If you're a landlord in Las Vegas, now is a crucial time to get to grips with rental property marketing. After an extended boom period, rents across southern Nevada have begun to fall sharply.
Supply is beginning to outstrip demand, and Las Vegas looks poised to become a buyer's market for rental housing once again. In order to attract the right tenants and charge profitable rates, you need to become a master of rental property advertising.
Luckily, we have got you covered. Here are our essential tips for any Las Vegas landlord looking to market their rental property.
Know Your Target Audience
With your investment properties, it is important to keep in mind that what you have to offer will not appeal to everyone.
You need to consider what kind of person will appreciate your property the most and implement a marketing strategy that speaks to them.
In order to do this, ask yourself the following questions about your property:
- Is it located near a college?
- What workplaces are close to the property?
- What schools are close to the property?
- What amenities do the building offer?
- What are the local transportation links?
- What is the vibe of the neighborhood?
By answering these questions, you can quickly build a picture of who is most likely to fall in love with your rental property and be willing to pay for the privilege of living there. From this point on, the marketing ideas will flow easily.
Focus on Your Assets
Once you have answered these questions, you can focus on drawing attention to the assets your property has that your target tenant will appreciate.
With your listing, focus on grabbing attention and lead with the best parts. If the listing is located in a lively, trendy part of town, that can be your opener.
You can focus on conveniences, such as a built-in washer and dryer or free parking. You can focus on the safety of the neighborhood, or proximity to essential services.
You can also speak to a professional property management company if you need help figuring out what really makes your property special.
Be Selective
Attracting the right tenants at the right price does not mean accepting anyone who shows up with a deposit. You need to be somewhat selective and put a screening process in place so that you do not make a decision that you later regret.
Your screening procedure should consider things like:
- Minimum rent-to-income ratio
- Stance on pets and smoking
- A background check
- Credit check
By including your screening criteria in your listing, you can also save a lot of time, since prospective tenants won't need to ask you for this information.
For all of these and more, we recommend getting in touch with us to set up a comprehensive and by-the-book screening process for all tenants.
We Can Help with Your Rental Property Marketing
Rental property marketing is often much more challenging than some people think.
It requires serious research and sensitivity to local market conditions. We understand this, which is why we are here to make your landlord journey smoother.
We can help you with full-service rental property management, taking some of the most stressful aspects of being a landlord out of your hands. Make sure to get in touch with our local, professional, and friendly team to find out exactly how we can help you.