Archive for the ‘Rental Marketing’ Category

5 Tips for Effective Online Rental Ads

Thursday, February 25th, 2010

5-tips-for-effective-online-rental-adsA couple weeks ago we were privileged to have Carla Johnson, Author of Magnetic Real Estate Photography share her real estate photography expertise in the form of a guest post. To return the favor we’ve shared 5 Tips for Effective Online Rental Ads as a guest post on Carla’s blog. Be sure to check out her site for lots of great real estate photography tips to attract the tenant or buyer you’re looking for.

As the search for rental listings moves online and ads become more standardized, you want to make sure you stand out from the crowd – in a good way. In this article we’ll review 5 ways you can make the right impression when you post online rental ads.

1. Consider your target
The first thing to do when writing your rental ad is to determine the type of tenant you want to attract. Once you know your target audience, you can tailor your ad to that crowd. When you focus your ad on attracting the type of tenants you want, the ad itself will do some of the screening for you.

2. Use good photos
These days, photos are a must for an effective rental ad. Many users skip over ads without photos, especially good tenants looking for a place to call home. Often users will assume ads with no photos mean the landlord either doesn’t care or has something to hide – neither of which will help you rent your unit.

In the online world, the first thing prospective tenants see are the photos you post along with your ad, and no matter how fantastic your ad copy is, your photos do most of the talking. Use your photos to showcase how great it would be to live in your unit. Check out Carla’s tips for taking Magnetic Real Estate Photos that will attract the tenants you want.

3. Be specific
Are you looking for lots of phone calls and emails, or lots of interested renters? If you want to skip straight to the interested tenants and avoid taking a bunch of calls from tire kickers looking for more information, be specific with your ad and provide all of the details up front.

Unlike rental ads in the classified section of local newspapers which often charge by the letter, most online sites offer plenty of space for you to provide all of the details. Take advantage of this space to provide the information tenants are looking for up front. Along with great photos, the most important details to include are location and price. Be sure to fill out all of the fields when posting your ads, list all of the amenities, and be clear on the terms. If you require a 1 year lease or utilities are extra, just state this upfront.

4. Avoid cliches
There are several cliches to be avoided when posting online rental listings:

  • Avoid All CAPS – Maybe writing ads with CAPSLOCK was a clever marketing tactic at one point, but this cliche is often screened out by the younger generation and can make you look either angry or desperate .
  • Avoid empty phrases – In real estate ads there are many overused words such as “nice, great, and beautiful” which have become “empty” words. Look for alternatives which really describe what your unit has to offer.
  • Avoid abbreviations – Most sites give you plenty of space for your ad copy, so there is no need to use abbreviations. In your online ads opt for terms like “dishwasher” over “d/w” and “finished basement” over “fin bsmt.”

5. Choose your words wisely
When posting rental ads online you have more room to work with, but you should still use that space wisely. Use terms tenants love such as “free” and “all inclusive” to draw renters in.

When writing your ad be sure to “sell the sizzle, not the steak.” In other words, don’t just sell the features of your unit, sell the benefits those features provide. A dishwasher is a nice feature, but the luxury of never having to scrub dishes by hand is an even better benefit. Use your ad to paint a picture that makes the viewer want to move in today.

Finally, wrap up your ad with a strong call to action. Be clear on what you want the tenant to do next, and give them a reason to take action immediately.

Make the right impression
Your rental ad is the first thing prospective tenants see, so you must use your ad to peak the interest of the type of tenant you are looking for. Renters will form their first impression of both the property and the landlord from what they see in your ad, so use the 5 tips above to ensure that the first impression you make is good one.

Magnetic Real Estate Photography – Attracting Quality Tenants

Friday, February 5th, 2010

magnetic-real-estate-photographyToday we’ve got a treat for you. Carla Johnson, author of Magnetic Real Estate Photography has put together the following guest post for our readers. Carla is a real estate photography expert and an active investor who owns properties for rent in Kitchener and the surrounding area. Today she shares some helpful tips on taking the type of photos that will act as a magnet to attract the right tenants.

If you have ever looked online for a property, you’ve seen what I’ve seen – the dark rooms, the funny corners, the glaring windows, the messy tables, the weird angles and the mirrors with camera flashes in them – and all you want to do is look away! (For some of these samples, see Carla’s Blog)

Too many real estate professionals are unaware that the “Sell” now takes place online. This is a huge shift. Ever since selling or renting real estate began, the goal was to get people to visit the property. That was where the “Sell” used to take place. Not so anymore.

Consider eBay. People spend hundreds of thousands of dollars on products they can’t even touch. Sellers on eBay post lots of information, and numerous photos of their products displaying all sides of the items and zoomed in detail shots. Thorough information makes buyers feel comfortable enough to pay up front then wait for the item to arrive in the mail.

The “Sell” takes place ONLINE! Any landlord who gets this is right on the edge – but too many are not. If the property is properly featured with lots of effective photos and a truly helpful listing, a big part of the job is done.

Start with a catchy headline that lets the prospective tenant know there is something special in your place for them. Then write a helpful description of the place in a talking voice, but keep it short and to the point. I am finding that a lot of people only look at the headline, and the pictures.

Put some thought into your photos. When you look at a good photo, your eyes linger and stick to it – like a magnet. When you look at a bad photo, you have to look away. Great photos draw viewers and business. It’s magnetic!

