5 Steps to Advertising Your Boca Raton Rental Property
Florida PMServices • November 1, 2019
Effective rental property advertising can help you attract great tenants quickly, limiting your vacancy time and expense. To really maximize your advertising strategy, you need to know where to find the most qualified renters, and how to appeal to them.
Start with these five steps to advertising your Boca Raton rental property.
Step 1: Price it Right
Every advertisement should include the rental price. If you advertise your home without including the price, tenants aren’t going to know if it’s in their budget, and you’ll have a flood of phone calls and messages asking for cost details. The price has to accurately reflect the market and your investment’s rental value. Pricing it too low is obviously a bad idea; you’ll lose money and you’ll have a hard time raising the rent to market rates going forward. But, a lot of landlords don’t realizing that pricing a rental home too high can also cost money. An overpriced home will be vacant longer, and good tenants who know what homes are worth will look elsewhere.
Step 2: Take Good Photos
Prospects are going to look at a listing’s photos before they read a description. Make sure the pictures are clear, accurate, and highlight your home’s best features. It’s great if you can get a professional photographer, but if you can’t, make sure you pay attention to lighting. You want to inspire prospective tenants to come and see your property. Photos are a huge part of advertising your rental home.
Step 3: Use Online Advertising
There’s still something to be said for yard signs, word of mouth, and even pretty flyers that can be handed out or hung up on community boards. But, online advertising is your best bet at having a fast and successful leasing period. The best tenants are checking sites like Zillow, Trulia, HotPads, Rentals.com, and even Craigslist. Make sure you have an attention-grabbing online ad that can be used on a number of sites.
Step 4: Be Responsive
Prepare to answer your phone and check your emails. Well-qualified tenants have a lot of options when it comes to rental properties, and if they can’t get in touch with you, they won’t keep trying. They’ll simply move onto the next property. So, answer your phone and return messages promptly. Follow up with prospects who got in touch with you and find out if they’re ready to see the property. It’s important to be proactive and responsive when you’re renting out a property.
Step 5: Make Showings Easy
Good tenants are busy and they won’t have the patience to play tag when it’s time to schedule a showing. Make sure you’re available when they’re available, which will usually be nights and weekends. If you cannot make time to show your house in person, invest in some technology that allows you to put a secure lockbox on the property so tenants can let themselves in and have a look around. The goal is to make it convenient.
One of the best resources when it comes to advertising a rental property is a professional Boca Raton property management company. We have a lot of experience when it comes to leasing and advertising rental homes, and we’d love to share it with you. Contact us
at Florida Property Management Services.
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What is it? A cost segregation study looks at the different parts of a rental property to see which ones can be depreciated faster. This can allow investors to take some deductions sooner instead of spreading them out over the standard 27.5 years. Who uses it? It’s mainly used by real estate investors and property owners who want to claim larger depreciation deductions sooner on their rental properties. A qualified tax professional or cost segregation specialist typically performs the study. Where does it apply? Cost segregation can be used on residential rental properties, including single-family rentals, although whether it makes financial sense depends on the property and the investor's tax situation. The IRS specifically provides guidance for cost segregation studies involving residential rental property. When should investors consider it? It is often considered when purchasing, constructing, or making significant improvements to a rental property. Investors can also look at existing properties, but the potential benefit depends on the property's cost, improvements, and tax circumstances. Why does it matter? The goal is to potentially move some depreciation deductions into earlier years, which can reduce taxable income sooner and potentially improve near-term cash flow. It doesn't create new value in the property, it changes when certain costs may be deducted for tax purposes. Investor Takeaway: A cost segregation study can be worth exploring for investors with higher-value rental properties or significant improvements, but the potential tax benefit varies from property to property. It is recommended to always work with a qualified tax professional to determine whether a study makes sense for your situation.
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