One aspect of succeeding as a landlord is avoiding property vacancies. Rental properties that sit vacant for more than a few weeks can significantly eat away at your income. If you are experiencing tenant turnover, you might want to consider re-assessing your marketing strategy. Creating interest and attracting potential tenants quickly is how you end up with an occupied rental space.
But, in the quest to find renters quickly, some landlords make common mistakes when marketing their properties, which can result in longer vacancies. The good news is that the experts at Pinnacle Property Management are here to tell you how to avoid and resolve common property marketing mistakes.
Why is Rental Property Marketing Important?
It’s rare to own a rental space that doesn’t require focused marketing to find renters. To attract a large group of prospective tenants and select a quality renter, you need to perform strategic marketing. It can require a ton of effort and lead to costs, but if you consider it part of the investment of finding quality renters, then the marketing is worth the time it takes.
Here are eight common rental property marketing mistakes landlords and investors can make:
1. Not Having a Cohesive Marketing Strategy
As a property owner, you need to be clear on the direction of your marketing. Who is your target market? What are the best amenities of your rental that you’ll use as a selling point? What are your goals when launching an advertising campaign?
To be effective at rental property marketing, you need to deploy techniques focused on a unifying strategy. Without that, it will be a challenge to know where you’re going and what approach you’ll be taking. Take time to analyze your core marketing strategy and create a solid plan.
2. Targeting the Wrong Audience
All marketing campaigns start with identifying your target market so you can work out how to respond to their needs. If you target a general audience, this can drown out your marketing message. This leads to spending a lot of your energy and time without getting the results you want.
It’s advisable to narrow it down to a single demographic. It helps to do some proper market research first so you have a better idea of the type of renters that are suitable to what your rental home offers. Then, you can brainstorm strategies to find these potential tenants.
3. Using Too Many Tools
There are plenty of marketing tools available on the market but not all of them will suit your process. Some are automated with key elements to make the marketing process run smoother.
However, being saddled with too many tools can end up being expensive and confusing. If your marketing direction is scattered, this can lead to more efforts that complicate your advertising plans. Narrow down your tools and use those that give you the best results.
4. Only Using One Marketing Channel or Method
You can advertise on a social media platform, market in classified listings, use multiple rental listing sites and try direct email marketing. Only picking one technique can be ineffective if you’re trying to get your rental property more exposure.
Go for a multi-channel approach and enjoy the results when you maximize the power of each channel at the same time. This provides you with a wider reach, increasing your prospective tenant base.
5. Doing It All Yourself
Deciding to do marketing on your own without solid experience to back you up can be a major mistake. It’s best to seek the expertise of professional marketers and other creative experts in different fields, such as photography, design, or writing.
Working with a trusted property management company is also an excellent option. They will properly guide you through the marketing steps to take and give you full support throughout the entire property marketing process.
6. Using Low-Quality Images
Images are one of the most important parts of marketing your rental property. High-quality photos allow prospective applicants to picture themselves living in your rental property. Photos can sometimes make or break the decision to set up a viewing.
Well-written copy ties up a story in an ad but photos are arguably more important. If you fail to provide good pictures and a sufficient number of them, you can risk having your rental ads ignored.
If you can, invest in a great photographer who knows how to take powerful photos that showcase the best that your property has to offer. Otherwise, you can take decent photos on your smartphone. You can also include a video tour of your unit for some added benefit. You’ll have a better chance of attracting more interest.
7. Writing Generic Copy
To stand out from a sea of similar rental listings, try your best to offer something original. Scan the rental ads for properties in your area and you’ll notice the same words are used frequently. You want to stay away from these phrases that may have sounded charming at one point but now sound tired and cliche.
Even though the copy doesn’t inherently produce a negative reaction, its dullness leads to a lack of reception. To avoid this lukewarm reaction, it's best to take time crafting a copy that works and engages the attention of more prospective renters.
8. Not Adjusting Your Marketing Tactics
When launching your marketing ads, you need to monitor the results closely. If you fail to see the results you anticipated after a few weeks, then you might need to tweak your strategies and marketing copy.
Sticking with the same ad is useless if no potential tenants have called to request a property viewing. Keep adjusting your marketing tactics until you get the results you want. Try other advertising channels, marketing techniques or change up your property photos.
Should You Hire a Property Manager?
A lot of issues can come up when you market a property on your own, not to mention all of the other challenges that come with self-managing a rental property. Remember that you always have the option of hiring a reputable property management firm like Pinnacle Property Management!
We will not only help you market your vacant unit but also screen tenants, maintain your rental space in outstanding condition and collect rent on time, every month. Contact us today to learn more about all of our property management services!