Around 56% of households in St. Louis are renters, which means that investors have a huge opportunity to attract tenants.
Harnessing the power of property marketing is key to attracting reliable tenants and reducing your rental vacancy rate. But if you're a new landlord or have little experience, it can feel overwhelming knowing where to start.
Sounds like your situation? Luckily, we've got the answers you're searching for. Here are our tips to attract tenants.
Set a Competitive Rental Rate
The best tenant attraction strategies set realistic rental prices.
Before listing your property, look at the St. Louis rental market and see what similar properties are charging for rent. Investors should also factor in the size, amenities, and location, so you can still attract tenants while standing out from competitors.
Prioritize Regular Maintenance
Show tenants that you care for the property by scheduling regular maintenance. This is everything from repainting peeling walls to fixing minor repairs, such as fixtures. It also means that when you stage the property for a showing, tenants will see your property in the best light, so they leave with a great first impression.
Advertise on Multiple Platforms
You can only start attracting tenants when you advertise on multiple rental platforms. Make sure you tailor the listing toward the St. Louis area and create an engaging caption to highlight your property's features. For instance, your rental may have a swimming pool or be in a great school district.
Additionally, advertise your property via social media. This lets you use word-of-mouth to work its magic because you never know who will see your listing.
Invest in Professional Photos
Out of all the real estate marketing tips, this is the most underrated.
Although there's an upfront cost, uploading professional photography shows your rental in a positive light. This is because photographers understand how to use lighting to their advantage and even offer invaluable services like virtual tours.
Offer Incentives
Offering incentives is a strategic way of attracting tenants. A popular example is giving tenants a discounted first month's rent as it's enticing for applicants who want to minimize moving costs.
Another option is offering flexible lease terms, such as month-to-month or a shorter lease duration. Many find this attractive because they may have temporary work in St. Louis for a specific timeframe.
Hire a Property Management Company
One of the top property management tips is hiring a company to attract tenants. These professionals know how to market listings and help your listing stand out. Landlords also get peace of mind knowing that property managers carefully screen tenants with responsible renters who will care for your rental and pay rent on time.
Implement These Property Marketing Tips
Now that you know effective property marketing tips, it's time to find your dream tenant.
At PMI STL Metro, we have years of experience handling properties in the St. Louis, Missouri, and Illinois areas. We are also experts in marketing properties and screening tenants to protect your investment.
If you're interested in our services, we'd love to hear from you. Drop us a line to chat with a member of our team.
