Vacancies are a rental property management killer. When your property is unoccupied, you’re not making any money, but you’re still responsible for all the expenses associated with the property, resulting in a continuing deficit. Obviously, the solution is to fill the vacancy and get your property occupied again. But sometimes, this can be challenging.
Some of your results depend on factors outside of your control, like the local rental market, economic factors, and the timing of your listing. But with the right rental property marketing strategies, you can greatly increase your chances of success and close your vacancies faster.
How do you do it?
The Best Rental Property Marketing Strategies
Arguably the best strategy for filling vacancies is hiring a rental property management company, which can help you with every stage of the process from initial marketing to tenant onboarding and even rent collection, property maintenance, and evictions.
But if you’re trying to market the property yourself, you should try these promising strategies:
1. Know your property. First, you should have a thorough understanding of what your property is – including what makes it unique and what its biggest selling points are. There are some obvious property features that you will need to list, including the number of bedrooms, the number of bathrooms, and the total square footage. But you’ll also need to become familiar with the strengths and weaknesses of this property; how can you strategically position this to make it look as good as possible?
2. Know your market. You can answer this question much more effectively once you have a better understanding of who your target market is. Who are the types of people who live in this neighborhood? What types of people would like a property like this? Are you selling to young college students or retirees? Are you selling to single people or entire families? How you market your rental property depends on who you’re marketing to.
3. Nail the price strategy. Many rental property marketers already have a price in their head and rigidly adhere to that price. This is understandable, but if you want to make your property more appealing, you’ll need to make sure your price is in line with consumer expectations. A rent price that’s too high is instantly going to turn off the majority of people who would otherwise be interested in this property.
4. Time it right. The months between May and September are the most popular for moving. If you can list your rental during this stretch, you’ll likely be able to generate more interest. Obviously, you may face constraints in this department; if a tenant leaves prematurely or unexpectedly, you may need to list the property immediately, whenever that moment occurs. Still, you should exercise control in whatever capacity you can to time your listing appropriately; for example, you might skip a few unnecessary upgrades to list your property a bit sooner than you otherwise would.
5. Fix up the little things. You don’t need to make major renovations every time your property is vacant. But if you want to generate more demand for your property, you should spend some time and effort fixing up the little things. Patching holes in drywall, applying a fresh coat of paint, and facilitating a deep clean can make a big impact.
6. Boost the curb appeal. Curb appeal is golden for renters. Replacing or repainting the front door, improving the landscaping, and adding some finishing touches like hanging flower baskets can beautify your property and make a much better first impression.
7. Invest in quality photography. It’s convenient to take pictures of your property with your smartphone, but those pictures probably won’t be professional quality, and may not lead to the most favorable impression of your property online. For better results, consider hiring a professional photographer who has experience taking real estate photos. Failing that, commit to learning the principles of good photography – and level up your own skills.
8. Show off unique highlights. In bullet points, list out some of the most impressive highlights this property offers, and be sure to include selling points that other properties in the area don’t have. For example, do you offer integrated smart home technology? Do you have newer appliances? Do you offer off-street parking in a busy, crowded area?
9. Take advantage of multiple channels. You can maximize your reach by taking advantage of multiple marketing and advertising channels simultaneously. In the industry, this is known as omnichannel marketing. If you only list the property in one place, you’ll sell yourself short and limit your options.
10. Network. Networking in the real estate world is valuable for several applications, giving you access to other real estate investors, agents, lawyers, and prospective partners simultaneously. Consider expanding your network to meet more real estate and marketing professionals – and get the opportunity to spread word about your recently vacant properties.
Learning From Experience
Marketing a rental property isn’t exactly easy, even if you know your property and your target audience well. But the more you practice it, the more chances you’ll have to experiment, and the more you’ll learn about this art form.
After a few rounds of listing and marketing properties available to rent, you’ll have a much clearer vision for the “right” listing strategy.
