Effective marketing is the foundation of success for any business and real estate investing is no different. You need to be a great marketer in order to locate and secure profitable deals, as well as to be able to market your property to potential tenants. In the City that Never Sleeps, there is an abundance of available rental properties on the market at any given point in time, so here is our guide to standing out from the crowd when marketing a rental property in NYC.
1.) Get Property Rental Ready
You must spend the time and money necessary to get your property ready to rent. This will encompass repairing all of the hazardous issues with the property, which may serve as a liability in the future. This could be as simple as ensuring the structural integrity of the property and ensuring that the building envelope is secure and free from leaks, moisture and mold.
Once you have repaired all of the hazardous issues, you should then repair all of the cosmetic issues associated with the property. These types of repairs include new carpet, upgraded appliances and a fresh coat of paint. Although, cosmetic repairs can be quick and inexpensive to implement, it can have a dramatic effect on the desirability of your property.
Make sure that you complete the renovations to the standard of the neighborhood or slightly above the standard. The last thing you want to do is over-renovate your property, as you will be unable to recoup your renovation costs if you go overboard.
2.) Take Great Pictures
As the saying goes, “A picture is worth a thousand words” and nothing could be closer to the truth as it pertains to marketing real estate. If you are serious about quickly leasing your rental property, you need to take good pictures of the critical areas of your property. These areas include:
- Exterior of Home/Curb Appeal
- Interior Decor
- Living Areas
By taking great pictures of your property, you will have the basic ammunition needed to entice potential tenants to take the next step and schedule a showing of your property. If your pictures don’t do a good job of selling your property, you will find it difficult to generate enough interest in your property to find a quality tenant to lease the premises.
3.) Gather Pertinent Info
You should gather all of the pertinent information regarding your property. Although it should go without saying, many landlords fail to include the basic information about their property when they are marketing for a tenant. You need to make sure that you include the following information when marketing your property, such as:
- Number of Bedrooms
- Number of Bathrooms
- Property Square Footage
- Area Transportation Routes (e.g. Subway & Bus Routes)
- Area Retail and Commercial Amenities
- Area Schools
- Monthly Rental Price
- Rental Deposit
- Application Fees
Ensuring that you have this pertinent available will assist you in giving potential tenants, all of the information that they need in order to take the next step in the process, which would be to contact you in order to schedule a showing. You will also save yourself from wasting precious time, fielding calls and repeat questions revolving around the basic selling points of the property.
4.) Hire a Property Manager
Hiring a good property manager upfront is a great way to ensure that your property gets thoroughly marketed and quickly rented in this competitive NYC rental market. Your property manager can manage all of the details surrounding the marketing of your rental property and can even assist with the following:
- Advertising the Property
- Answering All Inquiries
- Scheduling Property Showings
- Screening Potential Applicants
- Securing Qualified Tenants
- Collecting Rents and Security Deposits
Since experienced property managers are in the business of managing properties, they are very knowledgeable about the tasks that need to be completed in order to secure a qualified tenant at market rents. You can contact your local real estate investor association in order to gain referrals to reputable property management firms or you can contact a property management association such as the National Association of Residential Property Managers (NARPM).
5.) Post Classified Ads on Rental Sites
You should aggressively market your property via online classified bulletin boards. It is not uncommon to generate qualified tenant leads from websites such as Craigslist, Backpage and local weekly papers such as the Village Voice. If you are looking for even more exposure, you can experiment with placing ads in the classified sections of the daily newspapers such as the NY Times or the NY Daily News.
6.) Hire an agent to Market Property
Hiring a real estate agent to list your property for rent is also another great way to market your rental property. By utilizing the services of an experienced Realtor, your rental property will gain more exposure while being listed on the Multiple Listing Service (MLS). Once listed, more real estate agents and potential residents from your market area will be able to view your property, which will result in more leasing applications from qualified tenants.
By implementing several of the strategies above, you will be able to effectively market your property and stand out from the crowd of available rental units in the city. As you continue to develop your marketing systems, you will be able to grow a list of qualified tenants that will serve as the foundation for keeping your rental properties fully leased and generating consistent income for your real estate portfolio.