On a clear and sunny day, your tenant decides to hit you with a 30-day notice of intent to move out. Just like that, the sky is overcast. Luckily, as a well-prepared manager or landlord, you are ready to face these type of challenges. Undoubtedly, there will be many things to consider when screening new potential tenants, but it is essential to have as large a pool of applicants as possible to help you make the most informed decision and select the right tenant. The key to attracting great renters to your property is to make sure your rental marketing strategy stands out from the rest of your competition. When renters compete, you win. To help you along your way, consider these tips for your online marketing strategy.
Pictures speak louder than words
Yes, the famous saying holds true – people tend to respond much better to online postings with pictures. However, in such a competitive market, your pictures must be worth a thousand million words. Ensure your photos are top notch, factoring in things such as lighting, camera lenses, and angles. It is best to take photos of the rental unit when the property is vacant and staged on a bright, sunny day. Do not take pictures when your tenants are moving out; it will look like someone bombed your unit and many potential tenants will skip your listing thinking it is in poor condition. Make sure to include more than one picture; you want to tell a story and give enough visuals for people to want to take a look at your unit. Do not use image altering lenses or special effects such as the fisheye for your photos. I repeat… DO NOT use the fisheye effect for your photos. It may look interesting, but it doesn’t show an accurate representation of the available space, and is generally not reflective of a professional rental posting.
Buy one, get one free!
Nothing grabs attention better than offers of discounts, financial perks and extra incentives. So, consider including that in your headline. You don’t have to necessarily give potential renters a huge discount or free rent to win their business. And sometimes, you might be able to get away with offering nothing out of the ordinary, but appear as if you are offering a great deal. For example, if you were thinking of renting out your unit for $500/month, you can advertise, “$550/month for a 6-month lease, $50 discount for a 12-month lease!” Even though you are not technically offering anything different from what you had originally planned, prospective renters may believe that they are getting a better deal by signing a year lease at $500 – which is your initial goal anyhow. Be creative!
Paid Advertising and Social Networks
There are many well-known, free websites that you could be using. However, depending on the market that you are in, you may want to invest a little money to advertise your rental property. Social media can also be used as your marketing tool. Facebook, Twitter, and Instagram now offer online ads that allow you to see how much you are spending, target specific audiences, and stop running once you have reached your total budget. If a paid promotion isn’t for you – a simple Facebook status that gets shared by your network may help you land the ideal tenant at your doorstop.
Below is a list of sample websites and social mediums that you can utilize:
Although there are numerous other steps you can take when marketing your rental property, these tips will help get you started. Try them to see a difference in the volume of potential tenants you will attract. Remember a good, happy tenant equals a long-term one. This will ensure your rental income and allow you to further develop your investment portfolio.
CoreVest is a leading provider of financing solutions to residential real estate investors. We provide attractive long-term debt products for stabilized rental portfolios as well as credit lines for new acquisitions. For more information about how CoreVest can help grow your rental and rehab business, please call 844.223.2231 or submit our contact form.