MARKETING YOUR RENTAL PROPERTY THE RIGHT WAY
When it comes to marketing your rental property, you have a lot of choices–almost too many. You can put an ad in the local newspaper, list the property with a home finding agency and/or put up a sign in the front yard. And that doesn’t even include your online options. It all depends on who you want to have as potential tenants.
Once you’ve figured out what might work best, then there’s the issue of what you should say about the apartment, home or condominium you want to rent. If you have any doubts at all, then you need to review the Fair Housing Act which describes exactly who is entitled to rent (or buy) from you.
Knowing what this Act–along with other state and local fair housing laws–says is especially important. Any ad you place cannot contain words, phrases, symbols or images that could indicate or imply you have discriminatory preferences. You also have to watch out for any religious references. Saying that your rental unit is located near a particular church or other religious establishment could suggest unintended limitations or exclusions.
The best way to market your property is to be as neutrally descriptive as possible. You can mention prices, amenities, when the unit will be available for move-in and whether references and/or a credit check are required. You can also talk about location–without referring to any religious establishments–and given address. And of course, you can talk about all the special features that make your unit stand out: for example, spaciousness, affordability and quietness.
Even after you’ve figured out where to market your property and what you can legally say about it to make it sell, you need to have a plan in place regarding what you will do if your marketing approach doesn’t yield the results you want. Pretty exhausting, isn’t it?
Herman Boswell is a property management firm that understands the needs of busy landlords like you. We are real estate experts that know what it takes to successfully market a rental unit to people who will be good tenants. That is, who will pay rent on time and treat your property with the respect it deserves. When you need a team that knows the DFW market like nobody else, contact us.