The way you market your properties can make or break your rental business. If you do it right, you'll be able to attract tenants and reduce vacancy, whereas ineffective strategies will decrease your revenue. Here are some of the most essential rental property marketing strategies you might need.
Rental Property Marketing Strategies You Should Do
Studying the Rental Market
Rental market research will provide you with the necessary information to get your marketing campaign started. You can gain vital information such as the investment viability of local communities, which amenities tenants are looking for, when the peak rental season is, and more.
You can market your rental property with these factors in mind to get the most tenant leads. If you're not sure where to start or how to conduct the research, professionals like us at CRM Properties can utilize their experience and expertise to do it for you.
Emphasizing Your Property's Unique Features
Every property is different from the other, and you have to find what makes yours stand out from the others to attract potential tenants. Are there nearby amenities? Does your rental unit have natural light? Does your property have hardwood floors?
You can even add it to the rental listing title itself as long as you emphasize the property's appeal. Some of these unique features can even affect the way you price your listing. For instance, you can rent your rent price based on your property having laundry facilities or a fitness center.
Setting the Right Rent Price
By knowing your local market and property inside and out, you can set a competitive rent price. You do so by identifying who your main competitors are in the area, as well as learning the local rent control laws. While there are no rent control laws in Indiana, it's still better to watch how much you set your rent price in order to attract more tenants.
Posting Your Listings Online
Rental property owners are already posting online rental listings, and not doing so puts you at a disadvantage. Putting your properties on rental listing sites creates another way for potential renters to find your unit. Some popular platforms where you can do that include Zillow and Craigslist.
At CRM Properties, we also list available properties on our website. This makes it so potential tenants can search by location, type of place, how many beds and baths there are, and the price range of the property listings.
Establish an Online Presence
Creating rental listings on dedicated sites may not be enough. An online presence can be established by creating a website of your own, or by advertising your rental properties on social media channels. You can even place your rental listing on the Facebook marketplace.
It’s among the more innovative marketing strategies you can utilize since most platforms have algorithms that show local businesses to their users. Plus, a social media presence shows credibility and can reach more audiences. You can even announce open houses for interested renters.
Generating Paid Advertisements
While organic views are also a crucial aspect of your marketing efforts, you can also resort to paid advertising where you can put up targeted ads as you leverage social media and other platforms. It is among the most effective marketing strategies since the ads will appear to your target demographics, allowing you to attract quality tenants.
Putting Up Rent Signs
Placing rent signs on your rental property can help locals naturally learn about the availability of your rental. This can lead to word-of-mouth marketing, which has been a trusted strategy for reaching a relevant audience since before online presence was a thing.
Using High-Quality Photos
The way you present your rental property online will greatly affect whether prospective tenants would consider viewing your rental. You can easily grab tenant interest by hiring professional photography services to capture attractive photos for rental sites.
Including Important Details
When writing a listing for your property, add all the necessary details like common rental agreement rules, and even rental discounts and community events. You'll never know which details would catch the attention of prospective tenants. Your marketing strategy would be rendered moot if applicants skip your listing due to a lack of information.
Tenant Screening and Retention
After a successful marketing campaign, you can expect applicants to contact you about your rental. However, you still need to conduct the proper procedures after attracting quality tenants.
Screening Process
Conducting a thorough tenant screening process is essential, as it will determine whether your future tenants will be capable of following the rules of your lease agreement such as paying rent on time, taking care of the rental units, and respecting your existing tenants.
CRM Properties screens prospective tenants by checking their credit scores, criminal histories, eviction histories, and debt-to-income ratios. We also verify their employment and call previous landlords to learn about their renter behavior.
Retention
After you rent your unit out, it's also important to retain tenants. You need to maximize your rental income but also balance out your rent price so your new tenant will stick around. Some landlords create a referral program that offers rent discounts as a reward.
This can help with your word-of-mouth referrals, attract more tenants, and provide your tenants an incentive to stay longer. Of course, you will still need to uphold your duties as the property owner and maintain a positive landlord-tenant relationship with your renters.
Hiring a Property Manager for Expert Marketing
Anyone can market their properties and yield results, but you may fare better when you hire someone who already has experience and proven results. CRM Properties is successfully managing over 900 rentals, and we apply our knowledge in the rental industry to ensure success.
We gather market data and conduct comparative analyses so we can price your rental listings right, and we consider property amenities and updates to make your rental stand out. You can schedule a consultation with us to learn how we can help maximize your rental property's income.