Top 7 Tips for Marketing Your Rental Property Business
By: Raymond James
About the Author:
Ray is a sought after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.
Being a property owner is something that many people dream of. However, running a rental property business is one thing and succeeding in it is another. The success or failure of a rental business depends on your aggressiveness in terms of marketing. It doesn’t matter how good your property is, if people can’t find it and move in, then you won’t have anything much to celebrate about.
Marketing is essential in any type of business and real estate is no exception. You need to come up with marketing strategies that will put your property in the limelight and attract reputable clients. Below are the top 7 tips for marketing your rental business:
1. Assemble a great rental listing
The first thing in marketing a rental property is to put together a rental listing that showcases the best features of your property. The listing should provide potential tenants with adequate information they need to know about your property.
Try to include a catchy and informative title, a brief description of your property. You should be creative in a way that makes anyone who comes across the listing admire and wants to rent your property.
2. Take good photos
The type of photos you take can tell a lot about your property. When people see good images of your houses, it will spark their interest and make them look longer. Invest in a good camera that can take high-quality images. You can even hire a professional photographer if you are not able to take good pictures. The idea is to portray a perfect image of your rental property through pictures.
3. Set the right rental price
Your rent price is a big factor when it comes to marketing your rental property business. The real estate market industry is one of the most competitive. Setting too high or too low rental prices can make it difficult to attract customers. You need to do some research and set rental prices that make sense to the local market. Check out what other rental property owners are charging for the same unit as yours and strike a balance. You should also find out what amenities they offer as well as their terms.
4. Make use of social media
The internet has greatly transformed the marketing management and advertising industry. The introduction of social media platforms like Facebook and Twitter has enabled business owners including rental property owners to advertise their businesses through the internet. The good thing about social media marketing is that it is affordable and at the same, you can reach a wider audience within a short time.
You should establish a strong online presence by being active on different social media platforms. The goal of a social media campaign includes the following:
• Increase followers
• Increase awareness
• Increase conversions
• Increase engagement with your clients
5. Time the rental market
This is another great tip for marketing your rental property. Spring and summer months are usually peak seasons for rental property. This is the time most people move from one place to another. Just like other services and commodities, high demand means higher prices. You can take advantage of the pick seasons to list your rental property at a higher price.
6. Understand your target market
Understanding your target market is crucial to the successful marketing of your rental property business. If you are planning to list your property as a particular demographic, ensure your advertising strategies are aligned to their lifestyles, interest, and needs. For example, if your target market is young families, then you would want to showcase family-friendly amenities.
7. Use word-of-mouth
Marketing your rental offline is also a great tool you can take advantage of. Market your rental property to your family members, friends, colleagues, and their contacts. You will be surprised to learn of your relatives or friends who want to rent in areas where your property is located.
In general, owning a rental property is a great investment. However, you need to market aggressively market your property to attract clients. There are many marketing strategies you can use such as social media, use of signage, taking professional photos among others. You can also use real estate companies like Shield Management to run your business