No matter which type of rental you operate, extended vacancies will have a negative effect on your cash flow. In order to make the most out of your rental property investment, you’ll have to find creative ways to keep it booked!
In today’s crowded market, promoting your rental property requires more than traditional ads to gain renters’ attention. Keep reading for five proven strategies that will bring attention to your listings and ensure that your properties are always full.
Identify Your Target Audience
Before you get started, you’ll need to determine your target audience and the best ways to reach them. Your audience will be determined by your property’s type and location. For instance, a single-family rental home in a quiet neighborhood and a one-bedroom apartment in the center of a city would attract very different tenants.
When you determine which tenants would be ideal for your property, study up on how to connect with them. Depending on your target demographic, some marketing methods might be more effective than others.
Create a Marketing Budget
Before you decide which methods you plan to use to draw in your target audience, you’ll want to set an appropriate marketing budget. If your property maintenance expenses don’t currently allow for extra funds to be relocated for marketing efforts, you could rely on social media to promote your rental. If you run your pages yourself, this marketing option is virtually free.
If you can allot more money for marketing, you may want to purchase extra advertisements or host promotional events. These efforts can get the word out about your rental more rapidly.
For new rental projects, marketing should be a priority. You’ll need to fill your units to start making a profit, so you can’t afford many long-standing vacancies. You can look into commercial financing options like loans and partnerships that can help you get enough money to purchase, manage, maintain, and market your property while preventing any startup struggles.
Utilize Social Media
One of the best ways to reach potential tenants is through social media. Depending on the type of tenants you’re targeting, you can narrow your focus to have a better chance at reaching the right people.
First, it’s a good idea to fill out your social media profiles with up-to-date information about your rental. You can display rates, amenities, and answers to commonly asked questions to provide interested renters with the facts they need upfront. You should also research your property’s neighborhood and come up with a list of compelling features–like nearby parks, restaurants, shopping centers, and schools–that will interest your target audience and mention them on your page.
While offering information is important, don’t just wait for renters to find you. Engage with potential tenants by posting photos of your rental on platforms Instagram and Facebook and respond to comments. You should also post your listing on online rental platforms like Zillow, Airbnb, and even Facebook Marketplace to make it easier for renters to see and save your property as they hunt for housing.
Show Your Space
While it may not seem important, decorating and showing your property is another key aspect of marketing. Putting effort and time into making your space look as nice as possible will make your rental stand out among other listings. You can even hire a professional photographer to take listing photos that really do your space justice.
After putting so much energy into making your property look nice, offer open houses or scheduled showings to prospective tenants. This will help them decide if your rental is right for them before they make a commitment.
Host an Event
In addition to showing your rental, you could even choose to plan a promotional event to bring traffic and interest to your property. Many apartment complexes and rental properties near college campuses take advantage of this method to attract student tenants. With a mass of other rental businesses to outcompete, this might be a way to stand out from the pack.
If you keep these tips in mind when developing your marketing strategy, your efforts are sure to pay off.