Effectively marketing your rental property is crucial so you can attract high quality, long-term tenants for your property. Keeping your renters happy can let you generate a consistent cash flow as a landlord.
Sometimes, though, mistakes are made when attempting to market your space which makes it challenging to lease the property to the perfect tenant. And in order to correct these mistakes, you have to first identify them and take the necessary steps to market your rental property efficiently.
Importance of Marketing Your Rental Property
It is important to put your rental home on the map so potential renters know they exist, and you can finally rent it out. Marketing your property may be expensive at the time but it is essential so you can fill the vacancy. You must put time and effort into making sure that your place is enticing enough for possible renters to inquire and eventually sign the lease.
Part of effective marketing is getting interested renters to act on your ad. This can be done through inquiries so it is best if you are prepared to provide clarifications and answer any questions your potential tenants may have. Be professional when dealing with questions and always highlight the best parts of the house.
Top Mistakes When Marketing Your Rental Property
Sometimes in your eagerness to advertise your space, you get too excited and do things without really giving them a thought. It is important that you acknowledge some marketing mistakes you make so you can work on correcting them.
Here at Taylor Street Property Management, we have put together the common mistakes landlords make.
1. Marketing without a plan
Effective marketing starts with a plan. You have to know your property like the back of your hand and highlight its best features and include it in the listing. Having a marketing strategy to follow will save you time when creating the ads. Without your strategy, it will be difficult for you to determine what to focus on when coming up with the ads.
Planning also means setting your budget and sticking to it. Make sure that you set your budget so you know how far you have gone in terms of marketing your investment and how far you can still go with your budget.
2. Reaching out to the wrong people
It is crucial that you determine your target market so you can better set up the house and present it appropriately to your preferred audience. Creating generic marketing materials won’t do you any good as it will reach random people that aren’t a good fit for your property.
Save some time by being a little more specific with the kind of group your property would be valuable for. Conduct some market research and build your strategy from the data collected.
3. Using only one platform
The goal of marketing your rental property is for you to reach multiple people that fits your preferred target audience. Ensure that you are advertising it on popular platforms that you know are actually being used by tenants.
There are a lot of platforms that you can use nowadays and make sure that you choose which ones can best address your renter needs.
4. Not investing in quality photos
When listing your property online, you need to present it in such a way that your future renters can imagine living their life in your space. You can do this by enticing them with high-quality photos taken by a skilled photographer.
It is important that your space is ready to be occupied so make sure that you are also setting up the house for a good photoshoot session to encourage possible tenants to inquire or even sign the lease. You could also consider making a virtual tour of the home.
5. Not tracking progress
It is important to track your progress and results. This is one way of identifying which strategy is working and which ones are not. Those methods that failed to work, you can tweak it and see if that corrects the mistake. You must assess the success rate of marketing your rental property, so you are better equipped for when you need to do it next time.
6. Not knowing the value of your property
Part of advertising the property includes how much the accommodation cost would be. You must do your own research by checking on your competition and neighboring communities to better set a reasonable rental price for your future tenants.
As the owner, you must know the value of your property so you can quickly collect the return on your investment. Price it too low and you might not be able to pay for the mortgage (if any); price it too high and your occupancy rate might suffer since nobody will rent the place. Know your property’s value and add tax.
7. Not including your contact info
Keep your lines of communication open so that interested renters can easily reach you. But if you forgot to include this in your listing or other advertising methods, then chances are you won’t be getting any inquiries anytime soon.
Always remember to add all possible ways to reach you – mobile phone number, social media pages and your property’s website whichever is applicable. Without a way to communicate with you, future tenants won’t
8. Working alone
If your potential renter reaches out and you reply to them after 8 hrs, it is possible that they may have found another property to lease within that time frame. No man is an island.
So, it is best that you work with a team or better yet partner with a rental property manager so they can focus on managing your rental property and at the same time keeping your tenants happy and satisfied living in your space.
Bottom Line
Here in Taylor Street Property Management, we will work on marketing your property effectively and screen your tenants thoroughly so you can keep a high occupancy rate. Partner with us and we will do these for you and more. Contact us today!
