Kimberly Smith photoGetting a property rented is about having the right property at the right price and being able to connect with the right tenant. There is never one, perfect place to find a renter, and as the economy and business trends change, where you find those right tenants will also change.

The key to annual rental revenue success is high occupancy, which can only be achieved with quick turnover between tenants and effectively lining up the new tenant before the previous one departs.

That’s where marketing plays a significant role. Marketing means creating the correct formula to connect with individuals and businesses on a local, national, and international basis. This week we look at more excerpts from the “by Owner” Corporate Housing Annual Report

Tip: Before you even look at new places to market your property, it’s essential to make sure your property listing is accurate and well worded, and you have fabulous photos to make it easy to rent your property sight unseen.

Respondents  say they have had professional photos taken of their rental property jumped 10% in 2013, from 62% up to 72%. We believe having amazing photos is one of the most important investments you can make and will increase the profitability of your real estate rental.

We also saw a 12% increase in the number of respondents who use social media as a source to find tenants.

  •  Marketing Trends. In 2013, 37% of respondents say they spent $500 or more on their annual marketing efforts – down from 2012 but consistent with 2011. 51% of “by owner” landlords say their properties were always rented (up from 40% in 2012), while the remaining 49% say they needed more tenants.
  • Marketing Resources. 72% say they had professional photos taken of their properties (up from 63% in 2012), and 37% say they have a dedicated website for their properties. More individual owners are seeing property management as a viable income opportunity that requires polished marketing. In addition, social media is also playing a bigger role in finding renters.
  • Marketing Results. The majority of “by owner” landlords say they use the Internet to promote their properties. 67% of respondents say they use CHBO’s basic listing service, followed by 50% who use Craigslist (a 6% increase over 2012). Respondents find they receive the most qualified leads and the most renters from Internet marketing, followed by real estate agents.
  • Internet Reservations. In 2013, we again asked how the “by owner” segment feels about real-time booking reservations, in which the property is leased through a computer website and the property owner has no interaction with the tenant. 25% of respondents say they have used one of these programs (up 9% over 2012). However, 48% say “no,” they would never rent their property without talking to the tenant first.
  • CHBO Services. Of the respondents using CHBO, they tell us they use the following CHBO tools the most: (1) The property listings (2) The MyCHBO documents page (3) The Property Owner Handbook (4) This “By Owner” Corporate Housing Annual Report.

You can visit Kimberly’s website here.

 

 

 

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  • Kimberly Smith

    Kimberly Smith is the founder and CEO of AvenueWest Corporate Housing, a full-service property management program that is available across the United States. Visit AvenueWest.com for more details.

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