How to Market Your Rental Property to Attract the Right Renters
August 12, 2020 / by Hignell Property Management Team
It stands to reason that you will want to market to reliable residents that are hopefully willing to live long term at the property. A “for rent” sign is the simplest form of marketing that you can do for your rental property, but it's not always the most effective strategy. If you're looking for ways to market your rental property to a targeted group of people, then there are some strategies that you'll want to do.
Know Your Demographic
The first thing you'll want to do when target marketing is to know your demographic. Your focus should be on your ideal renter: people that have certain qualities you're looking for who also live in the area of your rental property. For example: college students or working professionals? Singles or families? While you can't discriminate, you can focus your marketing efforts.
Charge the Right Rent
Market prices are constantly changing. In order to fill your rental property, you need to be on top of how quickly rents are rising or dropping and set rental rates that are fair and reflective of the current market. While you want your rental rate to be comparable to similar properties in your area, it's also important to remember that certain rates attract a certain caliber of people. Which is why it's important to know your market and understand the type of people your investment property will attract.
Highlight the Right Amenities
An effective strategy is to market the benefits of the rental property, not just the features. For example, if your ideal renter is a young family, don't just focus on your property having 3 bedrooms and a backyard, but highlight the fact that the 3 bedroom house is near to schools, nearby parks, and in a kid-friendly neighborhood.
If your target audience is people new to the area, you might want to consider local amenities such as transportation options, safety or local attractions. These are the things that people want to know about before moving to a new area.
Utilize Social Media
Take your strategy to the next level and market on social media. These platforms reach people all the way around the world if needed. You can even target market to specific demographics when developing your ads for them to run. You can post pictures and answer any questions that people would have about the property. It's a great way to let people view the property when they can't physically be there, and provides a clear way to communicate with others.
Spread the Word
Word of mouth referrals is a great way to spread the news about your rental. Talk up your rental property to others around the community. For example, tell the shopping clerk that your property is for rent, and they might just pass along your information to someone they know.
The big mistake that some property owners make is not being known in the community. Let the neighbors know who you are and get involved with a local business organization such as Rotary. You may also want to consider sponsoring local non-profits or volunteering at community events to get your name out there. The key is making sure they align with the type of people you want to attract to your investment property.
The idea behind effective marketing is to operate proactively instead of reactively. Your rental property is more than just a property. It is your key investment for your company and someone's future home. Without a resident paying rent, there is no income to fund the rest of your ventures. A good marketing strategy involves you being part of the process. But once you have done the work, you'll find the right person to rent your property.