Although around 36% of U.S. adults are renters, attracting tenants can be surprisingly hard. From polishing listings to advertising to sprucing up properties, landlords have a lot on their plates.
Unfortunately, when the market conditions aren't ideal, finding new renters can be even tougher. That's when it becomes crucial to follow a few key property marketing tips. Here's what you should know to avoid vacancy loss and attract more tenants to your property.
1. Keep Current Tenants Happy
Word-of-mouth marketing is a great way to find tenants for your investment property. However, this strategy only works if you already have satisfied tenants! Landlord and apartment rating sites can make or break your ability to attract new renters.
Keep your current tenants happy by operating with fairness and responding to problems fast. You might also want to conduct anonymous surveys to collect their opinions on areas to improve.
This can make it easier to get referrals from any tenants with whom you have a good relationship. You may even want to consider offering discounts or other incentives to current tenants who refer new tenants.
2. Use Updated Tech
You don't have to break the bank to replace every appliance, but a few updates can set your listing apart from the rest.
Tenants appreciate things like programmable thermostats and lighting, faster Wi-Fi, and smartphone-operated security systems. Smart appliances are also great options.
Beyond the property itself, consider using high-tech solutions elsewhere. For example, you can find software to help with tenant screening, the application process, virtual tours, rent payments, and more.
3. Consider Your Pricing and Concessions
In tough markets, adjusting your price may be the best way to stay competitive. This is especially true when other property management companies are offering deep discounts!
Make sure you're setting a fair asking price. Research similar rentals on the market if you aren't sure.
In addition, consider offering exciting deals to new tenants:
- Reduced security deposit
- One free month of rent
- Waiving the application fee
- Free parking
- No or low pet fees
- Move-in allowance
Finding flexible compromises to lower the cost of applying and moving in can help you attract more interested renters.
4. Create the Right Listing
In a crowded market, any extra effort can help your listing stand out.
The best way to upgrade your listing is with nice photos, which are often the first things potential tenants will look at. Consider working with a professional photographer.
Spruce up the details of your listing as well. Make sure you're clear about the lease length, rental amount and fees, features and upgrades, and building policies.
5. Share Your Listing Online
If you dabble in real estate investing but don't bother to market your listings online, you're missing out!
Harness the power of social media by sharing your listings on popular platforms. You can also pay for ads that allow you to reach your target audience fast.
Consider starting a blog about open listings on your website. Using the right keywords and search engine optimization tactics can help direct interested searchers toward your offerings.
Get Smart About Property Marketing
In a tough market, the tips above can help you find tenants fast. Property marketing can take significant time and effort, but the rewards are well worth the investment!
If you're ready to skip the hassle and work with a full-service property management company that can get tenants on your behalf, we're here to help. Contact us today or get a free rental analysis.