Marketing is one of the most essential processes in managing a rental property. It’s a huge factor that helps you avoid vacancies. If you do it right, you’ll gain a consistent income and reduce the risks associated with owning vacant units.
If your ads are relevant and respond to the needs of your target market, you’ll always attract potential tenants. However, not all landlords have proper marketing know-how and can, therefore, commit errors that lead to extended vacant rental periods.
Why Is Rental Property Marketing Vital?
Marketing goes hand-in-hand with the rental business industry. Without it, you will find it difficult to attract renters. You cannot just rely on word-of-mouth, you have to promote your rental space publicly online, as well as offline.
Mistakes to Avoid
Here are common rental property marketing mistakes landlords and investors can be guilty of and how to avoid them:
Moving Forward Without a Strategy in Place
Attempting to market your property without a strategic plan in place can waste a lot of time and money. You want to establish your budget, understand your target market, and be able to identify the key selling points of your rental.
Once you have this in order, you’ll be able to draft more effective rental listings and advertise them on more relevant platforms that tenants would like to see.
Depending on a Single Marketing Method or Platform
A lot of marketing distribution channels can be effective. Using a combination of social media and online listing platforms in tandem with traditional marketing techniques like flyers and word-of-mouth marketing can result in more leads.
You will never know which one provides you with the high-quality residents you’re seeking. As such, by being open to adopting several approaches, you can expect more views, inquiries, and leads.
Using Too Many Marketing Tools
There’s a wide range of marketing tools available to property owners today, but it can get confusing knowing which ones are actually effective. Using too many of them is costly and also time-consuming.
Most marketing tools deliver efficiency and can save you time. Some will even recommend the best time to perform marketing. However, if you use too many of them at once, it can be hard to track the results and adjust your strategy.
Apart from figuring out how to make the most of each tool, you also end up spending a lot of money on the services. It’s, therefore, best to simplify your marketing process and carefully select which one would allow your advertising campaign to succeed.
Targeting the Wrong Market
Successful landlords already have a concrete idea of who to target. They have narrowed down their target audience, which makes it easy to market to them. Playing it safe by advertising to a general audience can backfire since your marketing message won’t be as impactful.
You can perform market research to find out which type of renters are likely to find your unit appealing. Being focused also helps in creating specific ad copy for the right audience. Note that as you create targeted marketing, you still need to adhere to the laws listed in the Fair Housing Act.
Relying Solely on Yourself
If you have been in the industry for years, you’ll know how challenging it is to do everything on your own. Entertaining calls from prospective renters, posting ads, analyzing the results, and conducting marketing research by yourself can consume a lot of your time.
It’s always best to have a team that can provide feedback and help you generate new marketing ideas. It’s also valuable to work with a professional team that can help you achieve the best results. This is especially recommended for first-time and long-distance landlords.
Consider engaging the services of a property management company, given that they’re dedicated to helping property owners get their rentals occupied quickly. Property management companies streamline processes and even assist in conducting tenant screenings, collecting the rent, and performing property maintenance and inspections.
Showcasing Low-quality Pictures
In rental property marketing, displaying excellent images is critical. When you want to stand out from your competitors, you need to provide appealing pictures that allow potential tenants to imagine themselves living in the space while encouraging them to make an inquiry.
Invest in a professional photographer who can showcase the best qualities of your rental. If they’re able to capture the best qualities of your rental unit, then it can lead to more engagement and a high rental occupancy rate.
Not Including a Call to Action
One you’ve completed your rental ad you need to ensure that interested prospects are encouraged to reach out. Don’t let your property speak for itself, make sure your ad includes a powerful call to action to inspire prospective renters to act quickly. You have to include a specific prompt to motivate more people to reach out immediately. Make sure you also provide your phone number and email address so they can reach you easily.
You want to avoid these marketing mistakes to ensure that your properties are rented out more quickly. Working with property management experts is also highly recommended as they can reduce legal risks, access more resources, and help you save money and time. They also streamline your rental property operation, making it convenient for your renters to stay for the long term.
If you’re looking for a trusted property management company, contact TE Johnson & Sons today!