For a rental property business to continually generate income and become profitable, the unit must be consistently occupied. To attract tenants, you have to put your rental on the map and market it correctly. You have to stage it and reach a wider market.
However, not all landlords are knowledgeable about what it takes to advertise a property effectively. Failure to consider important factors when marketing the rental could limit tenants’ interest and extend vacancy periods.
If you’re a landlord in need of marketing tips, you’ve come to the right place. Sun-Pro Realty and Management has put together the best tips for you!
Why Marketing the Rental Property Is Important
There are endless reasons why rental property marketing is important, but the chief one is having a pool of potential tenants from which to choose. You want to make sure you’re only welcoming people that will act responsibly and respectfully, but it takes time and work to get tenants lined up and ready to sign a rental agreement.
If you advertise your property inefficiently, you might end up wasting your time, effort, and resources. Using the right advertising methods and techniques will help you find and retain the perfect tenants.
Rental Property Marketing Mistakes
The following are some of the most common rental property marketing mistakes and why you should avoid them.
Lacking a Marketing Plan
Some landlords might advertise their property and assume that everything will work itself out. However, marketing your rental without setting goals or drafting a clear strategy could hinder your efforts to attract potential tenants.
Knowing what makes your property stand out and identifying its best features can help you set it apart from the competition. Set your measure of success and then monitor it. As a business owner, everything you do should have a structure or plan to help you gauge results and improve them. A clear marketing path allows you to find suitable renters and reduce vacancy rates.
Failing to Do Market Research
Part of having a marketing strategy is knowing your audience. Not understanding your target market and their needs means you might end up marketing to a wide audience that might not even be looking for the type of property you offer.
To avoid this, it’s crucial to conduct market research and tailor your marketing strategies to your audience’s needs. Knowing your target audience will also help you appropriately price your rental, and save you time and resources in the long run.
Using Ineffective or Outdated Marketing Tools or Channels
In this day and age, putting a for rent signage in the yard won’t cut it. Using only one advertising channel will limit your property’s visibility and fail to reach the right audience.
You must be updated on the marketing tools you can use to have a wider reach. Learn to leverage social media channels and know how to maximize the use of top online platforms. Mix and match your advertising channels to have a broader audience.
Doing It Alone
If you’re a new landlord who wants to market your rental property, it’s important to familiarize yourself with marketing techniques and tools, and seek advice from professionals who have done it before. If you don’t know where to start, you can always partner with a property manager like Sun-Pro Realty and Management to take care of your marketing needs.
Marketing is multi-faceted; it doesn’t end with listing a rental property online or advertising it in local newspapers. It also means preparing the property for any new potential tenants. A dedicated property manager will take care of staging your property and putting it in a great light, literally and figuratively.
Using Bad Photos
When listing your property, be it online or offline, it’s important to only use high-quality photos. Blurry or pixelated photos could make potential renters lose interest. Always invest in good pictures, and highlight the best features of your property.
No Call to Action
Another mistake landlords often make when marketing their properties is not being clear about how potential tenants should proceed. A renter has found your listing and thinks your unit is a perfect and appealing property, but what then?
Without a strong call to action, your other marketing strategies won’t be put to good use. Always be proactive in detailing the next steps and being clear on how applicants can reach you. Create a strong sense of urgency when encouraging them to contact you. Write a great copy and make your property listing stand out.
The Solution: Work with a Property Manager
If you want to avoid making these mistakes and stop wasting time and resources, consider working with Sun-Pro Realty and Management.
We have decades of experience in the rental property business and can effectively market your rental home. We’ll help you reach your financial goals and convert your investment into a thriving business. If you want to maintain a high occupancy rate and enjoy the returns on your investment, contact us today!