Vacant rental properties are the bane of every landlord’s existence. Of course, vacancies will happen as that’s the nature of the rental property business. But to maintain adequate cash flow and make a profit, those vacancies must be short-term. New tenants must first be attracted to your property before they can be screened, approved, and finally, take up residence.
So, let’s delve into marketing best bets that will reel in quality tenants.
1. Nothing beats an attention-grabbing rental listing.
An accurate, appealing rental listing can and should be a landlord’s best friend. A short description that highlights the property’s best features while striving for accuracy should be the goal. Don’t even consider a listing that camouflages the truth -it will waste time for both the landlord and the tenant. Reality: landlords can’t afford to waste time, and potential tenants will remember and share the negative experience.
2. Know your community
What works in one community may be a worthless endeavor in another locale and vice versa. Remember that cities and communities are unique and invest some time researching effective marketing strategies where your properties are located. For example, newspaper listings may yield a great return in small towns, while direct mail may be the clear winner in medium-sized cities, and community bulletin boards may be the best choice elsewhere. Sure, you’ll employ some strategies across the board, but be sure to include community-specific tactics as well.
3. Utilize online listing sites
More and more, convenience is a tenet of our society. Renters appreciate the ease of searching for housing opportunities via online rental sites. So, it’s essential to include this option in your marketing strategy and make your rental listings available on these sites. Manually post your listings or use a platform that will syndicate your listing to the top listing sites in your market.
4. Post listings on social media
With roughly 2.89 billion monthly active users, the social media giant Facebook offers landlords a simple avenue for reaching a mega-sized audience. The platform’s Marketplace feature provides an effective stage for buying, selling, and advertising a plethora of products and services, including rental properties. And that’s just one of several social media options. Be sure to check out Instagram and Twitter as well. Familiarize yourself with the ins and outs of each unique platform to get the most mileage out of your marketing efforts.
5. Word of mouth
Never underestimate the oldest marketing strategy known to man. And one that is known to be quite effective for rental properties. For example, Bob sees a “for rent” sign on the way to work. He mentions it to Jack in the breakroom, who immediately texts his son, who had commented last week that his college roommate needed a place. Yes, advertise in the local paper and get a listing in multiple sites online, but also tell your family, friends, co-workers, the cashier at the coffee shop, etc. The contacts of your friends and family often make good, quality tenants. So spread the word and ask them to do the same.
6. Line of sight
Speaking of signs, don’t forget the simplest of all advertising tactics. Posting a “For Rent” sign will alert the folks who frequent the neighborhood via automobile or on foot. In addition, it will garner the attention of those who are scoping out the neighborhood for the first time. It’s simple, cheap, and effective.
Increase the size and depth of your potential tenant pool with easy-to-initiate strategies.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.
