One of the perks of owning a rental property in Orlando is the recurring passive rental income. That bubble can, however, pop the minute the house becomes vacant and you are unable to find a new occupant in time. The unoccupied property not only affects your cash flow but will make it difficult for you to meet certain obligations like paying the mortgage.
So, how can you advertise the property to attract high-quality renters, and prevent your investment from staying vacant for long? Here are a few excellent ideas.
Advertise at the right time
Many landlords end up with properties that stay vacant for too long just because they do not advertise the vacancies in time. Some owners, for instance, would start to advertise the property six or more weeks before the occupants vacate. Other landlords wait until the tenant moves out before they begin to show it.
Advertising too late decreases the chances of attracting quality renters quickly. To prevent your units from remaining empty for long, promote it at least four to six weeks before the occupant leaves. Doing so will give you adequate time to attract and screen the right tenants.
Provide high-resolution images of the property
When prospecting for a home, most people reach decide where to go look based on what they see on the advertising platform. If they encounter low-quality pictures, they will shun your ad and move on to others.
It’s critical that you give your audience attractive and compelling enough reasons to consider your property. Look for a professional or high-resolution digital camera, and capture spectacular angles of the property. Try as much as possible not to use flash, but instead utilize the natural light to make the photos seem real. If need be, you could further edit and touch up the images using a photo editing software.
Craft a winning ad
One of the reasons why a landlord might have a difficult time filling up a vacant property is that the vacancy advertising is unclear or misleading. If you want to find a tenant for your Orlando property quickly, make sure your message is enticing, clear, detailed and accurate. For instance, it should describe the type, size, features and location of the property, as well as the rent price, and desired lease period. Furthermore, make sure you provide contact information on how an interested client can get in touch with you to find out more information.
Use Signage correctly
Attracting high-quality tenants takes more than just placing the ‘For Rent’ sign on your curb. For the signage to be effective, it must be professional looking, have the right message, and be visible from across the street. Moreover, you should mount it upright and firmly into the ground to make it eye catching.
As tempting as it may seem, break away from the tradition of scribbling the message on a piece of plywood. Instead, get an aesthetically pleasing, inexpensive custom made sign.
Utilize the internet
The internet is full of great platforms that you can adequately use to market your rental property to prospecting tenants. For starters, you should feature your property on popular listing platforms like Craigslist, Zillow, among others.
Another useful solution are social media applications like Facebook, Twitter, Instagram, YouTube, Pinterest and much more. When advertising on these sites, take the time to learn the best ways of making your ads stand out. For instance, the best time to post to get maximum views, as well as the kind of content that will generate viewer engagement.
Utilize your social circle
Many people underestimate how useful the members in their social network can be. Friends, family, workmates, business partners, neighbors and other property owners can offer you free or inexpensive advertising. Simply inform them that you are looking for a quality tenant for your vacant property. The communication could be through word of mouth, over the phone, or via email. If possible, also include a commission incentive to motivate them to help you locate a renter.
Use flyers and Post Cards
An equally effective method of finding great tenants in Orlando is by using flyers and postcards. Make a few hundred postcards and brochures detailing the vacancy. Then distribute the postcards to the neighbors within a few blocks radius and the flyers in various local businesses.
Invest in the Classifieds
Even though the internet has dominated the business world, the good old newspaper still stacks its own when it comes to getting information out there. If you’re looking to attract potential renters quickly, you should consider placing a few vacancy ads in the local newspapers and magazines.
Host An Open House
Nothing persuades a prospect to move into a property more than when he or she views it. An Open House is a great way to build up a buzz about your rental. You can try offering a promotion on rent for people who sign the day of the Open House. To host a successful Open House make sure it is properly planned, advertised, and promoted.
These approaches can help you find exceptional occupants for your home quickly. Nonetheless, irrespective of which strategies you try out, make sure you are available to respond to the prospecting tenants.
If you don’t have the time or skills needed to advertise the property, hiring a property management company in Orlando is a viable option. Give us a call at 407-250-4800 to find out how we can help you out.