Red Bank, NJ, generally has low residential vacancy rates, well below the national average, but that doesn't mean it's easy to find tenants for your investment properties.
To attract the best tenants for your rental properties, you need to master effective property marketing and efficient property management.
Read on for our top property marketing tips to help you limit costly vacancies in your Red Bank investment properties.
1. Treat Your Tenants Well
Word-of-mouth advertising is one of the most effective tenant attraction methods. Fortunately, nowadays, online reviews ensure this tactic works faster and reaches more people than ever before.
Attending to maintenance and repairs promptly and respecting your tenant's rights are sure-fire ways to get the great reviews you need to market your property.
2. Consider Your Pricing Carefully
Setting attractive rental rates is vital for attracting tenants to your Red Bank property. However, lower rents might not cover your expenses.
New Jersey does not have rent control laws, but it's important to charge rents that your tenants will consider reasonable. Research other Red Bank, NJ, rentals in your area and review the rent charges for comparable homes in the area.
You should consider homes of similar age, size, and condition. You can charge a little extra if you allow pets in your property or if you have more amenities than the competition.
A property manager or real estate agent can help you conduct a rental analysis for your property.
3. Upgrade Your Property
Adding cost-saving measures like solar power or energy-saving appliances boosts the appeal of your property. It also means you can charge a higher rent.
Consider the latest technologies to help your rental home stand out against the competition. Some worthwhile upgrades include fast internet, energy-star appliances, and smart home technologies.
If you've recently bought your rental property, consider giving it a thorough makeover. An experienced property manager can help you decide on upgrades that appeal to Red Bank tenants.
4. Craft an Irresistible Listing
A well-thought-out property listing is vital for attracting attention to your rental home. You need clear, attractive, carefully staged photographs and a property description that highlights your property's best features.
Be sure to point out any nearby attractions and amenities, as well as appealing upgrades, when compiling your listing. A professional photographer and copywriter can assist you with this.
5. Post Your Listing on the Best Sites
The internet is the best place for rental property advertising, as most people begin their home search online. Some of the best places to market properties for rent include Zumper, Apartments.com, and Realtor.com.
Most property management companies advertise rentals on their websites, too. This type of local advertising can be most effective as it's easier for your property to stand out.
Hire Property Marketing Experts
Coming up with effective landlord marketing strategies can feel bewildering and overwhelming. It often involves ongoing and time-consuming tasks, like carrying out rental analyses, refining your listings, and posting updates.
PMI Inspired offers all the expertise and experience you need to save time and get the results you want. Our local team is backed by a national franchise with two decades of real estate experience and is committed to providing our clients with dedicated service.
Unleash your property's potential with an array of property management services, including effective property marketing.
