Renting out property can be a great way to build wealth and generate income. However, it is not always as straightforward as it seems. One of the biggest challenges landlords face is successfully marketing their rental properties.
There are many mistakes that landlords make when marketing their rental properties. Not only do these mistakes cost money in lost rental income, but they can lead to a longer vacancy period.
In this article, we will share the top 10 rental property marketing mistakes and how you can successfully avoid them.
Marketing a property can be a difficult task, especially for new or long-distance landlords. Without property guidance, you’ll miss out on marketing success! Avoiding these mistakes will not only save you money, but it will ensure you find a quality tenant quickly!
Here are some common rental property marketing mistakes you should avoid:
Marketing your property involves strategy! You have to think beyond posting an ad on a listing site or sticking a “for rent” sign on the lawn. The best marketing strategies chart out a plan using both traditional and modern marketing tactics.
The first step is to get quality photos and videos of your property. You should then use a combination of online and offline methods to spread the word. This includes:
Finally, make sure that you are consistently tracking the effectiveness of your marketing efforts. Keep track of inquiries and conversions to ensure that your efforts are yielding the desired results.
If you are new to property marketing, it is a good idea to partner with a property management company. They can help you set up a quality strategy and market your property in a way that will bring you success.
It is important for landlords to provide accurate and complete information when listing their rental properties. Incomplete or inaccurate information can deter potential tenants from scheduling a viewing.
When writing a listing, make sure to provide all relevant details about the property. Highlight features that tenants look for such as if the property is furnished, if there’s parking, or if you allow pets.
Also make sure that you provide all the information in an easy-to-read format. Making a clear and complete property listing will not only draw in potential tenants, but it will attract serious tenants who are interested in what your property has to offer.
Price is a deal-breaker when it comes to rental properties. Pricing the property fairly will attract potential tenants, whereas overpricing a property can be a deterrent to those with a budget. Additionally, fairly pricing the property means it spends less time on the market.
Research the local rental market and set a competitive price. You can justify the price by offering amenities and features that boost rental appeal.
You should also be flexible with negotiations and discounts. Offering discounted rates for long-term tenants over short-term tenants can help attract high-quality renters. Even small discounts like waiving certain fees, may encourage potential tenants to sign up more quickly.
The quality of your photos matters a lot when marketing your property. Poor quality photos or outdated images can turn potential tenants away. Photos of your property should be of the highest quality, properly lit, and show off everything your rental has to offer.
A great way to take quality photos is to hire a professional. Professional photographers know how to take photos that are aesthetically pleasing. They also know how to use proper lighting and angles to showcase the property’s best features.
However, you can also take quality photos with a smartphone. Try taking photos with natural light, and make sure the space is clean. Seek advice from experts at Halcyon Real Estate Services about how to use quality photos to your advantage.
Another mistake that many inexperienced landlords make is not taking advantage of the power of online marketing. Digital marketing is a great strategy to use to expand your pool of tenants.
Having a strong online presence is essential to gain exposure and reach potential tenants. You should take advantage of social media platforms by posting pictures and virtual walkthroughs of your property. You can also create a paid campaign to boost your visibility and target potential tenants.
There’s no point in having an online presence, if you are not engaging with potential tenants. You should respond to all inquiries quickly, and be friendly and informative.
Responding to all inquiries is a crucial step in being a full-time landlord. If you are transitioning from part-time to full-time landlord responsibilities, make sure to carve out time to respond to inquiries.
Additionally, remember that potential tenants are evaluating you and your property during the search process. If you come off as unresponsive, unhelpful, or unprofessional, they will likely move on to another rental.
Answer all their questions accurately and if they request a tour, be sure to take time to show them around. You can also share videos of the property to help potential tenants get a better sense of the layout and amenities.
A major mistake landlords should avoid is not writing engaging copy. Your listing should be clear, concise, and attractive so potential tenants can get all the information they need in a couple of minutes.
Writing an attractive listing isn’t as hard as it seems. Start by highlighting the best parts of the property, such as its location, amenities, and special features. Then move on to include all the necessary details, such as the number of bedrooms, bathrooms, and the square footage.
Add some photos of the property, as well as a brief description of the neighborhood. Encourage potential tenants to get in touch by adding your contact information.
Rental property marketing mistakes can be costly and time-consuming. That said, there is no way to avoid it. Instead, it pays to invest a little more time upfront to make sure you’re doing everything correctly.
If you want help marketing your property. Halcyon Real Estate Services offers comprehensive services, including marketing and advertising. We create a customized marketing plan for your rental property. Contact us today to learn more!