Any experienced landlord or investor will tell you that vacant properties are expensive; it isn’t unlikely to assume that any vacancy lasting more than a few months will cost you a year’s worth of profit.
Given this, it becomes all the more important to use diverse marketing strategies to help fill any vacancies you may have within 1 to 2 month(s). In this article we will discuss 4 such strategies that are guaranteed to help you find a qualified tenant.
1. Go online
Nowadays everyone uses the internet; it is your best friend. There are hundreds of online property sites dedicated to connecting landlords, investors and tenants together. Some of the more popular sites in Malaysia include iProperty, PropertyGuru, iBilik, DurianProperty.com, Propwall, and Starproperty. It is up to you whether you want to focus on one platform or multiple platforms.
2. Use Social Media
Most property investors don’t realise just how powerful a tool social media can be, but those who do use it have found great success. Sites such as Facebook can be used to create highly targeted advertisements or can be used to ask friends to help spread the word of your property. Instagram and Twitter are other platforms that can also be used to spread the word quickly.
3. List with a professional property agent
Property agents are trained professionals who have learnt all the tips and tricks in terms of real estate marketing. They are also able to analyse and conduct comparisons of various properties in the neighbourhood to better assist you in your purchase evaluation. Experienced property agents will proactively search for possible clients and tap into their vast agents’ network to find clients/tenants that best suit your goals from the listing.
4. Functional and tastefully renovated unit
Advertising is all well and good but there is no point behind it if the property itself is in bad shape. If after all the advertising and marketing you have done, potential clients come to see the property and it is in disorder, they will leave immediately wasting both your time and theirs. Make sure you do proper renovations to the property, i.e. renovations which not only showcase your property in the best light but functional renovations that are relevant to what the property will be used for. Make sure the renovations do not extend into the grounds of your property; you do not want to cause a nuisance for the neighbours.
There will always be tenants looking for properties to stay in, both in the short term and the long term. The trick is to find them and to let them know that you have a property available that fulfils their needs.
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