It is well known that ‘location’ has been the prime focus of investors who seek to harness the booming real estate rental market. Investors, however, need to think beyond the conventional and shift their focus from location-based decisions to the much talked about the three ‘P’s’ of real estate that drive profitability today — Preparation, Promotion, and Presentation.
1) Preparation – Getting started
All properties should be prepped before showing it to prospective renters. All building units should be cleaned and well organized. Multifamily housing units, for example, can emit a mildew odor or one from food stored in the refrigerator for extended periods when tenants are away. Failure to take care of this issue can be a huge let down for prospects who come to see the rental unit. If a property is in a good neighborhood and is equipped with all required amenities, it is usually an automatic lease. If the property is well-groomed, but the location is questionable, prospects may still find ways to rationalize the location. How your rental business fares on the market, therefore, depends on how well you get it organized.
2) Promotion – Highlight features
Though preparation is the necessity, you need promotion to bring your property to the targeted market. It is important to highlight your property in order to separate it from the other options in the market today. Highlighting unique features in various marketing campaigns should be the first step in this direction. Pictures, videos, and descriptions should be added in a manner that instantly ignites prospects’ imagination, making them eager to see it. Location of the property may be deterrent to some, but the way you present it in your advertisement can make them curious to at least visit it.
3) Presentation – Build Relations
Once you have preparation and promotion plans in place, the next thing you need to do is to ensure appropriate presentation. When presenting the property, the agent should be ready to answer all questions concerning the property, such as amenities, footage, policies, prices, and more. No matter how well the property looks, if your agent cannot sell the idea of buying your property, you may end up losing the deal.
The Bottom Line
The traditional approach to real estate business is no longer workable in the current environment, and failure to take heed will only lead to losses and missed opportunities. Our renovation experts are here to help you with your renovations to ensure your property’s success.
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