LeBron James is an exceptional basketball player, but if he hadn’t played in front of scouts, he would not be where he is today. J.K. Rowling is one of the most successful authors of today, but her name wouldn’t be recognizable if she hadn’t submitted her first “Harry Potter” drafts to dozens of publishers.
It’s true for everything and practically everyone: if you want to be successful, you need to make yourself or your product known. The same goes for your rental property, which could be an incredible residential opportunity for so many people (and a positive financial opportunity for you, too) — but won’t be if people don’t know it exists.
Marketing is critical to helping your rental property generate the revenue you’re looking for. Our non-recourse loan lenders will dive into some marketing tips to implement with your own rental property in today’s blog. Find out how to best market your rental, and apply for a non-recourse loan with First Western Federal Savings Bank.
Figure out your audience.
College kids might love that your property is near the downtown scene; families, not so much. Before thinking about your property, think about the community — who would love living here? What nearby attractions exist, what’s in the area, and who would most be interested in this location?
Your property can always be renovated and changed to fit the needs of potential tenants — though our non-recourse loan lenders will kindly remind you that a non-recourse loan can’t go towards renovation costs. Changing the community is not that easy. When you narrow your marketing focus to who would most love this property and location, the rest of your strategy will fall into place.
Market online, and in multiple ways.
People looking for apartments and houses to rent aren’t going to track down a newspaper for listings — listings that very well might change from the time they research to the time they make the call. Having a web presence is essential to your marketing and overall success. Post listings on Craigslist, look into Zillow, and any other web platform that can showcase the property that you’ve got.
You might also want to consider your own website, especially if you have more than one property. This makes it easier to share and access, and could help bypass some of the fees that might come from certain real estate platforms. Keep in mind, managing a website is a lot of work and a lot of time — if you don’t think you can sustain this, our next point will be particularly relevant.
Consider a property management company.
We’ll dive more into the pros and cons of a property management company in a future blog, but know that this could be an option for you as well. They’ll take care of your marketing and listing, freeing up your time and workload a little more. Granted, this will be more costly, but it’s definitely something you can consider.
Our non-recourse loan lenders know that having the right marketing strategy is crucial to your rental property being successful. It can seem strange, or even intimidating to try a brand new marketing plan, especially if digital marketing isn’t something you’re familiar with. But with time and experience, you’ll grow in your confidence — and what’s more, you’ll see the results firsthand.
Interested in applying for a non-recourse loan? First Western Federal Savings Bank is the nation’s lender of choice, and has been since 1979. Learn more about purchasing rental property, IRA non-recourse loans, refinancing, and more, and get in touch with our non-recourse lenders today.