Texas rental vacancy rates are rising this year as the construction industry gets back up to full steam. So, if you're a landlord in Coppell, TX, with a vacant rental unit, you're facing increasing competition for tenants.
It's particularly difficult to stand out against new construction homes in this type of market, but it's completely doable with effective property marketing and a little creative thought.
Keep reading for a selection of tips for finding tenants in this type of market.
Property Marketing 101
The first step in marketing your rental home is showing it off in the best light. A professional photographer is essential for taking photographs that pop with appeal and bring out the best characteristics of any property.
Dull, unfocused images taken with a cell phone simply can't create the same effect, no matter how many filters you use.
Rather, spend money hiring a professional, as you'll use their photographs in all your marketing efforts.
Once you've got attractive images, you need to pair them with attention-grabbing copy. These words should simultaneously provide potential tenants with the information they need and help them imagine the benefits of living in the home.
Video walkthroughs are another effective way to show off your rental home's best assets.
Advertise Your Property Online
When you've assembled your images and copy, it's important to showcase them using the correct channels. Social media marketing is a good place to start.
You can share your listing amongst family and friends, as well as post it on local community forums.
Most importantly, you must list your property on the most popular online marketplaces for real estate, like:
These marketing channels give you access to millions of renters searching for their next home. The Zillow platform alone attracts over 200 million users a month.
Consider Flexible Tenancy Agreements
Times are tough across the United States, and you'll attract more tenants if you keep this in mind. Conduct a detailed rental analysis for your property to ensure you're charging a reasonable rent amount.
You can also consider taking a slightly lower security deposit. Most landlords demand the first and last month's rent upfront plus a security deposit; why not adjust your lease so that new tenants pay a little less at the outset?
Another important consideration is allowing pets, especially if few homes in your neighborhood do. You can charge more for pet-friendly accommodation, and there's a high demand for it.
Get Expert Help Marketing Your Rental Properties
Empty properties are a costly affair for landlords, so it's vital to spend time and effort on effective property marketing. If you're still not sure where to start, teaming up with an experienced property manager is a good idea.
PMI Cowboys Realty can help you find the best tenants for your Coppell home thanks to our years of experience. We offer proven marketing strategies, rental analyses, and tenant screening to ensure you find the best tenants for your property as quickly as possible.
Get in touch today for assistance with your property marketing needs.