Simply owning a rental property is not enough if you want to be making money in real estate. To succeed in the field of residential real estate, you should aim to keep your occupancy rate high and your vacancy rate low. That is why it is of crucial importance to know the best real estate marketing strategies for quickly finding tenants.
Do not worry, we’ve got you covered! In this blog, we will review four real estate marketing strategies you need to implement in your rental business in order to boost the occupancy rate.
#1 Properly Advertising a Property for Rent
Learning how to find tenants according to the real estate marketing trends is not an easy job. Tenants have become more demanding, technology has advanced and so have marketing strategies in real estate. That is why it is of crucial importance to know how to advertise a property for rent to position it on the market in order to keep your rental income flowing.
Believe it or not, one of the most successful real estate marketing strategies used to attract tenants is simply advertising a rental listing. The trick is that your listing needs to stand out. So, here are the most important parts of a rental listing and some tips to beat the competition.
In order to be on top of your rental property management game, you should know how to advertise a property for rent. All real estate marketing strategies will state that writing an inviting, catchy, and unique description of your investment property is a must. That is why we advise you to take your time, check the competition and provide an awesome description of your property.
Along with the use of attractive language, make sure you include all the vital information such as the number of bedrooms, bathrooms, square footage, etc. Write it properly according to grammar and spelling standards, and make it clear and easy to read.
Another tip for this real estate marketing strategy is to make use of the surroundings in the area. Make sure you state all the benefits of the location, such as close supermarkets, public transportation, schools, leisure activities, etc. This will certainly be beneficial when searching for new occupants of your rental property.
Besides the description, make sure you add a nice and intriguing heading, so potential tenants will click on your offer.
When speaking of real estate marketing strategies for quickly finding tenants, the visual representation of your rental property is a huge deal. Hire a professional photographer to take pictures for your rental listing if you must. Make sure the property is clean and tidy and make it feel as homey as possible. You want future tenants to feel like this might be their new home, rather than living in someone else’s.
#2 How to Market a Rental Property: Do It Online!
When marketing a rental property, you should take full advantage of the technological developments nowadays. Yes, it is absolutely true that word of mouth and local newspaper/magazine ads can help you in finding occupants for your rental. However, finding tenants online gives you the advantage of reaching a much larger group of people much faster. So, marketing a rental property online is the way to go.
There are many online real estate marketing strategies that you can implement. For example, you can use social media platforms such as Facebook to reach a specific target group of potential tenants. You can choose to advertise your investment property to a specific demographic group, selected by location, age, occupation, relationship status, etc. You can also actively advertise your property to people depending on their search history and interests. Of course, you would need to invest money in this type of real estate marketing strategy. Nevertheless, you will soon discover that finding tenants online is a much quicker and more rewarding process than what marketing used to be back in the day.
#3 Set the Right Rent Price
One of the most important real estate marketing strategies for finding tenants quickly is setting the appropriate amount of rent. Deciding on how much to charge for rent is also one of the biggest dilemmas for property owners. However, you can relax because Mashvisor can help you quickly determine how much to charge for rent.
This can be easily achieved with Mashvisor’s tools which can conduct real estate market analysis. This type of analysis helps you explore the local market and estimate the value of your rental property through rental comps.
Once you get your hands on property comps from Mashvisor, you can quickly estimate the appropriate rent as the sum typically falls between 8%-10% of the market value of your property. That is also the most important advice we can give you on real estate marketing strategies and learning how to find tenants quickly- research the local market, use Mashvisor’s help to do it quickly and effortlessly, and don’t overcharge!
To learn more about how we will help you make faster and smarter real estate investment decisions, click here.
#4 Bring Your Rental Property Management “A” Game
Another one of the top real estate marketing strategies is simply to be a good property manager. This means that you should keep the investment property in the best shape at all times. Before you start looking for new tenants, make sure there are no damages or problems with the property.
Additionally, if you really want to be making money in real estate and keep a steady rental income, you should be responsive. This means that you should reply to potential tenants immediately. If they have any questions, answer politely and in detail. Additionally, if there are people interested in the property, schedule a viewing as soon as possible and make sure the rental is in perfect shape. This means that the property should be clean and welcoming.