Rental Property Marketing
Expanding Your Rental Pool and Decreasing Turn Time
By Kori Covrigaru
In any industry and in any economic climate, strategic marketing is key. This is especially true in the real estate industry, specifically with regards to marketing rental properties. With tens of thousands of rental properties on the market at any one time, and small investors competing with larger-scale investors, making a property stand out above the rest requires a strong campaign to attract qualified applicants. At PlanOmatic, we offer the tools and technology to do just that.
Below are six reasons why you should include floor plans in your marketing campaigns.
1. Assure Accurate Advertising
A little white lie never hurt anyone, but a little house is a different story entirely if the resident expected something larger. When you are marketing your rental, it is critical to accurately represent the size and layout of the space. Square footage alone can be misleading, but coupled with a floor plan, a renter should have a clear image of the layout of each room.
2. Quick Turns
With tight inventory, the rental market remains highly competitive for residents. In this high stakes market, renters are applying without ever stepping foot in the space.
This is risky… No one wants to be surprised by an open concept bathroom. Floor plans put sight-unseen applicants at ease and allow you to rent the property at record speeds.
3. Reduce Showings
A floor plan shows renters immediately if a closet is not big enough or if a garage will not accommodate the beloved F-250. We know not every property is for every renter. It is best to filter out the uninterested prospects before losing time on a showing.
4. Expand Your Renter Pool
Homes purchased and renovated by families often age into income properties after the children have flown the coop. This could leave investors with an over-improved home that can be difficult to rent at a recovering rate. A floor plan gives prospective renters the ability to understand the property’s layout in-depth with the flexibility of doing so on their own time. This, in turn, increases leads from out-of-range prospects who might otherwise feel uneasy about committing to a property remotely.
Showing non-local prospects an online floor plan will expand your rental pool beyond your neighborhood bubble. This increases your access to a group of renters who can possibly afford to spend more monthly.
5. Showcase Unique Features
At some point in the shopping process, all houses start to look the same to renters. The neutral palette and builders-grade finishes can leave prospects snow blind after a day of online rental browsing.
Stand out on the market by showcasing the differences in your properties. There are important features of a home that do not photograph well like garages, closets, mudrooms, laundry rooms, or storage spaces. Floor plans allow you to show the important, but less glamorous, parts of a home that make it more valuable.
6. Promote Accessible Properties
Floor plans are a simple way to illustrate handicap accessibility. A well-drawn floor plan should clearly mark all stairs and will show the size of a space. These attributes are useful in knowing if the home can be easily navigated by a wheelchair.
Floor plans for rental marketing is an easy decision. Not only do floor plans attract a larger pool of quality leads, but they also shorten the turn time of the property.
