Are you looking for creative ways to lease out your property? Do you struggle with finding new tenants? If so, we’ve got all the answers you need right here. Thanks to digital advances and real estate marketing automation, owning a property is now easier than ever. However, if you don’t stay up to date with the latest practices, you could struggle with maximizing your returns.
This article reveals the top 7 rental property marketing strategies. So stick around to fill up your units in no time and find out how automation can help landlords fill vacancies.
Top 7 Rental Property Marketing Strategies
- Leverage your Social Circle
One of the best ways to market your property is still by word of mouth. While online and traditional media can help you reach a wider audience, people still hold trust in higher accord. In other words, prospective tenants are more likely to follow through and submit a rental application if they get a recommendation from someone they trust.
Thus, as an investor, you should not underestimate the leverage of your social circle. You can get your friends and family to put the word out or offer incentives to current renters if they find someone new.
- Use Social Media
Besides word of mouth, you should always leverage the power of social media. Most renters start home searching online before they pick up a newspaper or hit the streets. If you use the right hashtags, online platforms can be a powerful tool to fill your vacancies faster. You can even connect with people in other states or countries looking to move to your city. More so, it can also be a way for you to plant yourself in the minds of people who might need an apartment in the future.
- Take Great Photos and Videos
Humans are visually stimulated animals. In other words, people can pick an interest in what you have to stay because you have stunning photos and videos to show. Hiring a professional photographer to take shots of your rental could even be a better financial move. For instance, with better media, you can attract more applicants and fill your vacancies faster. That reduces the number of days your unit stays empty and loses money.
- Get a for Rent Sign
As the famous saying goes, ‘if it ain’t broke, don’t fix it.’ In this case, we’re referring to putting a rent sign in your yard. This strategy could be a fantastic hack for landlords with properties in highly valuable neighborhoods. Passersby and even neighbors can alert interested parties that there’s an apartment up for lease they might love to see.
- Advertise on Online Sites
There are several online sites specifically for renting apartments. Trulia, Zillow, and Apartments.com are some of the most popular marketplaces for landlords to showcase their properties. In addition, many sites act as a platform for parties to discuss and can serve as the preliminary to an official interview. Since these places already have the target audience, all you have to do is post and wait.
- Build a Community
A good salesman knows the best way to get customers is to appeal to their emotions. Thus, it would be best if you also leveraged that technique by selling a community instead of an apartment. For instance, you can do better than telling prospective renters to come and see your beautiful three-bedroom SFU in the suburbs. Go into detail about the large yard where kids can play or how good the schools in the area are.
- Hire a Leasing Service
Finally, you can outsource the job if you need assistance incorporating these strategies. For example, you could hire a competent property manager to help your rental stand out in the market. Many professional property management companies even offer landlords a 30-day guarantee. During that period, if the renter you’re matched with doesn’t work out, they’ll find you another one free of charge.
How Does Automation Help Landlords Reduce Vacancy
- It Can Improve Communication
One of the rental property marketing strategies we discussed earlier, advertising online sites, can help you improve communication with prospective tenants. Some of these platforms let applicants know if you’re online and when they can expect a response. They can even offer you relevant replies during the conversation.
- It Allows You to Schedule Home Viewings
Some software, such as Calendly, is a modern scheduling platform that makes it easier for landlords and tenants to meet up. Instead of going back and forth on a convenient date and time, you can show applicants when you’re available, and they can pick a spot that works for them.
To finalize, it’s crucial to remember that profits in real estate are dependent on your occupancy rates. Without tenants, your units fail to make money and will run at a loss. Thus, in light of the recent technological advancements, every savvy investor needs to learn new ways of attracting renters.
With the top 7 rental property marketing strategies we’ve highlighted in this article, you should be able to lower your vacancy rates and make more money. It would also be wise to look into how automation can help you improve communication and schedule viewings. If you feel overwhelmed by the incorporation of these new techniques, feel free to hire a property manager that can assist you.