There are over 44 million renters in the U.S., which shows how competitive the rental market is.
Attracting trustworthy tenants is essential for protecting your investment and reducing the vacancy rate. But if you're unfamiliar with marketing, it can feel overwhelming knowing where to start.
Sounds like you? Luckily, we've got the answers you're searching for. Here are four useful property marketing tips to take on board.
1. Understand the Current Market
Before you figure out how to market the listing, figure out the current market. This will give you an idea of how much you can charge because you don't want to miss out on profit. Although contacting a real estate agent is wise, you can compare listings, their price, and amenities to get a ballpark figure.
Many landlords don't realize that there are specific times to advertise their listing. For instance, spring and summer are peak rental seasons where you'll garner more interest.
2. Embrace Word-of-Mouth Marketing
One of the top tips is harnessing the power of word-of-mouth marketing. Share your listing with your network, from your inner circle to acquaintances in your neighborhood. Budding landlords should set up for rent signs outside the building because passersby may be interested or spread the word to you.
Landlords can go the extra mile by personally distributing flyers. Slipping marketing materials into mailboxes or posting them on your grocery store's local noticeboard gives you listings with a huge amount of exposure. To make it more effective, include details, photos, and contact information so tenants know who to contact.
3. Advertise the Listing Online
If you haven't already, upload your rental listings online. Contact rental listing sites and they will post yours on their site and social media. But regardless of where you post, craft an engaging listing so that it cuts through the competition.
Potential landlords should also consider rental property staging as it helps tenants visualize themselves there. It'll also make the place photo-ready, so you can upload attractive property photos. Plus, it's essential if you want to hold an open house, so potential tenants can check out your property.
Additionally, creating a killer social media marketing strategy is essential. You'll be surprised at how much interest you'll generate when you share the listing with your community on Facebook Marketplace, Instagram, and even Twitter.
4. Offer a Fantastic Tenant Experience
Sure, it may sound obvious, but many landlords overlook how offering a great tenant experience can affect their future.
When you make tenants happy, they're more likely to write positive reviews and even recommend your property to others. Landlords can help tenants by taking feedback on board and keeping them in the loop, such as with maintenance issues.
Our Top Property Marketing Tips
Now that you're an expert on rental property marketing, it's time to get started.
Landlords aren't expected to understand the ins and outs of property marketing, which is where we come in. At PropM Inc., we're determined to help Oregon property owners find reliable tenants.
If you're interested, contact us today and chat with a member of our team.
