If there was one sentence that puts dread into the heart of any landlord it has to be ''we're moving out''. When you own a rental property, the pressure is on when that vacancy spot opens up. And this is where your level of property marketing knowledge comes to the fore.
Any landlord will tell you, every rental dollar counts -- especially in today's day and age as we face the effects of a global pandemic. So when a rental vacancy opens up, how do you go about filling the space in the shortest amount of time possible? Smart marketing.
Here are a few helpful tips -- whether you're a new or well-seasoned landlord.
1. Effective Property Marketing Hinges on Quality Photos
If you've heard it once before, you've probably heard it a thousand times -- photos speak for themselves. In today's world, the photos you display of your rental property make all the difference as most renters shop with their eyes, first.
In fact, photos are what most people look at first, more so than any other information such as amenities and even the rental price. If you want to snatch up the right attention, put real effort into the photos you take and post across all marketing platforms.
This may sound like the most simple and obvious marketing trick in the book. But it's one of the most important and you'd be surprised how effective a good gallery of photos is for your marketing.
2. Craft a Succinct, Descriptive, and Realistic Description
Second to your photos is probably the description of your rental property, as well as the rental price. While a picture may be priceless, your description can really do wonders for bringing your rental property to life with words.
But remember to keep your description concise -- most people don't want to read paragraphs of text. Your description should also be well-worded with descriptive language. Ultimately, it should paint a vivid yet honest picture in the minds of renters.
Some essential information you should include: bedroom and bathroom count, square footage, rental price, rental incentives, parking availability, in-home amenities, pet allowance, and the quality of home furnishings.
3. Pin-Down Your Target Audience and Market Accordingly
There's no use in marketing to an audience that just isn't interested in your type of rental property, or can't afford it, either. So do your homework on who your property would suit best, and focus on marketing for them.
If you're unsure about this information, check with your property marketing company and their rental market analyses. Secondly, you want to make sure you market in the right places, too. For example, if your target audience is college students, market on platforms that their age group frequents.
4. Look for Local Leads
You want to rent out your property to a tenant that is like-minded to those already living in your area. Depending on the type of rental property you own, it's always wise to ask around for any potential leads from your neighbors or other cohabitants of an apartment block or housing complex.
Starting with people who already live in a rental building or on the same street can set you up for marketing success. Other local tenants can not only help you find new leads, but also make new renters feel welcomed and more inclined to sign a lease, than not!
5. Make the Most Out of Every Showing
When it comes to rental showings, you want to do your best to maximize the time and attention you have.
Make sure to schedule in-person showings at a convenient time for both new and current renters. If the home is still occupied, give your current renters at least 48 hours' notice so they can tidy up the space beforehand.
Allow the applicant the time and space they need to scout out the rental and ask questions. Once they've toured the home, give them some time to think it over, but make sure to touch base about their interest level and follow up on all potential leads. Don't wait for them to come to you!
Looking for Expert Property Management in Tampa, Florida?
If you're new to the endeavor of being a landlord, you might need a helping hand with your property marketing to set you off on the right foot. With HomeRiver Group®, we offer an all-in-one, inclusive service which focuses on property marketing, tenant screening, rent collection, property maintenance, and more.
Learn more about our residential management services, here!
