Rental property marketing is a core component for anyone looking to buy, sell, or lease a rental property. Whether you are an agent, broker, landlord, real estate investor, or anyone else involved in the broader real estate industry, then understanding and using real estate marketing to grow your business is critical. Below we take a deep dive into all aspects you need to know about rental real estate marketing.
Rental Property Sales
After enough time researching, the time comes for every rental real estate investor to pull the trigger on a purchase. Conversely, if you already own a rental property, the day may come when you are ready to move on to something bigger (or smaller). Or maybe your target investing strategy has changed. Whether buying or selling, rental real estate sales are an important part of the overall real estate investment lifecycle. Most rental property sales can be broken down into 2 different types of categories.
Types of Rental Property Sales
Rental Property Leasing
A rental property is limited in its ability to generate value without a tenant – that’s where leasing comes in. Leasing usually starts from advertising and attracting qualified applicants, to finalizing a lease agreement that will solidify the ongoing landlord-tenant relationship. While much of the leasing process is generally the same across all rental property types, there are some nuances that are very different in properties such as residential vs commercial. We explore the 2 major different types of rental property leasing below.
Types of Rental Property Leasing
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Real Estate Agents
Choosing to sell or purchase an investment property is a complex endeavor that requires a knowledgeable team to successfully facilitate. Real estate agents (also called “brokers”) are the real estate industry’s professional designation for this type of professional. They are essentially real estate marketing experts. The greater experience an agent has, the more likely they are to gain favorable terms for you in their negotiations and deal making. It is important to understand the different types of real estate agents that are available and their different fields of expertise (e.g. Residential vs Commercial).
Types of Real Estate Agents
A type of real estate agent who specializes primarily in buying, selling, and leasing residential property. This type of agent mostly deals primarily with single family homes and multifamily properties 4-units and below.
A type of real estate agent who specializes primarily in buying and selling residential multifamily properties. This type of agent focuses exclusively on multifamily properties with unit counts that can go into the hundreds.
A type of real estate agent (also called a Broker) who specializes primarily in the buying, selling, and leasing of commercial properties. Commercial Brokers typically take specialization a step further by focusing on a specific asset class such as retail, office, or industrial.
Rental Listing Platforms
Both landlords and tenants almost exclusively go online as the first step for their rental property search. Whether you are buying, selling, or leasing a rental property, online platforms such as Zillow, Loopnet or Apartments.com facilitate millions of rental property transactions every year. Tenants or buyers usually have free access to use the platforms, however most do charge the landlord a fee to list their property on the site. This nominal fee can either be one-time or monthly, and is usually a worthwhile investment to close a property sale or sign a lease with a quality tenant.
Rental Agreement Forms
Contracts and forms are the important tools of the trade for rental real estate professionals. When leasing your rental property, you will likely be screening potential tenants by accepting tenant application forms. Once you agree on lease terms, lease agreement form can be used to generate a legally binding contract between you and the tenant. Contracts and forms hold your rental real estate investing business together and should be created with detail and care. Most residential rental contracts are done on a State-specific Realtor template form. Most commercial contracts are either done on a custom form typed up by a legal professional or AIR CRE template form. Alternatively, a do-it-yourself landlord could get a professional agreement template from an online provider such as eForms.