Your rental property has to compete with hundreds of similar properties. So how do you stand out?
As a landlord, you will need to do more than just put up a “For Rent” sign on your lawn. In order to attract tenants, you need to use multiple marketing strategies to lease your property.
We’ve put together 10 effective marketing techniques that are guaranteed to fill your vacancies in the shortest amount of time.
#1 Take Professional Photos
When people see high-quality images that spark their interest, they tend to look longer. In marketing your rental property, you should aim for the same effect. Consider taking attention-grabbing photos of your property that will make anyone want to live there. Hiring a professional photographer isn’t necessary, but there are a few things to keep in mind such as taking wide-angle shots and highlighting the unique features such as an accent wall.
#2 Use Social Media
Online marketing dominates in this digital age. If you aren’t on social media, create accounts on highly visual platforms such as Instagram, Facebook, and Pinterest where you can easily share photos of your property. To maintain an active online presence, it’s recommended to post at least twice a day on Facebook. Share industry news and interesting articles about home living and other related topics. It is estimated that people spend at least two hours online each day — use this to your advantage and go where your prospective tenants are.
#3 Make Your Signage Stand Out
The words “For Rent” splattered across a plywood board won’t attract tenants. It’s time to step up your signage game by ordering custom signs that will make your property stand out. Be sure to include important details such as your contact number, email address, monthly rent, number of bedrooms, and so on. If possible, place more than one signage in the yard, each with different text and information. This will draw their attention to your property instead of just ignoring the sign as they pass by.
#4 Hold an Open House
Open houses are typically less formal than a private viewing. They’re also a great way to advertise your property to a wider audience. Curious passersby have the opportunity to see inside your property, and in turn, they will tell their friends about it, giving your property more exposure. Plus, if you own multiple investment properties, an open house is the perfect opportunity to hand out flyers for your other rentals. Since open houses are usually held in the afternoon, you may want to prepare freshly baked pastries and refreshments. This small gesture will leave a lasting impression on your prospects’ minds.
#5 Understand Your Target Market
Understanding your target audience is the key to successful marketing. If you want to lease your property to a specific demographic, make sure that your advertising efforts are aligned with their interests, lifestyles, and needs. For instance, if your target market is families with young children, you may want to highlight the family-friendly amenities in your property such as the spacious backyard and treehouse. If you’re targeting seniors, talk about features such as elevators in some luxury homes.
#6 Use Word of Mouth
Word of mouth marketing has been around for decades, and it’s still one of the most effective marketing strategies. People like to talk, so use this to your advantage. Ask past tenants for reviews, and post their testimonials on your website. You can also offer them incentives for every tenant that they send your way. By maintaining positive relationships with past tenants (especially the ones with a lot of friends) you can find new renters easily.
#7 Market the Community
The house may be the most stunning property on the block, but what is the neighborhood like? Young families might be interested in a community with top-rated private schools and daycares. Seniors might be interested in properties situated in a quiet community with plenty of seniors’ centers and walking trails. When marketing your real estate investment, remember that you aren’t just marketing the property — you’re also marketing the community where it belongs.
#8 Write a Detailed Listing
Prospective tenants won’t appreciate it if you make them work for information. Because most people use the Internet to find available rentals, your listings must be detailed and clear. Tenants want to be able to quickly compare properties, so it’s best to be as detailed as possible. If your listings lack important information such as the monthly lease, number of bedrooms, pet policies, amenities, etc., you will lose your prospects. It’s also important to be responsive to any inquiries they might have.
#9 Free Online Listings
You know what they say — the best things in life are free. It is estimated that 83% of tenants use the Internet to speed up their rental property search. High-traffic websites such as Zillow, Redfin, Realtor.com, and Craigslist offer free rental property listings, expanding your pool of prospects. If you’re looking for listing sites that are narrowed down, such as ones for specific states and cities, a quick Google search can do the trick.
#10 Partner with a Property Manager
The easiest way to market your rental property is by leaving it in the hands of a property manager. Property management companies have the resources and connections to effectively market all kinds of real estate, whether residential or commercial. Because they’ve established their name in the industry, they can easily collaborate with local vendors to prepare your property for listings and viewings. Plus, they’re familiar with the local market and know which marketing strategies work best. If you’re looking for a sure-fire way to fill your vacancies quickly, you should consider hiring a property manager.
Once your property has been “introduced” to the world, be ready to respond to inquiries. You may be getting dozens of calls per minute, so it’s best to have a website where important information, such as the qualification requirements, is listed. When an interested tenant calls or emails, you can simply direct them to your website instead of repeating the same information over and over.
If you want to make sure that your property is marketed effectively and efficiently, Luxury Property Care has the expertise in marketing your property, whether it’s a single-family home or a luxury estate. With access to industry-standard marketing tools, we are committed to matching your property with your ideal tenant.