The vacancy rate in the US has increased to over 6%! If you don't have a strong property marketing strategy in place, you could struggle with finding tenants. Your properties will remain vacant and eventually start draining money from your accounts.
Before that happens, use these five tips for successful rental marketing. With these tips, you can break through a tough market to ensure your listings stand out.
Upgrade your property advertising strategy today.
1. Know Your Audience
Before applying the rest of these tips, research your target audience. Audience research will allow you to create personalized marketing campaigns. About 90% of marketers report a lift in business results after personalizing their marketing materials.
Personalization could boost your marketing ROI by eight times when used effectively. To personalize your campaigns, gather demographic and psychographic research. Group prospective tenants based on:
- Pain points
- Buying behaviors
Your message to a 60-year-old couple could differ from messages for millennials or Gen Z renters. Once you gather this research, you can craft compelling messages that resonate with each audience group.
2. Diversify Channels
Researching your target audience can help you determine which marketing channels to use.
Using multiple marketing channels can help you expand your reach. Consider:
- Social media
- Rental listing sites
Don't forget social media! About 90% of agents use Facebook to promote real estate listings. Another 52% use Instagram, while 48% use LinkedIn.
Use multiple social media channels to share photo or video content of your listings. Add relevant hashtags to your captions to help people find your content. Social media marketing can help you gain more online visibility.
3. Use High-Quality Photos
Complete an inspection and maintenance projects. Update the property's curb appeal to make the property more inviting. You can also stage the property with decor and furnishings to appeal to renters.
Hire a professional photographer to capture photo and video footage of the property. Using the right lighting and framing will highlight the property's best features.
4. Upgrade the Listing
Upgrade your listing with a catchy, informative description. Strong writing will complement the photo and video content to grab an applicant's attention.
Make sure the writing is clear and concise. Research similar listings to help your property stand out. Consider special offers and incentives to attract renters.
5. Hire a Management Company
If you're still struggling with finding tenants, consider hiring a property management company. An experienced company will know the most effective rental marketing strategies. Their landlord's advice can set you up for success.
They can manage your listings and campaigns, allowing you to save time. They can complete a rental analysis to adjust your pricing. Their effective strategies will save you money and boost your ROI.
Upgrade Your Property Marketing Today
A strong property marketing strategy will help you find amazing tenants. Use these tips to attract renters and reduce your vacancy rate. If you need support, consider working with an experienced property management company.
PMI San Bernardino is a full-service real estate asset management company. We have over 20 years of experience helping property owners increase the value of their assets. Contact us today to discover how we can upgrade your rental marketing campaigns.