No property owner wants to see their property vacant. Not finding renters for it seems like you are not fulfilling the use of having a property. Thanks to marketing, you can save your property from keeping it vacant for years. With the right marketing strategy, you can successfully place your property so that it finds its best tenant, keeping in mind its specific needs. In this digital marketing era, you can explore some online methods and techniques to market your rental property online. In this article, we are going to offer you a few of the most effective marketing tips for rental property managers to make them more visible in the market and help you reduce the associated cost.
7 Strategies to Market Your Rental Property to Fill Vacancies
Marketing rental properties are crucial to property owners to attract tenants. Here are 7 proven marketing tips for rental property managers.
1. Know your Value Propositions
Value propositions are vital to every marketing strategy since it promises the benefits that tenants are going to get after moving into your rental property. When you put together the rental listing, make sure to highlight the best features of your property that tells tenants what they need to know. Tenants consider everything from public transportation to grocery stores. Make sure to create a rental description that highlights all of these. It’s best to leverage rental listing sites to add the most relevant information about your rental property including available amenities and other essentials.
2. Set the Right Rent Price
Price is a major factor that renters always consider when investing in a rental property. Set a price that fits the tenant’s pocket and competitive local market. If the rent price will be higher, tenants will more likely to move on to another listing.
That’s why it is crucial to do some market research before you start advertising your rental property and setting a competitive rent price. Go through all the nearest properties in your area for renting, what amenities they offer, and how they compare to yours.
3. Create brochure and website
Creating a brochure and a well-detailed, attractive website can help you kick-start your marketing efforts for renting your property. The website provides an overlook of the in and out of the building, floor plans, rates, amenities, and local conveniences.
Once you’ve created a well-informed website, you can direct potential tenants to them with URLs placed in the marketing messages, such as ads, signs, and links. Don’t forget to create an SEO-friendly website that helps you rank higher in the search engines and allow people to find your properties and amenities more easily.
4. Advertise your rental property listing
Advertising boosts your rental listing and places your property on top to get more visibility from the tenants. When you get your listing in front of many prospective tenants, there is more chance that someone will convert.
Tenants search for rental units on popular rental listing sites. Make sure your property is available on those platforms too. Top rental listing sites on the market have more rate of conversion.
5. Market your rental listing on social media
Apart from top rental listing sites, social media is another one of the most effective places to market your rental property listing. Social media also helps you create a community around your prospective tenants.
Some of the most popular platforms include Facebook, YouTube, Instagram, and Twitter where you can leverage a unique marketing strategy. They offer you various ways to showcase a property through pictures, videos, and creating a well-crafted listing.
6. Use Word of Mouth Marketing
Marketing your rental offline is another valuable tool. Utilize your community, friends, or family to get the word out that you have a unit you’re trying to rent. You can offer USPs to make people consider your property for rent including a full kitchen or proximity to popular areas.
You can also put “for rent” signs to market your property in the area. Whenever people walk through and drive past, your property comes into notice and creates some interest in the tenants.
7. Respond and Schedule Showings in a Timely Manner
Once you’ve listed your rental property online, you shouldn’t forget to respond to phone calls or schedule viewings in a timely manner. Your property is not the only one on the market and prospects are calling other landlords and viewing homes on a regular basis.
So, if you’re unavailable to show your property one weekend and tenant prospects end up applying for another, you’re likely to lose your potential tenants because of unavailability.
Keep in mind your vacancy period should not be too long, this could lose you on potential rental income.
It’s best to keep an eye on tenants since they need responses within a few minutes or hours, not days, and expect to see your home within a few days as well and not weeks later.
Hire Professional Rental Property Managers
Do you want your property to be managed by skilled property managers? Sunset property management has got you covered. We have a team of professional property managers with over 10 years of experience in managing residents and commercial properties for rent. So, take less stress & get free time while we focus on managing your investment so you can do more of what you enjoy.