Marketing rentals can be one of the most challenging aspects of property management. There are many activities that go into marketing. In my opinion, timing is one of the most important aspects of marketing that rental property owners & property managers miss. In this article, I am going to discuss timing and 3 benefits to marketing early.
Good Tenant Look Early – I know that you have probably heard of the old adage that the early bird gets the worms. Well in rental property marketing, it is translated to good tenants look early. Usually, not always, you may come across tenants that don’t fall into this category. Meaning, they are looking early and they are not good tenants or they come to you last minute having to move quickly and they are great tenants. However, if you follow the rule of thumb that good tenants look early, you will be able to place good tenants in your rental unit 99% of the time.
Eases The Pressure – doing anything last minute can cause a lot of pressure. When it comes to marketing rental properties, the pressure is never higher than when you are facing an empty rental unit. Marketing the property early allows you to test the market and gives you the flexibility to adjust. This eases the pressure because it gives you time to get the property rented before it impacts the bottom line of the rental property.
Builds a List – Another benefit to marketing early is that it allows you to build a list. This list may be useful in the future when you are trying to fill other vacancies so you are not starting from scratch.
I’m sure that there are other benefits to marketing rental properties early and you should look for others. However, I think that these 3 benefits should encourage you to take that proactive step for yourself. Now the one question that you may have is how early should you begin marketing your property? The length of time may vary depending on your business and your market. For me, I would say more than 30 days.
