It is no secret; investors are coming to Arizona to purchase rental properties. While each may be acquiring property for different reasons (future primary residence, vacation home, investment home) most share a common goal; find great tenants as quickly as possible. Here are some 3 lessons I have learned in the last couple of months relating to marketing an investment property.
1- Photos- I once heard that a person’s perception is reality to that individual. This means if a prospective tenant sees a photo of a home taken at a bad angle or with poor lighting, they may think it is not great home. If they see a semi dirty bathroom or a toilet seat up, they may move on to the next rental not because it is priced too high, but because they are turned off by the presentation. Photos used to rent a home, should be of quality that they could be used to sell a home.
2- Build a relationship with tenants- My dad once told me this; “people say money makes the world go round. That is inaccurate; it’s relationships that make the world go round.” Too often because of experiences with bad or flaky people, one can become complacent in their interactions with tenants. Remember they are PEOPLE and they deserve respect too. Remembering their name, returning phone calls within a timely manner and getting to know them with the right questions will build that relationship. Let’s face it, while businesses will often work with others who give them good deals, they would rather work with someone they like and will often help them out. The same goes for tenants; if you create a strong, respectful, professional relationship with them, they are more likely to be responsible because they like you. Let’s face it, creating and maintaining relationships IS marketing.
3- Spread the word- If you jump into a lake you may not see how far the ripples go… Too often we forget how small the world is and how connections open up opportunities. If you ask everyone you know and everyone you meet, it is amazing how your needs will be met. The best tenants I have came from referrals from those I already know. Although this may not always be the case, letting others know you are looking for a tenant will either draw them to you more quickly, or attract the best tenant.
In short, increasing the marketing efforts will create faster turnaround with greater results in this highly competitive rental market.