Getting started in the world of real estate investing can be complicated, overwhelming, and stressful. To help give you the boost you need to start seeing returns sooner rather than later, here’s how to attract renters when buying investment real estate in Virginia, Maryland, and D.C..
Peruse the Listings
The first step to attracting renters to your available properties is to simply take a look at what is out there for rent right now in your local market.
Note any properties that are similar to yours or located nearby that could be in more direct competition with your properties. Another point to note is if you’re seeing specific neighborhoods that either has an abundance or a drought of properties and if these properties are for sale or rent. The reason to keep this in mind is to help inform pricing.
Look for Features
After you have an idea of what your local market looks like, make a list of anything near your property that could make it extra enticing to renters.
Depending on how you’re looking to market the property, you may want to highlight schools and parks for families, or big entertainment venues and trendy restaurants for a childless crowd. Keep your eyes open for any elements of a neighborhood that would make it more appealing to a certain demographic, and then heavily focus on those locations in your listings.
One sometimes overlooked aspect to consider is the ease of travel by either major commuter routes or mass transit if your property is in an urban area. The ability to quickly get from one significant location to another with little hassle can be a huge selling point.
Now that you know what your average renter is expecting to pay in the areas surrounding your properties, and some of the big reasons why they should want to rent your properties, it’s time to price your rents reasonably.
The key here is to balance what you think you can expect will bring in a suitable number of applicants while keeping your margins as wide as possible. Price too high and you’ll be stuck hoping the couple applicants you receive pass their background checks with flying colors, have a clean credit history, and have stellar references that check out.
There is always the option to hold out for that dream renter while keeping your rent high, but it’s up to your best judgment where to price your properties.
Push the Marketing
Next, getting the word out to pull in the potential renters requires some creativity.
Social media networks have helped to lower the barrier to entry for marketing, but this applies to your competition as well. Create posts that are informative, but concise, and feature a handful of well-lit photos of your rental properties.
For most people, this will be their first impression of your properties, your business, and you, so do everything you can to make a lasting and professional impact. Share your posts in local groups that allow posts for real estate and rental properties, and see if your friends and family could share your posts to help broaden their visibility even more.
If you desire to cast a very wide net, consider signing on to an ad network with a major platform like Facebook or Google. Oftentimes, these programs can be worked into your budget easily and provide the ability to target specific demographics based on age and zip code.
Eyes on the Future
Finally, in order to cultivate a successful real estate investment plan, you will need to keep up with and adapt to, changes in your local real estate market as well as the more sweeping cultural developments over time.
When looking at the available properties and their nearby features, you were also attempting to get a glimpse of how investment real estate in Virginia, Maryland, and D.C. can morph over time. Staying ahead of the curve by finding the next popular neighborhood and investing in it before the boom truly hits is the way to take your investment portfolio to the next level.
Your Partner in Investment Real Estate in Virginia, Maryland, and D.C.
If you’re looking to break into investment real estate in Virginia, Maryland, and D.C., or you just want to take things to the next level, contact us today at 703-782-4422!