Vacant properties are the fastest way to lose money in real estate.
While some may argue that this is simply part of property management life, this doesn’t have to be the case for you. Smart property marketing is the key to a fully-let portfolio, and the most effective way to keep your business profitable.
We’re highlighting some of the marketing essentials that spell success for investors. As you read, take note of changes you can make to enhance your existing strategy.
1. Time It Right
The ideal scenario is a 100% occupation rate. This means that landlords should be marketing their rental property before the existing tenants move out. Bear in mind that new tenants must give notice to their current landlord and you will still need time to conduct tenant screening and other checks.
It makes sense to allow tenants time to walk through the rental property, get their finances in order, and prepare all paperwork. Therefore, give yourself enough time for this to happen.
2. Know Your Audience
The size and location of your property will dictate who your ideal tenant will be, so be sure to position your messaging where it is likely to be seen by the right people. Family homes will attract a different group of people than a bachelor's apartment. The list of features that you promote will differ too.
Be sure to consult the Fair Housing Act to stay on the right side of the law in terms of discriminatory practices.
3. Excellent Images
A healthy percentage of ads for homes for rent are ignored when not accompanied by photographs. Yes, high-quality images of the property - inside and out - are essential for effective marketing. If good quality photographs help properties sell 32% faster, then we can apply similar metrics to rentals.
If there’s one area to not cut corners, this is it!
4. Get Online
Property portals abound and are an excellent place to start marketing your property to get as many eyes on it as possible. A smart real estate investor will also make use of social channels; Facebook is a very effective option for targeted advertising to a selected demographic. Prospective tenants also have the option to contact you to ask questions or set up a viewing.
5. Professional Messaging
Whether you’re placing a rental sign on the curb or writing marketing copy, it must be polished. Spelling or grammar mistakes in your ads, blurry pictures, and sloppy signage make you look unprofessional and may discourage the quality of tenant that you are looking for.
6. Check Your Pricing
Before you take out an ad on the local homes to rent platform, be certain that your pricing is right. Effective marketing entails knowing your competition and correctly positioning your property. In today's market, consumers are quite savvy, so a property that is overpriced will simply stay empty.
Property Marketing Properly
The business of real estate investing and property management is neither easy nor straightforward. Perhaps the smartest property marketing tip is to hand it over to a professional organization that does this every day.
Not only can property managers assist in finding and managing your tenants, but they can also supply background checks and provide maintenance, rental, leasing, or evictions assistance.
A competent agency will plug you into their seamless marketing channels to ensure a high occupation rate, minus the stress of managing it on your own. Please feel free to contact us for more information - we look forward to working with you.