January 08, 2019
6 Rental Property Marketing Strategies You Should Be Using
It’s no mystery that you need to market your properties effectively to be successful in the property business. Landlords and property investors hate turnover, and often stick to the tried-and-true to advertise their vacancies: online ads (free and paid).
Here are a few tips and techniques to improve on what you’re already doing and some fresh ideas for new marketing strategies.
Poke and Prod Everything
So, your online ads are in place and doing well. That’s no reason to sit back and rest on your laurels. You need to test everything. A/B test ad copy to see which brings the most leads. (Be sure to promote your community as well as your property. People move to neighbourhoods, not just to an apartment.) Review your ad channels to pinpoint which ones deliver the best quality leads. How does your price compete with comparable units in the same neighbourhood? Cast an analytical eye at all of properties and their marketing materials.
Refresh Your Look
How does your curb appeal and interiors measure up against the competition? Make sure all the doors, windows, and fixtures are in perfect working condition. The landscaping should be neat and tidy. Inside, the walls should be freshly painted in a neutral tone, and the floors shiny and clean. Evaluate the photos of your available units used in your ads compared to others in the market. Do you need to improve them? Do you need better lighting or staging? Do they appeal to your target market?
Revisit Social Media
Sure, you’re on Twitter or Facebook, but are you really promoting your vacancies as much as possible? Be sure to post your new and improved photos of your available units, with clear, concise and accurate descriptions. Tagging is how people explore content, so be sure to include hashtags, like the name of the neighbourhood, nearby attractions, the number of bedrooms, etc. You might want to take advantage of Facebook or Twitter advertising to target a specific audience and boost the number of views your post/unit receives.
Ask for Referrals
Birds of a feather flock together… in other words, people like to be near their friends or family. Offering a gift card or cash incentive to your existing tenants for any lead that ends up signing a one-year lease can really help promote your properties. You turn your current residents into property ambassadors for powerful word-of-mouth advertising. And, the best thing? You continue to build a strong sense of community as your tenants have a relationship to one another.
Everything Old Is New Again
Don’t forget about putting a “For Rent” sign on the property. It’s a technique that still works quite well, especially if you rent single family homes. And, if your market includes students don’t forget to put up flyers on campus.
Monitor Your Reputation
Google reviews, posts on your Facebook page, Yelp reviews… there are most likely reviews and comments from current and former residents about your rental all over the Internet. If you’re not monitoring what people are saying (good or bad!), you’re missing out on an opportunity to capitalize on what people praise or repair goodwill when people are not happy. This information can help you retain residents and attract new tenants. While you can’t make everyone happy, if there are consistent complaints or patterns, those need to be investigated and addressed.
And, monitoring doesn’t stop at awareness, you’ll need to respond professionally to negative online reviews. In fact, it’s a best practice as customers who received a response to a negative review will often post a new positive review. Studies show that 34% even deleted their original negative review.
How Property Vista Helps
If you are looking to enhance your marketing strategies and tools, Property Vista can help. Our affordable online solution offers modern, simple and effective ways to promote your properties. We give you all the tools and guidance you need to build websites, keep your listings fresh and fine-tune your online presence. See pricing and book a demo.