6 Tips on Marketing Your Rental Property
by Alexander Hassoulas
The ultimate aim of owning a rental property is to generate rental income from tenants. However, if your property stays vacant, you are going to lose money. Therefore, it is important to ensure that your property stays occupied as much as possible.
Everyone hopes to fill their vacant property with tenants, but not everybody knows how to go about it. When it comes to rental properties, marketing is an essential task.
Since tenants do not stay forever, you will always have to market a vacant property at one point or the other. Without marketing, the vacancy rate will increase, and you will be spending money on maintenance (cleaning fees, repairs, and inspection).
However, marketing a property is not simple, as it is always evolving. Real estate agents and property managers have long left the old-fashioned methods of relying solely on newspaper adverts or “For Rent†signs. Now, they make use of digital technologies that are easier and more effective to market properties.
Here are some tips on marketing your rental property.
Establish a digital presence
Digital advertisement is an effective way to reach a large number of people with minimal stress. As a convenient outlet for both you and your prospective client, digital marketing is more important than ever, especially since social distancing is needed to curb the spread of the coronavirus.
Since the growth of technology, people are now online using their mobile phones every day. You can now easily tap into
From surveys, 84% of people rely on referrals from family and friends. Therefore, networking is an effective way to spread information using word-of-mouth to get referrals.
Networking entails building strong relationships that will make you stay visible off and online. The most effective way to network is attending events and exposing you and your property to potential tenants.
Conferences, professional meetings, schools, restaurants, community centers, and bus stops are the ideal places where you can share your flyers and get contacts. Having a face-to-face interaction can go a long way and be very beneficial for your business.
Target a specific group
Who do you want as your tenants? Retirees, students, young families, or singles? If you know your target, the job becomes more focused and you get tenants faster.
However, if you do not know your target, you will waste money and time marketing to the wrong demographics. The type of rental property you have determines the group of people that will want to rent it. Furthermore, it’s important to keep that in mind when focusing on who to market to.
Knowing your target audience helps you to get only tenants that meet the requirements of the rental property. However, while doing this, ensure that your rental property is free from all forms of discrimination. If people notice any form of discrimination in your advert, they can report you to the relevant authorities.
Whenever you are marketing your rental property, make sure to provide all the important details. This includes the specific location, lease amount, amenities, and neighborhood.
If interested renters are not provided all the details that set your property apart, they may settle for other competitors. Also, advertising through your real estate agent, a multiple listing service, and other social media platforms are vital in making sure your listing gets plenty of exposure.
Make your rental property attractive
High-quality tenants will only look for properties that have good living conditions, so make sure your property is attractive before you market it. Work on the curb appeal and landscape of the property, as these will give the first impression. A fresh coat of paint will also brighten your rental property.
As a part of beautifying, you should get rid of clutter and give the property a deep clean. Make the necessary repairs, replacements, and upgrades to help entice people to rent your property.
Use impressive pictures of your rental property
Whether you are using the images for online or offline marketing, ensure that the pictures are impressive. Property photos can be the determinant of whether they become interested or not.
After cleaning and beautifying the rental property, get an expert photographer to take professional pictures of the apartment. Always ensure that the pictures you are using for marketing portray the true image of the property.
There you have it. 6 tips to help you with marketing your rental property. Keep in mind that effective marketing of your rental property will reduce the vacancy rate and prevent you from losing rental income.
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