Marketing rental property is no simple task. The process involves many moving pieces, all of which will directly impact the success rates of your marketing efforts.
If you’re looking to market your property effectively and efficiently, look no further. We’ve broken it all down for you in this in-depth look at how to better market your rental properties.
Here are the expert tips on how to better market your rental properties:
Marketing rental property to reach your desired target audience effectively and efficiently is a big part of knowing how important it is to follow trends and take advantage of increased demand. But how can you better market your units to an audience that wants to see them? Here are a few tips from the experts.
Before you even begin thinking about getting listed or marketing rental property, you always need to ensure that your unit is show-ready. If your apartment were previously rented, you’d want extra care taken, including professional cleaning, paint touch-ups, and replacing anything that needs it. Sometimes, updating your unit to match with the more contemporary current rental market is necessary.
While it might take time and cost you money upfront, it will surely pay off in the long run. Having an attractive unit will ensure that it does not stay vacant for long.
Now that you’ve got your apartment ready for the show, you’ll want to take some time to determine market rent. Supply, demand, and general seasonality play essential roles in defining market rent, all of which can change on a day-to-day basis. It’s necessary to wait until your unit is ready to be shown to determine your rent price.
There are online tools and websites you can use to help you determine market rent. Remember that seeking the highest possible rent is ideal but can cost you in the long run if your unit does not rent quickly. The goal is to aim for a median rental price, which will ensure you get your apartment rented quickly.
Targeting your marketing ultimately means targeting your audience first. It is vital to have a focused marketing effort to not waste your resources, like your time and your money.
To determine your target market, consider a few things like:
Once you have answers to those questions, you can begin targeting your marketing efforts. Having a targeted marketing initiative means you will be more likely to find the right renters for your apartment quickly than if you are searching too broadly.
Social media is one of the best ways to market a wide variety of products and services. After all, more and more people are joining social media every day – from young couples to retirees looking to downsize and get rid of a mortgage.
Of all social media platforms available for marketing, Facebook is the best. Being on Facebook is a way you can share properties, tips, and advice for aspiring renters so that they see your properties. Consider using Facebook ads and promoted posts to advertise your properties to your targeted audiences further.
The obvious solution is to post about your listing on social media, but how can you go above and beyond? Consider unique ideas, like posting about your different available amenities through social media.
Some of the most popular amenities that renters are currently seeking out include:
The most powerful aspect of utilizing social media in marketing is your ability to build a social network. Use your social media platforms to connect with people at an individual level. Don’t just engage with them on your social, but reach out to them on theirs as well. This concept helps to build trust while spreading brand awareness simultaneously.
One of the best ways to market any property is to tap into word-of-mouth marketing. Social media is a form of word-of-mouth, but the traditional, direct approach is always the best to promote anything. You can work with your current clients to get the word out about your properties to the people they know.
Beyond just asking, which is always recommended, one way to make it easier is to give your tenants an incentive to spread the word. People love gifts and love the chance to win something in a contest. Sponsor a contest held semi-annually in which you raffle off a great prize to people who give word-of-mouth referrals to their friends and family. If you have superb customer service, they’ll want to help anyway; this just gives them an extra incentive.
Another idea for landlords is to capture the attention of prospective renters. To create an event to accomplish this, you can consider making a session offering something of value. Take, for example, a class on finding roommates or cutting costs on monthly utility bills. Whatever it may be, find out the struggles of the renters in your area and host a session solving their problems.
Having professionals help with marketing, though, is always the best overall solution. That is one of the top reasons to hire professional rental managers and it is also a move that can make a big difference between a vacancy and a happy tenant, ultimately paying for itself in the long run.
Now you have all the tips and tricks in the book to begin marketing rental property in the most effective and efficient ways possible. Remember that while social media is an incredibly powerful tool, nothing is more valuable than good, old-fashioned word-of-mouth referrals.
Whether you are an investment property owner, someone trying to sell your house, or looking to grow your portfolio, we have the information you need. Check out the Evernest YouTube channel today to learn the ins and outs of buying and managing your rental property.
Spencer is the VP of Marketing at Evernest. He wakes up with Google and Facebook on his mind. Having bought and sold over 150 homes in Birmingham, Spencer gets a kick out of helping new and seasoned investors navigate the mistakes he made as an investor. Spencer is also passionate about his love for Michael Jordan and does his best to explain to the Millennials (who never saw him play live) how much better he was than LeBron. He loves to hang out with his wife, kids, and the world’s best black lab, Jett.
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