Carla’s tips for taking “magnetic” photos
When you head out to take shots of your property you want to show the following:

  • the path to the front door
  • the whole layout of each room
  • more floor than ceiling
  • all rooms level and in focus
  • good colour
  • everything tidy
  • how one room leads into another
  • toilet seats down
  • shower curtains open

A listing or ad with only a few images will tell the viewer – intentionally or not – that something is hiding. People expect to see everything online these days before they even view the place. If the photos in the ad make a renter comfortable, they will arrive at the visit comfortable and feeling at home – ready to move in. That is the kind of attitude you want from tenants when showing a unit isn’t it?

Thank you to the team at The Rentables for the invitation to guest post today. I wish each of you and your readers the best in all your endeavours. If you or your readers have any questions, please feel free to contact me: carla@magneticphotography.com.

May you always give your best to attract the best of everything in your life. It’s magnetic!

Carla Johnson
Author of “Magnetic Real Estate Photography
www.MagneticPhotography.com

Determining a price for your rental property

Tuesday, January 12th, 2010

money-houseHome owners often become landlords to help them cover some of the costs and generate positive cash flow from the ownership, but too often auxiliary costs are forgotten and the established rent prices are too low to make extra money once offset by additional costs incurred.

To determine the best rental price, consider the following:

Costs associated with the ownership for the year

  1. Mortgage Interest – make sure to exclude the principal portion of your mortgage payment (this is building equity for you anyways)
  2. Repairs and maintenance – tenants break things and you’ll have to pay to fix it
  3. Insurance – an absolute must for any property owner
  4. Advertising costs – vacant units don’t rent themselves, don’t forget to budget for this expense when it pops up
  5. Management fees – if you are using property management services (or value your own time)
  6. Legal/accounting expenses – having a rental property generally increases your legal/accounting bills for the year even if you only require routine bookkeeping and tax filing
  7. Property taxes – these vary by location, but can be significant
  8. Utilities – gas, hydro (electricity), etc.
  9. Condo fees – if you buy a condo for rental purposes, your monthly condo or maintenance fee can often be a deal breaker

Adding all these costs up will help you determine how much rent you’ll need to charge to make sure your property puts some money in your pocket every month.

Competitive pricing
Be aware of what others are charging for units similar to your own. Why shoot yourself in the foot by having low rents when market prices in your area are a lot higher? For example: 1 bedroom, 1 bathroom apartments for rent in Los Angeles are currently renting for an average price of around $900. Consider using The Rentables’ interactive filters to help you determine pricing for units in your type in your area.

Don’t forget to factor in important amenities such as available parking, local transportation, proximity to schools and stores and any other amenities which may give you an edge over your local rental competition.

Ideally, your unit will cover all your ownership costs while being priced competitively enough to always remain rented and generate some positive cash flow for you each month.

Happy renting!

Rental Marketing: Sell the Sizzle, Not the Steak

Sunday, December 20th, 2009

sizzle-steakA couple weeks ago, I had the opportunity to attend a presentation by Steve Manning of WriteABookNow.com. Steve is a professional copywriter who also owns a rental property portfolio, and  he shared some great marketing tips with a group of a group of real estate investors.

To boil Steve’s presentation down into a few words, you’ve got to “sell the sizzle, not the steak”. You may have heard this saying before, but take a minute to think about what this means in the context of rental marketing. Conventional wisdom tells us we should advertise our vacancies the same way everyone else does, and this is a great idea if you’re looking for “conventional” results. If you’re looking for better results, then you might be interested in what Steve had to say.

Here is a simple example. A 2 bedroom 1 bathroom townhouse is a 2 bedroom 1 bathroom townhouse, just like a steak is a steak. There is nothing inherently interesting about a 2 bedroom 1 bathroom townhouse, but the real difference is how you present what you have to offer.

When selling the sizzle, you’re looking to do what the fancy restaurant does. Don’t just list off property details, paint a picture of the fantastic experience which awaits the customer (your tenant). Get prospective tenants who are reading your ad to picture how great life will be once they move into your unit.

By selling the sizzle, you can distinguish yourself from the competition and increase your monthly cash flow by attracting premium tenants at a premium price. This extra creativity goes a long way when advertising apartments for rent in Orlando or other markets with an abundant supply.

Florida real estate companies getting creative

Thursday, December 17th, 2009

bidThere are many apartments for rent in Tallahassee, Florida, thanks to the slumping real estate market. This has led some real estate developers to get creative.

On December 5th of this year, Rudnick Development and The Naumann Group Real Estate Inc. decided they would have a massive condo sale in Tallahassee. What made this so special is that it was one day only sale with massive discounts; kind of like the black Friday of real estate.

There were a total of 237 units auctioned off with discounts as high as 65%. Over 300 people attended the event and by 1pm over 60 condos had already been auctioned off. Each perspective buyer received a number and when the number was called, he was allowed to buy whatever units were left.

That’s not too shabby, considering the struggling real estate market in Florida, which is said to be one of the worst in US these days. It looks like big discounts and creative marketing paid off, or at moved a lot of units.

Maybe we’ll be seeing more of these types of events throughout the country. Real estate bargain hunters keep an eye out.

Sources:
Tallahassee Online