The real estate market for renters is going through a transformative stage. Young renters with unique tastes and preferences are rapidly growing. The average age of a renter is also rising in unprecedented ways. Marketers are having a rough time figuring out how to package their property to attract the right tenant. The average turnover of a renter is also increasing rapidly, which means you have to devise a way of keeping your tenants.
The price, terms of a lease, unit size, neighborhood, and amenities all rank highly among renters. To make it irresistible for the average renter, work on those details of your property. Here is a primer of how to approach property marketing.
Make Your Real Estate Worthy
The value for money is everything. If your amenities don’t match your monthly take, you will have a problem attracting the conscious buyer. The budget-conscious buyer is rational. He or she will continue to use a premise that offers value. You may not do anything about the neighborhood, but you can deal with what constitutes value.
Personalize For a Specific Market
Each housing segment has a target market. Fortunately, none of the renters’ category market is having problems attracting takers. For starters, know the target market. You can target families, millennials, students, or any other category of choice. You can also use the income category to target your market. Once you have identified the market, you have to customize for that customer.
Millennials are tech-savvy. They also want an eco-friendly and pet-conscious environment. A minimalistic design will work for a one-person household. You have to customize effectively.
The family unit wants good neighborhoods, good schools, and amenities such as convenience stores. The family unit will also love space, a fenced garden or backyard, 2-3 bathrooms, separate dryers and washers, a patio, and such items. It is your business to classify your target market.
Screen Your Renters’ Pool Thoroughly
Don’t screen the potential renters by their ability to pay only. You owe it to the other tenants within the property to understand their neighborhood. It is better than a home warranty coverage. For example, check people’s history with the authorities. You cannot admit a registered sex offender in family-focused real estate property. It is simply reckless. Besides, allowing clients with the same profile gives your property a sense of community.
Keep the Real Estate Pristine
Irrespective of the price that you want the people to pay, you have to adhere to the basic sense of human decency and habitation. Issues of water and sanitation play an important role. Basic amenities should be accorded to your tenants including repairs and general cleanliness of shared facilities. Your property has to be kept at all times.
It will cost you to make the necessary renovations and improvements, but it will keep the existing customers for long and attract new ones. Neglecting water damage can make a property inhospitable due to mold. One ignored nail will lead to a falling ceiling or gutter. It costs less to maintain than to do a makeover to a property.
Great Marketing and Listing Involves Smart Listing
Real estate marketing has gone digital and extremely high-tech. From virtual tours to mind-blowing listings, you cannot afford to lag behind. Proper marketing starts with making a worthy product. No matter how well you publicize a property, it will boil down to what the property offers. They say great marketing starts with great products. It will be foolhardy to go all digital with your marketing of a poorly done apartment. The return on investment will not be worth.
What is irresistible to one market segment may not even attract the attention of another segment. Once you have identified your segment, deliver on what they want. We all want castles, but we have to take what we can afford today.