To be a successful investor, you need to get your rental property occupied with quality tenants. To do this, you need to have an effective marketing strategy in place.
Unfortunately, many rental property owners don’t completely understand the importance of effective marketing strategies. On top of that, they often make several marketing mistakes that prevent them from getting the right tenants for their property.
As a rental property owner, it’s crucial to know how to market your property so that it will attract tenants and generate a continuous flow of income.
Without proper marketing, you risk extending the length of your vacancy longer than necessary. Keep in mind that the longer the property remains vacant, the higher the risk for financial losses.
Thankfully, Keyrenter Premier has your back! We’ve put together this article of the top eight mistakes to avoid when marketing your rental property.
Top Rental Property Marketing Mistakes to Avoid
1. Advertising the Property Without a Proper Marketing Strategy in Place
To be successful in marketing, you have to know how to strategize properly. Decide first on how to position your property in the market. What are its most desirable features that tenants look for? Are you renting it furnished? What are the best benefits of its location and what kind of tenants would appeal to it?
Plan your approach thoroughly so that your rental home will get noticed among the rest of the houses for rent. If you don’t plan your marketing strategy well, your property will end up getting skipped by most tenants who are browsing for rental listings.
2. Not Studying the Local Market Before Listing Your Property for Rent
There’s a reason why seasoned investors do a lot of market research before they list their units for rent. Studying the market is crucial if you want to be a successful rental property owner. Analyzing the market lets you understand the rental demands in your area, helping you plan how to position your property so that it attracts quality renters.
To study the market, you need to analyze the rental comparables in your area. These are similar listings with almost the same size and features as your property. You can also check what amenities appeal to tenants, so you’ll know how you can improve your property which will help increase its value.
3. Targeting the Wrong Audience
Another reason why studying the market is essential is because it allows you to target to the right audience. Many rental property owners make the mistake of targeting everyone.
For instance, it would be a mistake to market your downtown rental as family-friendly. This kind of area appeals much more to young professionals.
Knowing what type of audience your property will attract the most can help you position your rental home in the market strategically.
4. Pricing Your Property Incorrectly
Sometimes, rental property owners don’t know the real value of their rental property, so they end up pricing it wrongly. This mistake can cause missed opportunities—for instance, if you price it lower than its value, you’ll miss an opportunity to earn better returns.
On the flip side, if you price it higher than you should, you’ll miss out on opportunities to get it rented right away.
5. Using Poor Quality Photos
Pictures speak a thousand words, and when it comes to advertising, it could do a lot more.
Successful rental property owners set aside a budget for professional property photos because they know that this will translate to better results. Renters nowadays look at photos first before they even bother to read the description of the properties for rent.
If you want your property to stand out, you have to ensure that your marketing photos are attractive enough and that they highlight your rental unit’s best features.
6. Only Listing Your Rental on One Channel
The great thing about advertising these days is that it is now possible to reach a wide pool of audiences because of the different platforms available.
However, some rental property owners still make the mistake of not utilizing their available resources to the fullest. If you only list your property on one platform, you risk not reaching other more qualified tenants.
Make sure to check which platforms are sure to generate the best results, and try to use more than one channel to ensure maximum exposure.
7. Not Monitoring Your Results and Adjusting Accordingly
When you advertise your property for rent, you should monitor the results and see how many leads you got after a week or two.
If the results are not satisfactory, then you should know how to adjust your marketing strategy to get you the results that you want. See if changing photos, updating the advertising copy, or switching channels can help you generate better leads.
8. Doing Everything on Your Own
Marketing requires a lot of skills and knowledge of the local market. If you choose to do this on your own, you might end up wasting a lot of time, money, and energy and still not getting the results that you want simply because you lack the necessary marketing skills.
To get the best results without the added stress, it’s recommended to work with a professional property manager.
Why Hire a Professional Property Manager?
Property managers, such as Keyrenter Premier, have the right knowledge about the local market, and they can help you get your vacant property occupied as soon as possible. Not only that, but they also know how to attract highly qualified tenants at a price point that ensures maximum profitability.
If you have any questions about how to market your property don’t hesitate to contact us! Our team will be happy to offer our insight and expertise.