Even though rental properties can be a source of passive income, this doesn’t mean that they earn you money without any effort. The truth behind rental property profits is that they rely heavily on proper marketing.
Market a Community, Not a Property
Different target demographics value different amenities, but if there’s one thing that’s common among all people, it’s that they value their community. Keep in mind that when you market a property, you’re not only marketing a building but rather a community and the lifestyle that comes with living in that community.
It’s also for this reason that many properties fetch a higher price for the people and places in the vicinity. Always get a rent estimate so that you’re able to price your property fairly based on the prices of other properties in the area.
It’s important to refine your focus so that you know exactly how to market your property, especially when you consider that different demographics value different things.
Young families might value daycare and schools in the neighborhood around the area, while seniors might prefer libraries, recreation centers, and accessible walking trails. You have to target your marketing efforts, so you’re able to identify what your audience is looking for.
Leverage Social Media
Social media platforms have a far reach, and the fact that everyone has at least one social media account means that it’s also the easiest way to attract the interest of potential clients. The fact that it’s free to use makes this cost-effective and potent. Keep a regular posting schedule to maintain an active audience, and post only relevant content.
Use Customer Reviews
Customers will always have valuable feedback because most people are skeptical of anything that hasn’t been tried by fellow customers. Customer feedback is important, as this is an accurate reflection of what it’s like to stay at your property.
However, this doesn’t mean that you should abandon all your other marketing efforts. It simply means that you might want to consider augmenting your marketing strategies with consumer reviews.
Encourage your customers to leave a review on your website and give them incentives for sending referrals your way. This will not only help you find new renters, but more so, it will help create a positive impression of your property.
Keep Building Your Mailing List
Even when you’ve managed to fill all your properties with renters, you shouldn’t turn away interested clients in a blunt manner. Any marketing strategy needs an email list both before and after you’ve achieved your marketing goals. This allows you to continue building your list of prospective clients so that you have a waiting list for interested renters. This way, you’ll have a steady flow of clients.
Marketing a rental property may seem like a daunting task, but once you’ve laid the foundations for a system, the process is going to come more naturally, and so too will your renters.