Tenant turnover in Boise, Idaho, much like everywhere else, can greatly impact your bottom line because it results in zero income at the end of the month. You will also have to spend both time and money bringing your investment property to rent-ready standards.
That said, tenant turnover is inevitable. It is sure to happen at some point in your career. The key is knowing how to handle them and getting a replacement tenant as fast as possible.
This is where property advertising comes in handy. The way you advertise has an impact on how fast you are able to get a tenant. A good advertisement strategy will ensure you get a good tenant in no time. A bad marketing strategy will result in being stuck with your vacancy for an extended period of time.
In today’s post, we have come up with 5 tips on how to advertise your Boise rental to get desirable tenants.
Tip #1: Create a compelling rental ad.
You want an advertisement that speaks to your target audience. Make it attractive, simple and detailed. Attractive –you want it to catch the attention of prospective tenants. Simple –you do not want to complicate it with unnecessary jargon. Detailed –you want to share as many of its unique features as possible.
Unique features vary from property to property. They can include access to nearby transportation facilities and neighborhood quality and safety. They can also include recent property upgrades and nearby schools.
Tip #2: Price the property accordingly.
Remember to include the rental price when advertising your Boise rental property. This will ensure you attract prospective tenants that are comfortable paying that rent price. In the long run, this will reduce the chance that you have to deal with late or missing rent payments.
Make sure you price your rental accordingly. Pricing it too high or too low may work against you. A higher price may make it difficult for you to find interested applicants. A lower rent, on the other hand, may mean leaving money on the table.
When calculating the rental price, keep in mind things like:
- Market demand
- Amenities available
- Comparative properties
- Historical unit prices
The right rent is one that attracts prospective tenants and generates income for you.
Tip #3: Steer clear of any form of discrimination.
You want to keep Fair Housing Laws in mind when advertising your rental ad. The last thing you want is having to battle a discrimination lawsuit in court. Make sure your ad does not discriminate against any prospective tenants.
Idaho’s protected classes include age, disability, sex, religion, national origin, color, race, and citizenship status. It would be discriminative, for instance, to use statements like:
- “Great for working folks or students.”
- “Suits a mature individual or couple.”
- “Perfect for a female student.”
- “Suitable for a single professional.”
- “Ideal for quiet people.”
By using these statements, you suggest that you prefer some people over others. To avoid this, focus on describing the unit rather than the prospective tenant. List information like the unit size and rent cost rather than name the “ideal” tenant.
Tip #4: Use a variety of marketing platforms.
There are various ways you can market a rental property.
- Word of mouth: This is an effective form of marketing. You can use it to incentivize your existing tenants to send friends your way.
- Get social: As humans, we are socially inclined creatures. We have embraced technology that connects us with others. As of 2019, there were approximately 249 million Americans using social media. If you are not already using social media to market your rental, you probably should. Start posting several times per week consistently to maintain an active online presence.
- Build a website: This is especially important if you have multiple properties. You can use your website for rental property photos and information. You can also use it to connect with your tenants.
- Use rental listing sites: These sites allow you to advertise your vacant rentals for free. Some examples are Trulia.com, Zillow.com, and Craigslist.
Tip #5: Begin the marketing process early.
State laws vary when it comes to vacancy notices. Most, including Idaho, require tenants to provide a 30-day notice to their landlords. They must provide this notice prior to moving out.
Once you receive this notice, create your marketing strategy as soon as possible. Do not wait until your tenant has moved out for you to start advertising the property. Acting fast will ensure you land a replacement tenant in a short amount of time. This will effectively minimize the amount of time your property is vacant.
The bottom line
There you have it!
5 tips on how to advertise your Boise rental property successfully. If you need more help, please consider hiring professional property management services. Here at Realty Management Associates, Inc., we take the stress out of finding new tenants for you. Give us a call at (208)377-8889 for more information.