4 Minute Read | By Kendall Jarvis
Renting is on the rise. Single-family homes prices have grown 75 percent faster than rents in the last five years. In many markets renting looks far more financially attractive than entering into a long term mortgage. Air tight lending practices and the lack of entry level inventory met with student loan debts and job market instabilities have contributed to the rise in rentership.
Some also attribute home ownership decline to a shift in younger generations’ priorities––committing to investing in a home is simply no longer an essential element of the American dream. In order to rent properties faster, property managers understand they need professional photography. Unfortunately some investors believe floor plans are only a “nice-to-have” or added bonus. We kindly disagree. We’ve listed 7 ways floor plans improve rental property marketing:
1. Assure Accurate Advertising
A little white lie never hurt anyone, but a little apartment is a different story entirely. When you’re marketing your rental it’s critical to accurately represent the size and layout of the space. Square footage alone can be misleading but coupled with a floor plan, a renter should have a clear image of the layout of each room.
2. Quick Turns
Inventory is tight and the rental market competitive. In this high stakes market, renters are applying without ever stepping foot in the space. This is risky… No one wants to be surprised by an open concept bathroom. Floor plans put sight unseen applicants at ease and allow you to rent the property at record speeds.
3. Reduce Showings
A floor plan shows renters immediately if a closet isn’t big enough or a garage will not fit the beloved F-250. We know not every property is for every renter. It is best to filter out the uninterested prospects before losing time on a showing.
4. Expand Your Renter Pool
Homes purchased and renovated by families often age into income properties after the kids have flown the coop. This could leave investors with an over-improved home that can be difficult to rent at a recovering rate. A floor plan gives prospective renters the ability to understand the property’s layout in depth with the flexibility of doing so on their own time. This, in turn, increase leads from out-of-range who might otherwise feel uneasy about committing to a property remotely.
Showing non local prospects an online floor plan will expand your rental pool beyond your neighborhood bubble. This increases your access to a group of renters who can possibly afford to spend more monthly.
5. Showcase Unique Features
At some point in the shopping process all houses start to look the same to renters. The neutral palette and builders grade finishes can leave prospects snow blind after a day of online rental browsing. Stand out on the market by showcasing the differences in your properties! There are important features of a home that do not photograph well like garages, closets, mud rooms, laundry rooms or storage spaces. Floor plans allow you to show the important, but less glamorous, parts of a home that make it more valuable.
6. Promote Accessible Properties
Floor plans are a simple way to illustrate handicap accessibility. A well drawn floor plan should clearly mark all stairs and will show the size of a space. These attributes are useful in knowing if the home can be easily navigated by a wheelchair.
7. Shorten That To-Do List
There’s a long list to check off at the turn of a rental property. Somewhere between meeting the carpet installers, painters and the cleaners you will start to feel like you’ve actually moved into the property. Great news! Photos and floor plans are done in one short appointment and photographers can access the property through a lockbox. No need to return to the property just to shake another contractor’s hand and open the door. One more thing checked off that list!
Adding a floor plan to your real estate marketing is a no-brainer. Not only do floor plans attract a larger pool of quality leads, they also shorten the turn time of the property. Plus, you can get both professional photos and a floor plan done in one short appointment–a win, win. With PlanOmatic you can add a floor plan to your online or print materials today to enhance your marketing collateral.