6 Tips on Marketing Your Rental Property

by Alexander Hassoulas

The  ultimate  aim  of  owning  a  rental property is to generate rental income from tenants. However, if your property stays vacant, you are going to lose money. Therefore, it is important to ensure that your property stays occupied as much as possible.

Everyone   hopes   to   fill   their  vacant  property  with tenants, but  not   everybody  knows   how   to   go   about   it.   When  it comes  to  rental  properties,   marketing  is  an  essential  task.

Since  tenants  do  not   stay  forever,  you  will  always  have  to market   a   vacant   property   at   one    point    or   the   other. Without  marketing,  the vacancy rate will increase, and you will   be   spending money on  maintenance   (cleaning fees, repairs, and inspection).

However,   marketing a property is not simple, as it is always evolving. Real estate agents and property managers have long left the old-fashioned  methods of relying solely on newspaper adverts or “For Rent” signs. Now, they make use of digital technologies that are easier and more effective to market properties.

Here are some tips on marketing your rental property.

Establish a digital presence

Digital  advertisement  is  an  effective  way  to  reach a large number  of  people  with  minimal  stress.   As  a  convenient outlet   for   both   you   and   your  prospective client, digital marketing   is   more   important   than ever, especially since social   distancing   is   needed   to   curb   the  spread of the coronavirus.

Since   the   growth  of technology, people are now online using their   mobile   phones   every  day. You can now easily tap into 

this large market by establishing a presence on numerous social media platforms. Also, you should develop a website property to market and promote your property listings.

Build a network

From  surveys,  84% of  people  rely  on referrals from family and friends. Therefore, networking is an effective way to spread information using word-of-mouth to get referrals. 

Networking   entails   building   strong   relationships  that will make you stay visible off and online. The most effective way to network is attending events and exposing you and your property to potential tenants.

Conferences, professional meetings, schools, restaurants, community centers, and bus stops are the ideal places where you can   share  your   flyers  and get contacts. Having a face-to-face interaction can go a long way and be very beneficial for your business.

Target a specific group

Who  do  you  want  as  your tenants? Retirees, students, young families,  or  singles?  If  you  know your target, the job becomes more focused and you get tenants faster.

However,  if  you do not know your target, you will waste money and  time  marketing  to  the  wrong  demographics. The type of rental  property  you  have determines the group of people that will  want  to  rent  it. Furthermore, it’s important to keep that in mind when focusing on who to market to. 

Knowing  your target  audience  helps  you  to  get only tenants that meet the requirements of the rental property. However, while  doing  this,  ensure  that  your  rental  property  is  free  from  all  forms  of discrimination. If people notice any form of discrimination in your advert, they can report you to the relevant authorities.


Your property listing should be detailed and informative

Whenever  you  are  marketing  your  rental  property,  make  sure  to  provide  all  the  important details. This includes the specific location, lease amount, amenities, and neighborhood.

If  interested  renters  are  not  provided  all the details that set your property apart, they may settle for other competitors. Also, advertising through  your  real  estate  agent,  a  multiple  listing  service,  and  other  social  media platforms are vital in making sure your listing gets plenty of exposure.

Make your rental property attractive

High-quality tenants will only look for properties that have good living  conditions, so  make   sure   your   property   is  attractive before you market it. Work on the curb  appeal  and  landscape of the property, as these will  give  the  first  impression. A fresh coat of paint will also brighten your rental property.

As a part  of  beautifying,   you   should   get   rid   of  clutter and give the property  a  deep  clean.  Make  the  necessary  repairs, replacements, and upgrades to help entice people to rent your property.

Use impressive pictures of your rental property

Whether   you   are   using   the   images   for   online  or  offline marketing, ensure  that  the  pictures  are  impressive.  Property photos   can   be   the   determinant  of  whether  they  become interested or not.

After cleaning and beautifying the rental property, get an expert photographer to take professional  pictures  of  the  apartment. Always ensure that  the  pictures  you  are  using  for  marketing portray the true image of the property.

There  you  have  it.  6  tips  to  help  you  with  marketing your rental property. Keep in mind that effective marketing of your rental property will reduce the vacancy rate and prevent you from losing rental income.

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