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In the event that you have recently acquired an investment property in Jamaica, then you might be looking at ways to effectively market this place. This requires careful consideration, especially if you had obtained a mortgage in order to purchase one of the lovely beachfront apartments in Ocho Rios. So, the main purpose of this article is to assist persons in your situation and hopefully get you one step further in obtaining top dollar for your Jamaica rental homes.
To begin with, you need to research and determine the rate for apartment rentals in your area before doing any form of advertising. For instance, if you own one of the apartments at Sandcastles on the main street of Ocho Rios, you already know that the advertisements should be targeting mostly the visitors to the island. This would even make it easier for you, since you can easily find information on pricing and other factors on the internet. But, this also means that you have to careful with your pricing and avoid driving away renters.
A good way to get results is to price your property a little less than the going rate, for example if you are seeing trend of $1500 US per month, you could probably advertise for $1450 US. Always remember that the real estate market is no different than other markets and people love to feel like they are getting a deal.
As soon as you decide on the suitable pricing, then you should start advertising online. If you don’t have a website, this is not a problem as you can find companies that will allow you to place the ads for free. These days, potential renters will search vigorously online, so it is important that you try this medium first. In addition, not many locals will be able to rent your high-end apartment when they can easily find a two bedroom dwelling for $35, 000 Jamaican dollars in this area. This means that you are relying mainly on persons coming in from overseas if you are going to get a steady rental income for most of the year.
The beauty with the Jamaica rental homes that you will find in tourist areas such as Ocho Rios, Negril, Montego Bay and Falmouth is that they are usually in demands for events such as Reggae Sumfest and Jazz and Blues Festival. So, you are sure to get a mixture of persons looking for place to rent and can easily get top price during these times. But, realistically this alone cannot generate the revenue that you want, so you have to market the property effectively to have it rented all the time.
Another strategy that could help you with your advertising is to have open house on weekend. Now, I know you might not like this idea, but apart from the online and classifieds this is also a good option. It is a fact that signs sell and rent properties faster in Jamaica, since most people still like to drive around and look for bargains. But, owing to the location of your property, it is a strong possibility that you cannot put up a sign in this complex and even if you could you might not get any leads.
The concept of open house in Jamaica is slowly catching on, since some of the big companies in Kingston will have them practically every week. Plus, you might even be wondering how to get your target market in, but this can work. Remember that this area is popular with tourists coming almost every day, so instead of having persons coming in every minute. It would be best to schedule one day, serve refreshments and get to figure out the price that these people would be willing to pay.
If, you follow these simple suggestions, you stand a better chance of getting your apartment in Sandcastles rented right through the year, plus the bank is less likely to foreclose on your property.
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Source by Colin Scott