January 22, 2010, Newsletter Issue #168: How to Market Your Condo Rental for the Price You Want

Tip of the Week

To market your condo rentals effectively, you should walk in the moccasins of your market, qualified renters. Know what your market is doing. A market analysis will show you what other condos for rent in your area are renting for now. If a similar condo for rent in your geographic area is renting for $1,200 per month, asking for $1,500 or $700 will cause you problems.

Asking for more than current market rent will typically result in a vacancy, which can be very expensive. Offering your condo rental for much less than market will bring numerous potential tenants, some of which you may not want to occupy your property for reasons of which you’ll quickly become aware.

Using one or more of the helpful websites like Rentals.com that are available to help you market your home for rent can be very effective. Many, many people use the Internet to conduct their first search for available rentals. So, consider putting your condominium rental on a successful website to get the maximum exposure for your property. Marketing is a combination of exposure, accurate pricing, and convenience for your customers.

By doing your “homework,” including offering your condo for rent at the right price, using the best marketing techniques, and maintaining your property properly, you’ll keep your condo rental occupied and profitable.

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