Rental properties don’t magically fill themselves with good-quality tenants. If you want to keep your properties rented out (and generate consistent cash flow), it starts with having a good marketing strategy.
In this article, we’ll explore several property marketing tips you can use to fill vacancies and set your property up for success.
Try These Property Marketing Tips
No two properties are the same. However, several tried and true principles tend to apply across the board. Let’s take a look:
- Hire a Property Management Company. Getting your property in front of good prospective tenants can be challenging. If you aren’t careful, it can take what was supposed to be a fairly “passive” investment and turn it into a full-time job. By hiring a good property management company to take over this responsibility, you can free up your schedule to focus on other things.
- Know Your Target Audience. Before advertising your rental property, you need to know your target audience. Who are the people you want to attract as tenants? You might want to target students if your property is located near a university. If it’s a family home, you’ll want to target families. Knowing your target audience will help you tailor your advertising to reach the right people.
- Use High-Quality Photos. One of the most important things you can do when advertising your rental property is to use high-quality photos. Make sure you take pictures of all the rooms in the property and that the images are well-lit and show the property in its best possible light. If you’re not a skilled photographer, hiring a professional to take the photos for you might be worth hiring.
- Highlight the Property’s Best Features. When advertising your rental property, be sure to highlight its best features. If the property has a large backyard, for example, mention it in your ad. If it’s located in a desirable neighborhood, say that too. You want to attract attention to the features you know will “sell” the property. Not only does this help frame the property in a more positive light, but it also deflects attention from the bad features that might turn people off.
- Write a Clear and Detailed Listing: Your listing should provide all the necessary information that a potential tenant wants, such as the number of bedrooms and bathrooms, the rental price, and any included amenities. Be mindful of the words you use. You can use words like cute, cozy, and charming for a small house. For larger homes, words like spacious and open work.
- Use Online Platforms. Many online platforms are available for listing rental properties, such as Zillow, Trulia, and Craigslist. Utilize these platforms to reach a wider audience. The more places you advertise your listing, the better! Finding a tenant is often a numbers game. The more impressions you get, the more likely you’ll find a tenant. It would be best to share your listing on social media platforms like Facebook, Instagram, and Twitter to reach a wider audience.
- Leverage Word of Mouth: Ask current tenants if they know anyone looking for a place to rent. Tell your friends, family, and neighbors you’re looking for a tenant and see if they will share. Word of mouth can be a powerful marketing tool. It gives you exponential reach beyond your circle of influence.
- Offer Virtual Tours. Consider offering virtual tours to potential tenants who cannot view the property in person. This can be done through video calls or creating a virtual tour using 360-degree photos.
As a rental property owner or landlord, finding tenants may be the most critical piece of the entire puzzle. Without tenants, nothing else matters. Take time to perfect your ability to market your property, and your chances for success will skyrocket.
Adding it All Up
It’s your job to make sure people see your property in the best light. Following the tips highlighted in this article, you can quickly fill vacancies with high-quality, long-term tenants who respect your property and pay on time.
Don’t feel like you must implement every piece of advice from this article. Instead, focus on two or three practical things you can implement immediately. The goal is progress – not perfection!