Location, location, location, the official mantra of anything real estate. Whether investing, buying, or renting, the importance of that phrase cannot be overstated. Make sure you include facts about the neighborhood when marketing your rental property.
As investment property owners, knowing about your neighborhood is vital when marketing your unit. Prospective tenants want to be close to work, restaurants, shopping, parks and walking trails, good schools, entertainment venues, etc. An ideal location can have a significant impact on your revenue. Often tenants focus on an area that fits the lifestyle they desire for themselves and their family. They may be willing to pay a little more and might overlook some rental unit shortcomings if the property is in a great neighborhood.
When you purchased your investment property, I am sure location played a pivotal factor in moving ahead. Along with cash flow, appreciation, ROI, etc., you probably toured the surrounding neighborhood or looked online to see the proximity of good schools, shopping, and so on.
But to properly market your rental property to prospective tenants, take it a step further and treat the neighborhood as your own. Spend time in the area as if you lived there or become a tourist for a day or two. I had one English teacher who recommended one should “write what you know.” By getting to know your rental property neighborhood, you can better relate to its positive aspects, whether through your marketing ad copy or when answering questions your prospective tenants might have.
Quick Story
A few years ago, my wife and I had some work being done at our apartment complex in midtown Sacramento (2 hours from our home), which required us to spend the night.