March Madness: Go Head-to-Head with your Property Rental Competition

rental competition

By Olivia Creighton

If you’re a college basketball fan, you’re probably eagerly awaiting the start of March Madness. You’re getting ready to fill out your bracket, and you know which of the 68 teams you’re going to root for. As the competition heats up on the basketball court, the same thing is happening in the rental industry. So how do you stay head-to-head with the property rental competition?

With more and more renters looking for somewhere to call home, you need to go above and beyond to show them that your property is better than the rest. In a competitive market, you either stand out in a crowd or risk missing out on potential tenants.

  1. Set Yourself Apart from the Rest
    What does your property offer that others don’t? Does your rental have a pool when most others don’t? Is it in a particularly good school district? Let potential applicants know what sets you apart! Tell them what you can offer that others can’t and allow your property to stand out in your area.
  2. Make Sure You’re Up-to-Date
    As people become more and more technology obsessed, everyone looks to find ways that they can do things online. Consider offering online payments, or even setting up virtual tours of your property. With good smart phone cameras so easily accessible and YouTube a free and easy service to use, you can easily make videos to promote your vacancies.
  3. Appeal to Different Audiences
    You can stand out from the competition by appealing to different audiences and attracting more potential tenants. Pet owners make up for a large portion of the tenant pool and allowing pets in your rental could gather more attention for your property. You could also advertise to families, pointing out how family-friendly your rental is.
  4. Make Upgrades
    Upgrades are another way to compete in the market. You can make big upgrades like putting in new appliances or do something as simple as putting up a new coat of paint. This can add value to your property, as well as making current or future tenants happy. Consider upgrading the amenities around your property, adding new features to set yourself apart from your competition in the area.
  5. Advertise
    It goes without saying that you need to advertise your vacancies in order to stay competitive or get any attention at all. Take advantage of advertising to showcase your property with good photos and descriptions that point out any unique features your property has. You can even use ApplyConnect’s custom advertising links to attract new tenants.

As the competition heats up, it’s important that you make yourself stand out among your competitors. Show potential renters why your property is the best, and how easily they can make a home for themselves there. By following these tips, you’ll have no problem going head-to-head with the competition this spring.


 

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