In the fourth quarter of 2023, experts gave their reasons why so many Americans were moving to Idaho. We can only expect to see a greater influx of newcomers to the city of Boise. If you're a landlord in the city, then you've made a great investment. But there's one major challenge: how do you outcompete other landlords?
It all comes down to the property marketing strategy you choose. Our quick guide will show you the essentials of rental property advertising:
1. A Fitting Description
The first step is to write a great description for your property listing. For this, you'll want to assess what will increase your rental property value. For example, potential tenants will want to know how far your property is from Boise's main attractions. Likewise, they'll want to know about what amenities are available in the home.
Other factors that could be highlighted include how many tenants are permitted in the property. Is this for a single person? Are you willing to rent to a student? Is the property intended for a family? You might also want to let them know if pets are allowed to live there.
You want as much clarity as possible with your listing. Your tenants shouldn't have to constantly ask questions to verify details about your property.
2. Research Your Rental Prices
Your rental price is a key factor in rental property advertising. You'll detract most tenants if your prices are too high and unreasonable. But make them too low, and you'll regret the kind of tenants who'll show up! Research the average rental prices in your neighborhood to help you come up with your price. If you want to charge more, you'll have to justify it.
For example, does your property have an extra bedroom? Does it have a larger garage than average? If you're charging a premium price, you must showcase that your property stands out from the other homes in the area.
3. Be on Time
You'll have to research the best seasons for renting out properties in Boise. This will increase your chances of finding several tenants. It'll also decrease your tenant vacancy rate. For example, during peak rental season, you'll find a tenant willing to commit up to 12 months. However, at other times of the year, tenants will want a shorter stay.
4. Don't Hesitate to Use Social Media
The final tip is to promote your property on social media. This should be in addition to using listing websites for your property marketing plan. Social media is often one of the best ways to find serious tenants. It also gives you a chance to communicate with and assess the tenants.
Take Property Marketing to the Max
Now you know the most important tips to succeed with property marketing. Prepare a detailed description for each listing. Explain why your property stands out and give as much detail as possible.
The next step is to research rental prices. Try to keep it within the expected market rate. If you charge higher prices, you'll have to justify the charge. Post your listing during peak season, and don't hesitate to promote your listing on social media as well.
You should also consider hiring us, 1st Rate Property Management, to help you with property management.