The days of simply placing a ‘For Lease’ sign at the front of your property or posting a typical internet listing are long gone.
Like all internet shoppers today, prospective tenants are more savvy and discerning when determining their interest in your property when it is on the market to lease.
It is important for you and your property manager to remember the 3 P’s that determine whether your property will make it on to a prospective tenant’s shopping list: Price, Promotion & Presentation.
Price – remember in today’s digital leasing hunt age, prospective tenants are more in tune to the market rent for a particular style of property. You must keep in mind that they have access to every property on the market right at their fingertips. If your property, upon internet comparison is above market, the prospective tenant will not download more information about your property let alone enquire to inspect it. If you are tempted to place your property on the market at an above market rent, keep in mind that you could be placing your property outside the price range guides on web portals search engines thus reducing the chances of attracting tenant enquiry.
Promotion – you must get this right. Professional photography makes a big difference when attracting tenants, a floor plan highly desirable and accurate text and bullet point descriptions will help push your property to the top of the shopping list.
Presentation – Once you have got your price attuned to market and the promotion of your property right, it’s now time to look at the presentation of your property. How does it compare to others that are on the internet? Remember this is comparison time for prospective tenants, so it’s time to compare and adjust your presentation to market.
By observing the above, you will improve your chances of securing a tenant with as few vacancy days as possible.