When it comes to single-family rentals (SFRs), the number of days it sits on the market is often the most crucial factor in determining how successful your property will be. As a property manager, you know that reducing the days on market can be beneficial in many ways, like keeping your bottom line healthy.
The SFR market keeps booming. Compared to the multifamily industry, which is projected to be worth $3.5 trillion by Walker & Dunlop, the SFR market is worth about $3.4 trillion. With this market growing, SFR investors must prioritize marketing to remain ahead of the curve. How will you make your SFRs rent faster and spend fewer days on market?
1. Start Marketing Before the Property is Listed
If you’re a property manager or an SFR investor, one of the things you can do to reduce the days on market of your available properties is to start marketing before they’re listed. This is because it’s common for potential residents to make their decision about whether or not to rent a home very quickly. If you get the word out about your rental early enough, even before it’s listed, it will be considered before it’s even vacant.
Indeed, early rental property marketing means that when the property goes up for rent, it won’t need to compete with as many other properties (and therefore won’t require as much work to show). What does this mean for you? It means that if you want your rental to be leased fast, starting marketing well before it’s listed is imperative.
2. Price Accurately for the Area
Price your single-family rental property accurately for the area. Research and understand what similar properties are selling for in the area and how much rent you’ll be able to charge. More importantly, it would help to consider how much time and money it will take to get the property ready for sale or rent. By doing this, you can determine if your rental price will appeal to potential tenants.
3. Hire a Professional Photographer
Using a professional photographer can help shorten the time your single-family rentals are on the market. Having a clear understanding of your goals is the first step. Do you hope to draw in a specific type of resident? Do you want to highlight all the improvements and good maintenance the house has received, or would you prefer to emphasize the outside space or amenities?
Once you’ve determined the types of images that will serve your purposes best, look for the best photographers that focus on producing such images. You’ll need a real estate photographer with experience, preferably one specializing in single-family homes, to help you with the process and ensure your pictures are web-friendly. Ultimately, hiring professional photographers will help your rental property marketing.
4. Include a Digital Floor Plan
A digital floor plan is a virtual picture of your property’s interior layout. You can use this to demonstrate to potential residents how much space they’ll have to work with and the expected arrangement, which is very beneficial. In fact, NAR Home Buyers & Sellers Generational Trends Report found that 80% of buyers view floor plans as beneficial.
Including a digital floor plan in your rental property marketing will effectively reduce days on market. Renting single-family rentals is made easy with it.
5. Include Smart Home Technology in Listing
Smart home technology has been gaining popularity in rental property marketing. According to the most recent statistics on smart homes from a poll published by Oberlo, as many as 57.4 million US households have actively used them in 2022 (defined as using them at least once a month). Below is a bar chart representing the adoption of smart home technology in US households from 2018 and its projected increase to 2025.
Reducing the days on market of your single-family rental can be a challenge. However, providing smart home technology can make it easier to rent out your property quickly. When you’re marketing your listing, make sure to highlight features like smart locks and security systems. These features will appeal to renters who want to feel safe in their homes and know they can control every aspect of their living situation. Ultimately, smart home tech has been shown to help improve the rental experience for tenants, and it can also increase the value of your property.
Rent Your SFR Faster
From having the best professional photography, which you can optimize with API Integration, to including smart home technology in the listing, there are different ways to reduce days on market for single-family rentals. Ultimately, rental property marketing is a critical part of the rental process. If you don’t market your rental property and make it easily visible to potential renters, you will miss out on potential tenants and make it harder to rent your property quickly.