Over the past few years, the U.S. real estate market has experienced record-setting highs. This growth (and subsequently high costs of buying) have created many investment opportunities for homeowners looking to invest in the Los Angeles real estate market, and turn homes into full or part-time rental properties. Home prices in California rose by an astounding 30% between February 2020 and June 2021, and although Southern California saw a slowdown in November, the area still increased by 16% from the previous year. Although it’s tough to accurately forecast how the real estate market will pan out in the near future, factors such as rising mortgage rates and potential rental regulations could prompt a deceleration of home prices in Los Angeles and Southern California in the upcoming year, forcing some would-be home buyers to rent.
In order to effectively market your rental properties in LA, it’s important to consider which strategies will be most effective to get out in front of the competition. If you’re looking to market your rental properties in Los Angeles, the following is what you need to know about LA homes for sale and the city’s real estate market.
Consider a target market
Use social media to your advantage
There are a number of ways to freely market and promote your rental properties online, and it’s important that you take advantage of the variety of platforms available to those looking for LA homes for sale and for rent. In addition to these platforms, it’s wise to use social media to reach your audience and generate engagement. Over 70% of Americans use some type of social media, making it a great place to generate widespread engagement with your online listing. While you can market your properties on social media for free, you may consider using paid online advertising to target a specific audience.
Use professional photographs of your rental property
Complement your photography with written descriptions
Sell the community as a way of selling your property
Community values are critical to prospective tenants and can be an influential part of your marketing strategy. Think about the services or other amenities that might make a particular neighborhood appealing to your target audience. It’s also a good idea to consider your role in the community, as well. If you’re already a member of the community you’re renting in, then you understand the atmosphere and values present. If you aren’t, learn about the neighborhood or community and include that information in your online listing. When you demonstrate interest and knowledge of the surrounding community, you’re more likely to give prospective renters a great customer service experience, and to help them set accurate expectations for their new home.
Interested in buying and renting Los Angeles real estate?
If you’re ready to learn more about buying and marketing rental properties in Los Angeles, or are simply interested in seeing the best LA homes for sale or are interested in a consultation, reach out to trusted local agents at The Passman Group.