ADDING VALUE
A photo like this one can be used to simultaneously illustrate the comfortable living areas of a property and how close it is to important local employers in the municipal area. You can see through the window that the city (Phoenix, Arizona, in this case) is literally a stone's throw away. Image courtesy of AvenueWest Phoenix.
RIGHT WORDS
als tend to net more in rents annually than a single-family residence but may remain vacant for longer periods of time between tenants. It is also not a given that a buyer will be aware that you can charge much more for a corporate rental during certain seasons and based on specific market fluctuations. Address this topic to fully demonstrate the value of the property. If you are marketing to a tenant, update your listing regularly depending on how the local rental market is shifting. You don’t want to lose serious money because you failed to update the rates on the list- ing, so analyze and adjust regularly. MISTAKE #3: KEEPING AN OUTDATED CALENDAR Many investors with multiple rentals, corporate or otherwise, may use a web- site to reach potential tenants seeking
housing. In my experience, if you have no availability in your portfolio for a new tenant, it does not benefit you to imply that you do. Your listings, such as they are, should demonstrate the attractive nature of your property holdings but also disclose that you do not have availability at the present time. Collect contact information, but do not be misleading. You will end up wasting potential future clients’ time and your own if you do not update your calendar.
spective clients and may even turn off a potential corporate renter or a human re- sources professional who would otherwise have rented multiple units from you! MISTAKE#5:BEINGTOOSHYTOASKFORREVIEWS No matter what type of rental you offer, your listings will benefit from a series of positive reviews. This is true even if the listing and the reviews are not located in the same place, because an interested buyer or renter will do their own research online. If you have a particularly pleasant tenant, encourage them to write a positive review about their experience with your company or rental. Past guests will influ- ence future guests, so take the quest for positive reviews seriously. ping around, and they want to get this housing issue settled. While this may be particularly true in corporate rentals where individuals are usually moving on a tight deadline, it certainly holds true in long-term rentals as well. If you do not respond to an inquiry right away, someone else will probably get “the jump” on your potential tenant. MISTAKE#7:USINGTHESAMELISTINGEVERYTIME Especially with vacation and corporate rentals that come up for listing several times a year, it can be tempting to try to “save time” by just copying and pasting your last listing into the new listing space. This is a mistake, however, be- cause your property will be appealing for different reasons at different times of the year. You may want to market your prop- erty as a ski retreat in the winter and an MISTAKE #6: TAKING YOUR TIME FOLLOWING UP WITH LEADS Trust me: Your renters are shop-
MISTAKE #4: LEAVING TYPOS AND GRAMMATICAL ERRORS UNCORRECTED
If you are not a skilled editor, consider having someone run a professional eye over your listing copy before you post it online or publish elsewhere. Typos and grammatical errors are red flags to pro-
10Mistakes Property Owners MakeWhenWriting their Property Listing PROVIDING THE RIGHT INFORMATION IN YOUR LISTING CAN DRAMATICALLY IMPROVE YOUR PROFITS.
by Kimberly Smith
hen it comes to marketing a rental property, many investors (myself included at one point) believe that a compelling set of numbers trumps any other information you might include in your property listing. While this might be the case once a buyer or potential tenant looks at those numbers, if you cannot get them to act on your listing, you will find your property languishes on the market with little or no interest. We all know what that does to a property’s value! I have spent years in the furnished corporate rental business as well as building and maintaining my own per- sonal rental property portfolio. In that time, I have listed quite a few proper- W
ties, both fix-and-flips and rentals. I can state unequivocally effective market- ing, including a well-written listing, is essential to a successful sale or lease of a rental property. That marketing starts with great photos and a compelling property write-up. I’ve compiled a list of 10 mistakes that are a fast turn-off for potential tenants and buyers and will drive down your rental rates or your sales price if they are not corrected. MISTAKE #1: LEAVING OUT THE DETAILS Do your property justice, and don’t be afraid to brag about all the little things that make it special. Remember,
especially if you are looking for a tenant or an owner-occupant buyer, they are going to be living in that property (hopefully) for a long time. If you are looking for an investment buyer, they are going to want to know just why a renter will want to live in that rental property. Include information about nearby businesses, restaurants, and local attractions to improve the listing’s search results and get more exposure. MISTAKE #2: FAILING TO EXPLAIN AND UPDATE YOUR RENTAL VALUES If you are selling a corporate rental property, then do not assume that your buyer will understand that corporate rent-
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Kimberly Smith is the founder and CEO of AvenueWest Corporate Housing, a full-service property management pro- gram that is available across the United States. Visit www.AvenueWest.com for more details.
Seasonal changes in your rental property's location should affect how you describe your property. For example, play up a cozy living area like the one pictured above, during winter months. Image courtesy of AvenueWest Phoenix.
46 | think realty magazine :: april 2018
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