In real estate, you will hear the phrase “Location Matters” very often, more so when determining a property’s value and potential. It may be an overly used phrase, but one can’t deny the truth behind it in most cases.

When it comes to rental homes, location is a vital factor because tenants often prefer to live in a relatively safe place, close to establishments that can offer their day-to-day necessities and leisure spaces where they can relax and unwind. Sometimes, the perfect location of the property becomes the main selling point in attracting applicants.

However, some residential rental homes are in a neighborhood that is not as idyllic as some. A location may be considered unfavorable for various reasons. It could be because it is far from hospitals, schools, parks, and offices. It could also be due to a high crime rate. Regardless of why the property’s location is unfavorable, a competent rental agent must know how to market it.

Here are a few ways to market rental properties in substandard locations so that you can encourage tenants to apply.

Put the Spotlight on the Positive

As with everything in life, one can always find the good in the bad. Even though the good is quite hard to find in several cases, it is still there if you look for it. This mindset can be applied when marketing rental properties in second-rate locations.

Here’s an example. A rental home is far from the center of business where hospitals, schools, churches, and parks are. Even though it’s not as close to establishments, renting the property means a tenant can enjoy a more quiet home away from the hustles and bustles of the streets.

It could also be the other way around. If the property is in the busiest part of town, it can disrupt the peaceful indoor leaving experience. So what you can highlight when marketing the property is its proximity to establishments that they need. There’s always a trade-off. You have to know how to see different perspectives.

Honesty

It is understandable for people in sales and marketing to downplay the negatives. However, completely concealing it wouldn’t serve you well.

A tenant rarely signs a lease agreement without seeing the property personally. If you withhold negative information from them before they do a walkthrough, it will discourage them from closing a deal with you when they discover those things themselves.

Make it Better

If the negative aspects of a property are difficult to eliminate, there might be an option to make it better or more tolerable, at least. You can discuss it with the landlord since it is their property. They are the ones most capable of making improvements.

An example of this is if the property is in a neighborhood known to have a high crime rate or a long history of break-ins, the landlord may want to install more safety measures on the property to ease the worries of hesitant tenants. It would be impossible for the landlord to change the neighborhood, so the best he could do is to, at least, make his property safer.

Price it Right

If the property is in a not-so-good location, it will not make sense to charge for rent equal to rental rates in high-end areas. The rent price must be proportionate to the advantages the property can offer to its tenants.

Setting a high rate for a poorly located property will translate to a high vacancy rate. The landlord can settle for a low (but still profitable) rent price because it’s better than no income at all.

As I’ve said earlier, there is always a trade-off. If they were able to buy the property for a cheap price because of its poor location, the trade-off for the money they were able to save from buying cheap is that their potential to earn is also low. As much as possible, determine a fair price that is a win for all parties

PATIENCE IS KEY

Marketing a poorly situated property could be very challenging. As a rental agent, you have to understand the factors that contribute to the low turnover rate and try your best to overcome them. Patience is key. When you publish the listing on Padleads, make sure you highlight the advantages of living in the property and be open to healthy discussions and negotiations with the landlord and applicants so that leads will be converted to closed deals.