If you're a Tacoma landlord, you've likely already had to slash rent prices this year. Chances are, however, that good tenants are still in short supply.
In a rental market this tough, the best thing to do is usually to focus on tenant retention. No matter what you do, though, some tenants will want to leave. If you can't fill those spots quickly, your bottom line will suffer.
How do you attract new tenants, then? Simple: use property marketing to make your rental stand out. These tips are a good starting point!
Rework Your Listing
When renters look at your listing, they'll first see the photos. This is why it's essential to present your rental in a favorable light. Get a professional photographer to take photos of all your rooms and the exterior.
Your listing should also contain all the details a renter will need to make a decision. This includes the lease length, rent, and extra fees. Include all the house rules, such as pet restrictions or smoking bans.
Get Tenant Referrals
When it comes to how to attract tenants, nothing beats word of mouth. If you have a good relationship with your tenants, ask them for a referral. Once you get it, you can include it on both the listing and your website.
To sweeten up the pot for your existing tenants, offer some incentives for each referral. Gift cards and discounts both work well for this purpose. This can also help you convince existing tenants to renew their leases.
Update Your Utilities
As a real estate investor, it always helps to stay in the loop of how your rentals are doing. Pinpointing things you can add or upgrade can give you an edge against other properties in Tacoma.
For example, could you invest in faster Wi-Fi, an alarm system, or a better dishwasher? Even if you have to up your rent, these upgrades can still be worth it. Good tenants understand that quality comes with a price.
Set Up Virtual Tours
Every listing you post should include a virtual tour of your rental. This is one of those post-pandemic habits that's clearly here to stay. Virtual tours take all the hassle out of taking a look at an interesting property.
Of course, going down this route can take some effort. You'll need to choose the right equipment, plan out your photos, and stage your home.
Consider a Compromise
Even with the above tips, you may still need to make a few concessions to land great tenants. For instance, many landlords now opt to lower the price of rent (or even get rid of it altogether) for the first month.
Other than money, consider what accommodations you can make for your renters. If you're not currently allowing pets, you may want to reconsider.
More on Property Marketing in Tacoma
As any landlord will tell you, good property marketing is hard. In a tough market, even one mistake may cause your listing to get ignored. Follow the tips we outlined above to ensure this doesn't happen!
Need some help with crafting the perfect listing? At PMI South Sound, we've helped many Tacoma landlords like you! Contact us here to get in touch with our property management experts.
