A rental property can be an extremely lucrative investment. As a landlord, it is important for you to make sure your rental attracts more tenants in order to reduce vacancies. This can be done by creating an effective marketing plan that helps you maximize the exposure of your property.
Nowadays, there are many ways you can advertise your rental property. Whether it’s posting a rental listing online or advertising your property on social media, marketing can go a long way in helping you fill your vacancies and build your reputation as a landlord.
If you’re just getting started, it’s easy to make mistakes that can drive prospective tenants away. So, our team at Windermere Property Management has put together this article to guide you through the most common property marketing mistakes landlords make and how you can avoid them!
Common Rental Property Marketing Mistakes Landlords Make
Owning a rental property is a journey involving various responsibilities at the same time. Landlords are also bookkeepers, property inspectors and even marketers at times. Given that marketing has a steep learning curve, it’s easy to make mistakes when you’re just getting started.
Here are the six things you should avoid when advertising your rental property:
1. Not Adding Quality Photos to Your Listing
One of the main things tenants pay attention to while looking for a rental listing is its pictures. Also, renters usually tend to dismiss listings without pictures as they might consider the listing to be a rental scam.
So, if you want your rental listing to stand out, you must add quality pictures. Professionally taken pictures of your rental can help you showcase your property’s best qualities and increase your chances of finding great tenants quickly.
2. Not Having a Marketing Plan
A good real estate marketing plan is the key to filling your vacancies quickly. Advertising your rental property without a plan may seem alright at the moment but it can end up costing you a lot of time and money in the long run.
You don’t have to be an expert marketer to successfully advertise your rental. However, it’s crucial that you do the following things:
Check Out Your Competition: By checking out similar rentals in your area, you can ensure you’re charging the right amount of rent. Moreover, it can help you find ways to make your property stand out from the rest.
Define What Sets Your Rental Apart: Your rental listing should highlight your property’s best features. That’s why you must determine what your property’s selling points are.
Create a Budget: Rental property marketing can be costly. Whether you’re working with a marketing agency or are running social media ads by yourself, the costs of advertising can quickly accrue. That’s why it’s important to create a budget and stick to it.
Track Important Metrics: Tracking the interaction of ads you have gotten or the number of interested parties who’ve contacted you can help you determine whether your efforts are working.
Review and Adapt: If your marketing efforts aren’t paying off the way they should, you must try another strategy. By figuring out what went wrong the first time around, you can ensure success in your new campaign.
3. Writing a Long Rental Listing
Renters usually don’t spend more than a few seconds browsing rental listings. Writing an extremely long description for your listing will only drive prospective tenants away. Instead, it’s best to keep things short and clear.
Your headline should contain basic details such as the price of rent, the number of bedrooms and bathrooms, a unique feature and the location of the property. For the description, it’s best to use bullet points rather than a long paragraph.
This is great for highlighting the best attributes of your property and increasing the likelihood of prospective renters reading your listing.
4. Charging Too Much for Rent
Knowing how to price your rental property is crucial. Charging too little will leave you with a negative cash flow at the end of the month. However, charging too much can drive prospective renters away.
By doing some market research beforehand, you can set the optimal amount of rent to charge for your property, maximizing your profit.
5. Not Responding to Inquiries Promptly
Including your contact information at the bottom of your listing will increase the likelihood of prospective renters reaching out to ask about the property or even submitting an application. However, if you take too long to respond to inquiries, it can drive prospective renters away due to the lack of communication.
6. Doing It All By Yourself
Successfully marketing a rental property takes plenty of time and effort. Hiring a professional property management company like Windermere Property Management can help you ease the process of rental property marketing.
Our team of experts can not only help you effectively advertise your rentals but can also screen tenants and take care of maintenance for you. This process will help you find reliable and long-term tenants while retaining them as well.
Marketing your rental property doesn’t have to be overly complicated. By avoiding the mistakes mentioned in this guide, you can create an ideal marketing plan for your property, attracting a wider pool of potential tenants.
With the necessary expertise, Windermere Property Management will ensure that your rental is marketed properly using an effective marketing plan, reducing the risk of vacancies in your property.
Contact us today to learn more about our services!