In North Carolina, you can expect to pay just over $320,000 for a single-family home. Believe it or not, this is only a fraction of what homes cost in places like California, Hawaii, Massachusetts, and Washington.
To make the most of your investment property, it's crucial to prioritize property marketing. Not only will this get your property in front of potential tenants, but it can also minimize your tenant vacancy rate in Charlotte, NC. Let's look at four strategies you should include in your real estate marketing plan.
1. Price Your Home Appropriately
One of the best ways to reduce vacancies is to price your home appropriately. Many people make the mistake of asking for too much in rent. While it can be tempting to set high rates, you'll make more money over time by keeping your price reasonable.
To clarify, let's assume that the market rent in your area for similar properties is $2,000. Your mortgage, property taxes, etc., amount to $1,500.
If you ask for $2,500, three months might go by without finding a tenant. This means you'll need to pay at least $4,500 out of your own pocket, not including utility service fees
2. Leverage Online Marketing
Using social media and online ads is highly effective for property marketing. This is especially true if you set low rental rates, recently updated your home's exterior/hardware, etc. The more attractive your home is, the more people will be interested.
Just be sure you don't embellish your property's condition or amenities. Otherwise, people might change their minds later on.
3. Hold Open Houses
When tenants can see the property for themselves, they can make a decision quickly. Even if they don't choose to rent from you, you'll at least weed out people who aren't interested.
Be sure to properly stage your home before an open house so your tenants can envision themselves living there. Focus on curb appeal, as well. If people don't feel good pulling up into the driveway, they might choose another property.
4. Work with a Professional Property Manager
Working with a professional is the best way to minimize property vacancies. They'll handle marketing, tenant screening, and communication for you.
Not only can this reduce stress, but it can help you focus on other areas of your life. When looking for a property manager, always check their reviews. There should be no shortage of people who were satisfied with their results.
Ask about their pricing structure, as well. Property managers often take a percentage of rental income as compensation. Look into this amount so you can avoid overpaying.
Prioritize a company that offers ongoing support. It can be frustrating to be left in the dark when you outsource property management. You should have no problem reaching them via phone call or email.
Don't Overlook Property Marketing
Without the right property marketing strategy, you run the risk of extended vacancies. These can easily cost you thousands of dollars. The good news is that the above information has everything you need to get started on the right track.
Ready to take action? Speak with a representative from PMI Charlotte today. Our team of qualified professionals can connect you with the right solutions.