You may be excited about renting out your property and getting into the real estate investment market as a property owner. To get into this kind of business though, you can't just put up "For Rent" signs on your rental units and hope for the best.
Your success as a real estate investor always depends on how you attract quality tenants and market your property listings.
If you want to find and keep good tenants for your rental property, you need to market it well. The goal is to find tenants who will stay longer, take better care of your property, and make your job as a landlord easier. As a real estate investor, you know the rental market is getting more challenging each year, so you need to improve how you sell your rental home.
In this guide, we'll explain everything you need to know about property marketing strategy to keep your rental units full. Let’s get started!
1. Understand Your Target Market
We must begin with the most crucial aspect: familiarizing yourself with the potential tenants in the area and identifying your buyer’s persona.
Who are Your Ideal Tenants for Your Rental Property
Identifying your ideal renters should be your first step. Are you aiming for families, students, or young professionals? Figuring out the demographics and needs of your ideal tenant is how you formulate a buyer’s persona. This persona will inform how you market your rental property.
Your rental marketing efforts will be more effective if you know who you want to reach by researching demographics and market trends in North Carolina.
Know Their Preferences
What’s on your prospective tenants’ wish lists? Maybe they’re all about having a home office space or proximity to the best coffee shops. Identify these preferences and use them to make your property irresistible.
2. Craft a Compelling Rental Listing
After learning the possible interested tenants in your area and the audience you want to reach, it's time to craft a catchy property listing. Here are some tips on how to achieve it:
Show High-Quality Photos
They say first impressions last, so you should always aim for the best photos for your rental units. Spend money on professional photos to show off the best parts of your home.
It's much easier to get tenants interested in your property when the pictures of each room are clear and bright. This often makes tenants feel more secure that the property is well taken care of and you have nothing to hide.
Write Detailed Descriptions
When you list your rental, it should have more than just a list of features. Tell them everything they need to know about your rental units, such as:
- Location
- Contact information
- Monthly rent
- Amenities
- Security deposit
- Property category
- Neighborhood
If you provide potential renters with more details about your units, they will have a better idea of what to expect when they live there.
Price Your Rental Units Right
Set a rental price that reflects your local market. Too high, and you’ll scare off tenants; too low, and you might miss out on potential income. Research similar properties in your area to find the sweet spot.
3. Utilize Online Marketing Channels
Online marketing channels can offer you various business benefits, so make sure to try these:
Create Online Listings
After you craft a compelling property listing, you should utilize all online listing sites, like Zillow, Facebook Marketplace, and Craigslist. This can give your property more online visibility when renters search the web.
Reach a Wider Audience through Social Media
You can also post about your rentals on Twitter, Instagram, and Facebook. You can also join groups and forums in your area where renters usually search for available homes.
Capitalize on Paid Advertising
If you want more people to see your rental home, you might need some extra push by spending money on ads. This can help you target specific groups of people and improve your chances of getting good leads.
4. Leverage Your Offline Marketing Techniques
Although online marketing is popular nowadays, you can also optimize your offline marketing strategies.
Make Your Rent Signs Visible
A well-placed “For Rent” sign can catch the eye of people driving by. You also have to install clear, professional signs with contact information that can easily attract potential clients.
Host Open Houses
Having an open house lets people who might want to rent the home see it in person. Just make sure that your property is in great shape and ready for prospective tenants during the event.
Partner with Local Businesses
Establishing partnerships with local businesses in your city can also help promote your rental property business. Whether it's a community center, gym, or coffee shop, they might have some guests who are interested in renting a property in your area.
5. Engage with Potential Tenants
When someone inquires about your rental property, the best practice is to respond to them promptly. This can also give them the impression that you are a responsible and hands-on owner.
6. Measure and Adjust Your Marketing Efforts
Since the rental property market keeps on changing, you also have to know how to adjust based on your potential client's needs:
Know What Works
You can find out which of your marketing methods are working if you keep an eye on your success rate by using tools and analyzing data.
Be Flexible
Changing your approach based on your data and market analysis helps you stay ahead of the competition and attract better tenants.
7. Utilize Property Management Services
Property managers are the best people to help you in marketing your home while taking care of your rental home. It's best to hire one to ensure that your business is in good shape all year round.
Partnering with a property management company is also great if you want to streamline your rental home business while living in another state or city.
Get Cutting Edge Marketing Tactics for the North Carolina Rental Market!
Marketing rental properties is all about using the right strategies to attract the right tenants. If you know your target market, you can find quality tenants and fill your unit's vacancy more efficiently.
Doing all of the marketing for your rental property business while also overseeing it can take a lot of your time. That time investment is reduced dramatically when you partner with property management experts like Flagship. Plus, you can secure more rental income for your business!
Flagship Rental Group is here to help your property get noticed in North Carolina’s competitive rental market. Our marketing services include:
- Proper use of social media tools for your listing
- Proper use of internet listing sites to maximize your exposure
- Quality photos (edited is better)
- Walk-through Videos and 3D Tour (Included in Owner Benefit Package)
These are all included in our 9-step Marketing Plan that will help you build good reputation and acquire high quality tenants.
Check out more of our rental property marketing FAQs and services from Flagship Realty Group to take your property business to the next level!
