Property management requires no less effort than any other profitable business. While it might seem like purchasing the actual investment property is the number one step towards all the investment benefits you’ve heard so much about, there is still a range of factors that will decide if you’ll reap the financial rewards like steady cash flow and tax deductions.
Prior to settling in for early retirement, there’s a lot of work that has to be accomplished. The initial step is to effectively advertise your vacant units so that you can reduce vacancy rates and minimize tenant turnover in the coming years.
To make that happen, you should master the best marketing techniques out there. Here are a few of the most efficient marketing approaches landlords and property owners can take advantage of.
Offline vs. Online Rental Property Marketing
Old-school marketing techniques include offline events, newspaper ads, “for rent” signs, marketing brochures, and billboards...as well as word of mouth. The latter is probably the oldest, but most reliable, way for prospective residents to learn about your rental and any skeletons in the closet. The truth is, any feedback from previous tenants is at a premium- so keep that in mind as you interact with tenants.
For a small landlord who manages a couple of units, installing a billboard won’t be a feasible option (budget-wise.) Besides, you might pick the wrong location or choose the wrong message that won’t attract new residents. At the same time, holding an open house in the neighborhood used to be a good cost-effective idea but as everyone moves towards digital alternatives, the demand for in-person networking is falling globally.
Luckily, most landlords and property managers already take advantage of marketing their properties online at no cost. The most affordable way to get more views on your listings is to start posting your vacant properties on free platforms like Craigslist, Trulia, Hotpads, etc. Facebook Marketplace might also be a useful tool since it’s syndicated with some other listing websites and it allows you to share your listings with other community members inside the platform. At the same time, Rentler is a great tool for tenants to find rental properties online and make the whole rental process easier.
Real Value of a Personal Website
External listing websites are a great tool, but a personalized landlord website gives you more credibility. Along with that, the website provides your prospects with the opportunity to view all your properties in one place, take a look at the rentals’ interior design, amenities and furniture. You can also spotlight on high-vacancy buildings to help boost the number of online viewings. The more the property is viewed, the greater the odds are you’ll generate leads needed to fill your vacancies.
A personal marketing website helps to keep vacancy rates down and get quality leads faster
But to make it work efficiently, you need to pay attention to a couple of things:
- Detailed property information: A catchy listing description will likely draw more prospects to your rental property. But try not to exaggerate the facts: if the rental isn’t literally in good condition, don’t call it a luxurious vintage home.
- Price is displayed on the page: Share the rent price so the prospective tenants can determine if they can actually afford your rental. It will save both of you time and minimize the number of phone calls regarding rental costs.
- High-quality images: As a picture is worth a thousand words, don’t underestimate the power of professional photos. You may even want to hire a professional photographer who can get the right angles and focus on the best objects of your rental property.
- Nice color palette: A customizable website allows you to choose the colors and background you want. As any other website, it provides a variety of schemes or design templates to play with.
- Focus on the target market: If you know your target audience, promote your vacant units directly to them. For that, find out what your prospective renters would like to see in the rental as well as their preferred price range.
Some property management tools, including TenantCloud, offer both a free landlord website and the option to post unoccupied units to other listing sites. You can add photos, video tours, and detailed descriptions to easily find new tenants for your vacant properties. You can also accept rental applications and application fees online in one place.
What is your choice? Do you take advantage of listing platforms or a personal marketing website? Or both?