You're a property investor, so of course you're all about being savvy with your money! Knowing how to start generating income from your property on day 1 of it being completed will therefore be music to your ears. Well, look no further than this blog post as we're going to tell you exactly how to do this...
CGIs
Relatively in-expensive, CGIs can pay for themselves 10x over. Why? Because without them you won't be able to market what your finish project will look like as unfortunately your prospective tenants aren't mind readers! CGIs are also fantastic to show not just tenants, but also to help you make design decisions AND they're super useful for helping trades get on board with what you're trying to achieve in your project (not always easy!).
When marketing your project you must make it clear that these are CGIs before arranging any viewings so those viewing aren't in for a shock when it's still a building site. Of course, you must also ensure your project looks almost identical to the CGI upon completion to not mis-sell the property.
tml top tip - use freelancers to help with CGIs, Fiverr is a great platform to use with loads of talented people offering their services.
Past Projects
If you're not looking to shell out any money on CGIs but have photos of previous completed projects, you can totally use those instead! Of course, a disclaimer on the listing needs to be applied, but these photos will really give prospective tenants an idea of the finish you create in your properties. This works really well for HMOs where you're working on similar properties each time.
Better still, if your completed project is close by to your new project, why not arrange for prospective tenants to have a look around this in person?
Leverage Digital Marketing
In today's digital age, your online presence is everything. Harness the power of digital marketing to reach a wider audience of potential tenants by creating engaging content on your social media platforms. Project updates, design decisions and transformations are all great ways to get people engaged in what you're doing - you never know who might be on the lookout for a new place in your area.
Pssst don't forget to shout about your project to every Tom, Dick and Harry you meet in-person too! Word of mouth is powerful and the same applies as above, you never know who knows who.
Stay in Touch
Investing within the same location and had to turn down some stellar tenants as you just didn't have enough room in the inn at a previous project? Getting back in touch with those who were unsuccessful the first time might save you a lot of advertising hassle. Let them know you have something else coming up, expected completion dates a general overview of what the property will be like when it's finished. If they're interested ensure you keep them updated throughout.
Just keep in mind... pre-filling your property before it's complete is an excellent strategy to prevent any income loss, but it also means meeting your deadlines is crucial!
As mentioned it's essential to set clear expectations and maintain transparency every step of the way. Make sure to communicate openly to guarantee a mutually beneficial experience for both you and your future tenants.
Best of luck in finding your ideal tenants! Let us know your wins over on Instagram @themodernlandlord we love to celebrate with you!
