and any special features it has.
When writing the body, make sure not to use any exaggerations and empty words.
Thirdly, include a series of quality pictures. You’ve probably heard it before – a picture is worth a thousand words. When it comes to a rental ad copy, the phrase couldn’t be truer.
Lastly, don’t forget to include vital details about your unit. These points include the rent amount, security deposits and your policy. Doing so will save you a lot of time.
Tip #3: Make use of a variety of marketing platforms.
It goes without saying that the more platforms you use, the more prospective tenants will see your unit. Here, the goal is to expose your Orlando unit to as many potential tenants as possible to have a large tenant pool to work with.
Before the prominence of social media, using yard signs and advertising on dailies would usually suffice. However, the same cannot be said today. With the growing digital-savvy generation, nowadays, landlords have to use a myriad of online marketing tactics.
To get the word out about your property, you’ll have to advertise your unit through:
- Rental sites (Zillow, Airbnb, etc.)
- Local bulletins
- Newspaper classifieds
- Social media
- Word of mouth
Tip #4: Start marketing as soon as possible.
How soon, you ask? As soon as the tenant serves you a notice to move out. In Orlando, the move-out notice is determined by the length of the rental agreement.
- Yearly agreement – the tenant must serve you 60 days’ notice.
- Quarterly agreement – the tenant must serve you 30-days’ notice.
- Monthly agreement – the tenant must serve you 15-days’ notice.
- Weekly agreement – the tenant must serve you 7-days’ notice.
So, begin the marketing process as soon as the tenant serves you the notice. The last thing you’d want is to suffer income loss due to a vacancy.
Tip #5: Remember the Fair Housing law.
According to the Federal Fair Housing law, tenants, both prospective and existing, must be treated fairly and equally. As a landlord, you shouldn’t use any language, whether verbal or written, that discriminates against your tenant(s).
The Federal Fair Housing law has seven protected characteristics:
- Marital status
- National origin.
Florida, like many other states, also has additional protected characteristics. These are:
- Gender identity
- Genetic information
- Sickle cell trait
The following are statements that may pass as discriminative, however innocent they may seem.
When advertising your unit:
- Ideal for single professionals.
- Not soundproof.
- Situated in a Christian neighborhood.
- Great for students.
- Suitable for a quiet couple.
When screening tenants:
- You look like (insert specific race). Where are you originally from?
- You look young. How old are you?
- Do you have any kids?
- Is that a service dog?
All these statements and questions infringe on the provisions of the Fair Housing law. If you lack experience in tenancy laws, it would be in your best interest to hire a professional property manager.
Tip #6: Consider hiring a professional property management company.
Are you a first-time landlord? Do you lack the experience of managing a rental property? If so, hiring a professional property management company is a great option to consider.
Being a landlord isn’t all about collecting rent at the end of the month. As a landlord, you need to know how to:
- Market the property when it becomes vacant.
- Screen prospective tenants to avoid potentially problematic ones.
- Maintain it regularly to ensure adherence to all Orlando habitability rules.
Additionally, you need to understand all the relevant tenancy laws.
A vacant unit is every Orlando landlord’s worst nightmare. It essentially means zero income at the end of the month. It also means negative cash flow for you, as there will be out-of-pocket expenses. When you follow these 6 tips, you’ll be avoiding a vacancy situation.