How to Effectively Promote Your Rental Property?
Do you struggle to find tenants for your rental property? Don’t rush to cut the rent to make your offering look more attractive! Try to change your marketing strategy first and find new ways to promote your rental property.
In this article, we share with you tips on how to reduce the vacancy rate and find new tenants fast. Whether you own a small condo or a high-end penthouse, you can use these tips to boost your marketing efforts.
Know your target audience
First things first, you need to define your “ideal tenant”. You should characterize the person who will be more likely to live in your apartment by answering the following questions:
- How old your ideal tenant is?
- What does this person do for a living?
- What is his/her income level?
- What hobbies and interests does he/she have? (jogging, art, museums, cycling, etc.)
- Does this person have a pet?
- What is this person looking for in a rental property? (Availability of parking lot, closeness to the subway station, inspiring view, etc.)
Your “ideal tenant” can be a freshman student, a bank worker, or a mom of three. Once you figure out who your target audience is, you will get an idea of how you should promote your rental property to achieve the desired results.
Focus on tenant’s needs
If you want people to rent your apartment, don’t try to convince them that your apartment is “a good one”. Instead, show your prospective tenants that your rental property perfectly fits their needs.
Let’s say your prospective tenants are a married couple. They are both freelance web designers who work remotely. They are looking for an apartment where they can organize a home office.
If you want this couple to become your tenants, you should describe your apartment as a “paradise for freelancers”. You can tell them that the living room can be easily reorganized into a home office for two. Also, you can draw the couple’s attention to the fact that your property is located in a lovely neighborhood close to the street with shops and restaurants – it’s a great place to socialize after the long work-at-home day.
Use high-resolution photographs
What do you need to grab the attention of the renters? You need to use high-resolution photos of your property taken from different angles. Preferably, you need to hire a photographer who knows the tricks of how to get the room to look larger.
Have you listed your rental property on the best listing website two weeks ago and haven’t got any calls yet? We highly suggest you take new photos of better quality to make your rental property stand out.
Use the right words to describe your rental property
What do you need to convince prospective renters that your property is the exact property they are looking for? You should describe your property in a way it will appeal to your target audience. You need to find the right words to highlight the key competitive advantages of your offering that justify the price of the rent. Here are a few tips for you to use:
- Put the most important information first. For instance, if you offer a bedroom penthouse that comes with parking, the first sentence should contain the phrase “parking included”.
- Highlight the authenticity of your property. For instance, you can specify that the living room has a marble mantelpiece and original pine floor.
- Specify which rooms were recently renovated. The word “renovated” works like a magnet for renters.
- Describe the view from the windows. If you add a phrase like “enjoy views of the Boston skyline from your living room” to your property description, you will grab the tenants’ attention.
- Use more adjectives to make your description more vivid. Instead of writing something like this “condo with a big bedroom and pine floor”, try to make your description more detailed, “spacious condo with a good-sized master bedroom and original pine floors.”
Polish your writing
Once you finish writing the description, take a minute to proofread it – correct grammatical errors and typos, if any. If you are too busy with other tasks, you can order proofreading services. Send the text to professional writers, and they will make it grammatically perfect. A well-written property description will improve your credibility and help you find new tenants quicker.
Take advantage of social media
Modern people spend more than 2 hours per day on social media. So if you want to promote your rental property effectively, it will be wise of you to leverage social media marketing tools.
Instagram and Pinterest are visual platforms, and they work perfectly for advertising apartments for rent and sale. If you create accounts on these platforms and share beautiful photos of your property and the neighborhood, you will win the attention of prospective tenants.
Use paid ad
If there is an urgency for you to find a tenant, you can use paid ad services. You can start an advertising campaign on Google, Facebook, or rental property listicles sites to make your rental offering more visible online. This way to promote a rental property requires you to spend some extra money, yet it allows you to achieve the result faster.
Use these tips to promote your rental property, and you will attract quality tenants. You will get the yields you expect and ensure that your property is “in good hands”.
Author’s bio. Jessica Fender is a copywriter and blogger at Ultius with a background in marketing and sales. She enjoys sharing her experience with like-minded professionals who aim to provide customers with high-quality services.