Are you weary of extended vacancies between tenants? A high tenant turnover and lengthy vacancies between tenants can hurt you financially.
To prevent this from happening, you need to get the message out there that you have a fantastic rental available at a great price. That's where your property marketing strategy does a lot of heavy lifting.
With the right property marketing techniques, you'll be able to get new tenants into your rental property even when the market gets a little tough. Read this guide to Learn a few easy tricks to improve your property marketing approach.
1. List Your Property On Social Media and With Property Management Firms
Social media has a broader reach than any other marketing platform or technology. Listing your property on a virtual board on a platform like Facebook already extends your reach beyond word of mouth.
Similarly, listing your property with a property management agency puts the advert to the target demographics. The property manager also helps market the property as part of their business.
Virtual tours are another great way of showing the property online. These give prospective tenants more information than the most effective property ads.
2. Offer A Referral Bonus
One of the great things about the types of tenants who move around often (such as students or seasonal workers) is that they're well-connected to more people like them. If you offer a resident referral bonus, there's a high chance that the outgoing tenant will help you fill the vacancy.
However, using at least one other marketing tactic and a referral program is essential. Many people are likely only to refer one or two of their acquaintances out of loyalty. This gives you fewer options if they don't pass the tenant screening process.
3. Keep the Property Up to Date
One of the best long-term tenant attraction methods is to have modern and up-to-date appliances and fittings. Air fryers, for instance, have exploded in popularity over the last few years. If you're offering a furnished apartment, having a trendy kit is a unique selling point.
You can do this with unfurnished units as well. Modern lighting and heating fittings can reduce utility bills as modern technology is more efficient.
4. Dial Up the Unique Selling Points
The last of our property management tips is to lead with your property's unique selling points in your advertising. These can be your property's bonus features (the things we spoke about in point three) or things in your management style that outshine the rest of the rental market. Unique selling points help your property stand out in the crowd and give people a unique trait to remember.
Get Expert Guidance With Your Property Marketing
A good property marketing strategy can get you to a place where new tenants sign their leases before their predecessors even leave. There's no single trick to a solid strategy; they're made of many well-functioning components.
Be sure to list your ads in places where they'll have lots of reach and lead with what makes your property unique. Keeping the property updated and offering referral bonuses are also great incentives you can give.
If you want a property marketing strategy backed by dedication and experience, contact Flagship Property Management today. We'll give you a marketing approach designed for the Greenville rental market.
