Los Angeles provides a number of challenges and opportunities for the real estate investors who choose to rent out homes here. It’s a competitive and expensive rental market that demands strategic planning and careful execution, especially during the leasing process. To maximize what you earn, it’s important to keep vacancy to a minimum and to prioritize identifying, attracting, and placing high-quality tenants who will treat your home well and pay their rent on time.
Advertising is an essential element that can make or break your leasing success.
The way we advertise and market rental homes has changed dramatically over the last decade. It’s easier than ever to get your rental property in front of a large pool of prospective tenants, but it’s also a busy online space for property owners. You’re competing with a lot of other properties, and it’s important to ensure your listing stands out.
LA property management is potentially your secret weapon. While other landlords may struggle through the advertising process, a good property management partner can make it seamless and successful. We know what to post and where to post it. We know how to attract the attention of the best tenants looking for homes in Los Angeles.
From identifying your ideal tenant to establishing the right rental value to choosing the best advertising channels, we’ll explore everything you need to know to turn your property listing into a lease agreement.
Identifying and Reaching Your Ideal Tenant
It’s important to cast a wide net, but you also want to make sure that you’re only attracting those tenants who are qualified for your property. That’s why it’s important to include the rental amount in your listing as well as other qualifying standards that need to be met in order to be approved for your property. This will save time for you and your prospective renters; you’ll only show your home and screen the applications of residents who are likely to be approved.
Before creating a listing, identify the qualifications of your ideal tenant. This might include:
- Income.
- Credit score.
- Rental history.
- Eviction background.
Indicate whether pets are accepted and how much of a security deposit you’ll require. This will help you attract qualified tenants who meet your standards.
Your property manager can help you do this without violating any fair housing laws. It’s important that you remain fair, consistent, and objective while establishing who will qualify and who will not.
Establishing the Right Rental Value
The amount you’re charging in rent has an important impact on your advertising process and its results. An LA property manager can help you establish a rental value that’s fair, competitive, and profitable.
Easier said than done.
You want to make sure you’re charging a rent that matches the current market. Property managers have access to reliable and current data on market rents, days on market, and competing properties, thanks to the data we collect and the insights we analyze on the market as a whole and even on neighborhoods in particular.
A rent that’s too high will result in a long and expensive vacancy. A rent that’s too low will cost you money, especially when you consider how difficult it might be to get that rent up to market rates year after year.
Leverage your property manager’s expertise on the market when pricing your property. It will shorten the leasing period and reduce the amount of advertising you actually have to do when your property is correctly priced.
Emphasizing the Unique Selling Proposition of Your Property
Once you’re ready to create your property listing for advertising purposes, you want to focus on a few important things.
First, the photos. Tenants in LA are likely to look at the pictures in your listing before they read any of your description or requirements. Make sure the photos grab their attention. You want to keep them interested in your property, and you want to inspire them to schedule a showing. Take a lot of photos, make sure they look great, and use them to draw attention to your property’s best features.
Next, highlight the most important selling points that your rental property has. These could be luxury amenities, stunning views, a pet-friendly environment, upgrades or updates, or a convenient location.
By promoting your property’s unique selling points, you can differentiate it from similar properties in the area and remain competitive.
Your advertisement should be visually appealing, informative, and engaging. Use high-resolution photos and videos to showcase the property’s interiors, exteriors, and surrounding offer. Provide clear descriptions of the rental agreement, amenities, and pet policies.
Your messaging should not only describe the qualities of the property but also evoke an emotional response in your prospective tenants. Focusing on the benefits they’ll enjoy while living in your property can trigger an emotional response that elevates the chances of signing a lease agreement. Property managers with some valuable advertising experience can be very good at this, understanding not only what tenants want, but how they want to feel when they think about moving into your property.
Choosing the Right Advertising Channels
Choosing the right advertising channels is crucial for reaching your target audience effectively. Your property manager will be effective by utilizing their own website. They’ll also syndicate your listing on sites such as Zumper, Zillow, HotPads, RentCafe, and Apartments.com.
Social media advertising is another effective and affordable advertising channel. Platforms like Facebook, Instagram, and YouTube offer advanced marketing options, which allow you to reach rental prospects based on their interests, location, and behavior online.
Effective advertising is crucial in successful LA property management. By understanding your target audience, choosing the proper advertising channels, emphasizing the unique selling proposition of your property, and crafting an engaging message, you can turn your property listing into a profitable lease.
As a real estate investor, you need to invest in advertising wisely to maximize your property’s potential and attract the right tenants.
Would you like an advertising strategy that’s customized to you, the current rental market in Los Angeles, and your own investment property? Contact us at Earnest Homes, and we’ll put one together for you.
