If you're looking to rent out a property in an area that's already saturated with rentals, you know that you have to do everything in your power to make your property seem as attractive as possible. This can be difficult for private landlords to do when competing with large complexes that are able to offer incentives like a sharply reduced first month's rent. However, what you have as a private landlord that larger complexes don't have is the ability to provide a personal touch, starting from the moment you advertise your property to potential renters. One document that can be helpful in finding features of your rental to highlight is your property report. A document that comprehensively details your rental, the right language can turn the informative content found in a property report into a listing that's attractive to prospective renters. Here are some of the things in your property report that you can use to attract the renters you want.
If You Want to Rent to Families, Highlight the School District
If you live in an area where young families are the type of renter you want to attract, then be sure to mention the schools that serve your property, which can be found on property reports. Families will often choose rental properties based on where they fall within school boundaries, and families are reliable tenants who prefer to be in homes for longer periods of time to avoid uprooting children.
Use Neighborhood Demographics to Shape Your Language
This is similar to the advice in the previous point, but your neighborhood's demographics can help you determine the type of renters you're likely to attract, and in doing so, you'll be able to change your location accordingly. For example: if your address rental report finds that your neighborhood is largely populated by college students, then you want to make sure your advertisement is worded accordingly. Use words to help the site's affordability, proximity to campus or local points of interests for students, and shareability of common spaces. However, if your rental property is in a place that seems to be occupied by young professionals or families, which is likely when you consider that 65% of people under 35 rent their homes, then you can shift your language accordingly to highlight your space's versatility, or what commute times might look like.
Stay Competitive With Market Statistics
Perhaps the most useful tool that property reports can provide is a list of rental prices for comparable units in your area. This knowledge will give you an idea of how much you can reasonably expect to charge in rent for this property. If after this rent comparison analysis you find that your rental rates have existed outside the range of other properties in your neighborhood, you can expect to either adjust your rental prices accordingly or be prepared to discuss why your property is an outlier with prospective renters (what features does it offer that others don't? Be sure to be clear on this).
Regardless of what kind of prospective client you're hoping to attract, property reports can help give you the tools to interpret the data surrounding your rental property. This, combined with plenty of research on rent statistics, can help you specialize your rental listing and stand out in a competitive market. Tenants, like any customers, want to know that their needs are understood and will be met, and with the data provided in property reports, you have the power to do show them just that.
Do you have other thoughts on ways that property reports can help you craft better rental property listings? Let us know in the comments below!