How you market your rental property strategy can make the difference between success and failure. Although about 58% of households in Richmond, VA, are renting, maintaining high occupancy rates can be a major challenge for property owners.
As a landlord, though, real estate marketing isn't your strong suit. Plus, you might not have the time or tools to design and implement the strategy.
To help you get started on a strong footing, we're sharing some rental property marketing ideas you can borrow!
Let's find those high-quality tenants!
1. Know Your Target Market
Your rental property is available to any renter who passes your screening tests. When it comes to marketing, though, it's crucial to know who your ideal target renter is.
Location and the nature of the property are the main factors that will determine your target market. If the property is located in a college town, for example, your renters will primarily comprise young adults. If it's in a retirement community, your renters will mostly be senior citizens.
Your target market will influence your marketing strategy. If your renters are Gen Zers, you must use marketing platforms and content that resonate with them.
2. Launch a Digital Assault
A recent survey revealed that 80% of renters in the U.S. use the internet to search for rental houses.
In business, the rule of thumb is to be where your customers are. Your prospective renters are going online to look for a rental, so your rental needs to be visible online.
How do you pull this off? Digital marketing is the answer.
Search engine marketing, social media marketing, and email marketing are all online marketing strategies you can use to build your rental's web presence. A good digital marketing strategy combines all these methods.
You can outsource the job to a digital marketing agency.
3. Don't Underestimate Word-of-Mouth Marketing
In a digital world, it's easy to forget about the effectiveness of word of mouth. To this day, nothing beats a friend's recommendation. If someone's looking for a house to rent and a close friend knows about your property, they'll likely recommend it to them.
To make the most of word-of-mouth marketing, you need the help of your current tenants. If you're an awesome landlord and your rental property ticks all the boxes, your tenants can become your ambassadors, spreading the word about your property to prospective renters in their social circles.
However, being a great landlord alone isn't enough to convert them into your marketing agents. Incentivizing them goes a long way.
For example, you can offer a rental discount to a tenant when they successfully bring in a new tenant!
Use Property Marketing to Find Great Tenants
Property marketing will help you find tenants in a tough market. It will ensure your rental listing gets maximum exposure to your ideal target market. Implement these tips and you'll see the results.
But if you want to see even better results, hire a property management company.
Renters Warehouse is a Richmond-based property management firm offering a range of services, including tenant screening, property accounting, and marketing. We're ready to get to work and help you find the best tenants for your property.
