7 Effective Tips to Market your Real Estate Property

by jay.raman@ashokalion.com 17, September 2012 00:55

A real estate investor and his property manager should master certain skills in order to be successful in the real estate landlord business. It is imperative for a real estate investor and his property management firm to master the art of marketing in order to make his/her property stand out in the real estate market.  Many real estate investors in Houston and Dallas area may not be aware of basic marketing tactics that make a property quickly rent. 

 

  1. Distinct Signage: If you are planning to rent your property, put a sign at your yard mentioning ‘For Sale’ with your contact details. This would help the interested buyers to touch base with you.
  2. Online Marketing:  There are several online classified sites like Craig list and Hotpad that tenants will use to find listings.
  3. Multiple Listing Services: Real estate agents can list the property on the Multiple Listing Service or MLS, and this will promote your listing to hundreds of real estate agents and their clients..
  4. Improve Curb Appeal: Take active initiative to make your property look attractive to the buyers by improving the landscaping with a manicured yard, fresh mulch, and debris free front yard.  In addition, you should make sure that the doors, windows, and light fixtures are in operational order.
  5. Consider improving the Green Appeal of your home:  Consider using energy star appliances or fixtures to help improve the energy saving potential of the home. If you do invest in those improvements, clearly explain what improvements were made in the marketing so prospective tenants will know what benefits exist over other homes.
  6. Compliment curb appeal with interior appeal: Your home should continue to impress prospects on the interior.  Consider painting the walls, doors and windows. Put air freshner, potpourri, or other products to insure your home smells good.
  7. Consider Social Media Marketing: As technology continues to evolve, consider how your management company or you are tapping into marketing on social media networks like Twitter, YouTube,etc.
  8. Invest in appointment services: Many realtors or smaller offices will direct agents to call them. Many agents will be dettered if they cannot reach you and move past your listing. By leveraging your multiple listing services and cooperating brokers and agents, you can improve the chances to more quickly lease.


These are the 7 marketing tips to consider to help improve your  that we would recommend every real estate agent and investor who are evaluating real estate agents or property management firms to market their rental properties to follow.

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3 Tips for Landlords to Raise Rent

by jay.raman@ashokalion.com 17, September 2012 00:49

Real Estate Investment is similar to any other business. The cost of running the business of real estate goes up with increase in insurance premiums, property taxes, maintenance cost, etc., for which it becomes imperative for landlords to raise the rent of his rental unit in order to sustain profit.

We know several landlords / real estate investors in Houston and Dallas area for whom raising their rent is a daunting task, as it  risk losing a tenant who cannot afford  to pay more for a rental unit wherein they have been living. As a property manager, we work with the owners to walk that line and make sure that the owner obtains the results that they are seeking with minimal disruption in their cash flows.

However, raising rent becomes essential at times.  Here are a few things that real estate investors and property managers have to consider when raising the rent:

  1. Do a comprehensive research before increasing the rent: Analyze market rent and try to know the amount of rent your competitors are charging. This kind of analysis willl help you to raise your rental payment to a reasonable standard compared to the local market rate. Tenants will rarely relocate to another house if they know that they have to pay the same rent elsewhere in the locality.
  2. Be prepared to justify the rent enhancement: It often gets difficult for a landlord to justify rent enhancement. Be prepared to keep all relevant data available with you to educate your tenants on rent that is being charged by other landlords in the same locality. You can also create a chart to explain the ever rising expenses to justify the increase.
  3. Keep your tenants informed: You should inform your tenants about the increase in rent well in advance. Preferably, you should provide them with one or two month’s notice.  This way, if they do not want to stay at the property, then you can begin marketing to lease the property at the new rate and reduce the vacancy period.

As a landlord, you should always treat your real estate property as a business venture and thus you may have to increase rents if need arises. However, raising rents is art that should be explored when you weigh against issues like tenant turnover related cost and vacancy lost revenues.

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