When it comes to rental property…
Time is money!
Every single day your property sits vacant cash is being burned.
As a result, it’s critical you have a plan in place to minimize turnover and attract new (quality) tenants.
There are two ways to do this:
- Lease renewal strategy
In this post, we’re going to focus on 8 marketing strategies you can use to successfully market your rental properties, reduce vacancy and maintain positive cash flow.
Proper preparation is key. First, make sure contracts require tenants to give 30 days notice prior to vacating. This will give you enough time to execute the marketing strategies listed below.
#2: Lease targeting
Every market has a “hot season” and a “not-so-hot-season” to rent properties. When it’s “hot season” rentals are filled before they’re vacant, but during the off-season, vacancy periods usually increase. The key is to coordinate lease end dates with the “hot season.” By doing this, you create a system where tenants are moving out right when others are looking to rent. Note: A month-to-month lease takes away the ability to target a lease end date.
#3: The right message
There are plenty of ways to market a property, the success of which is dependent on the message. Make sure the copy used in your marketing materials is as appealing and attention grabbing as it is informative. Get the most enticing information out front and put it in the headline.
Use relevant adjectives to describe key features of the property. Words like “beautiful” and “amazing” aren’t as effective as something like “spacious”. Include a comprehensive list of all the property’s main features such as free utilities, a private washer and dryer, or close proximity to popular destinations or practical spots like grocery stores and metro stations.
Use quality photos and virtual tour videos to help prospective tenants visualize themselves in the property.
#4: For Rent Signs
They’re old school…
And they WORK.
For Rent signs are a relatively cheap way to capture the attention of prospective tenants as they are walking or driving by the property.
Tip: Stay away from cheap hand written signs. Invest in a professional design and don’t be afraid to include visual cues like bright colors or balloons to draw more attention.
#5: Build an email list
An email list is one of the most valuable assets any business can own. It allows you to directly and personally communicate with leads and customers.
Here is an example on our website:
As people read to the bottom of the rental listings page a form slides into the page asking the reader if they want to be updated each month about the new listings.
This is a powerful strategy because you’re building a targeted audience of people who are actively searching for a place to rent.
But, what if people aren’t looking for a place to rent when you send the email?
Give subscribers the opportunity to forward the email to a friend or relative who might be:
#6: Internet Services
More than 80% of renters start their search online!
It’s important to list your properties on popular ILS sites like Zillow, Trulia, realtor.com and Craiglist. These sites are crawling with hundreds of thousands of prospective renters every month.
If you have a website, consider investing in a local search campaign to rank for relevant search terms:
Ranking for targeted search terms could send hundreds of qualified leads to your site.
#7: Newspaper Ads
Check out the local popular papers in your area and get a listing in the classifieds. Many papers duplicate their content, including their classifieds online on their website, so you can get two birds with one stone here. Also, try to find any independent neighborhood papers or specialized distributions like college papers that you can use to your advantage if you’re catering toward a specific demographic.
Locations like grocery stores, coffee shops, community centers, and laundromats are all great choices.
#9: Property Managers
Do you have a large property portfolio?
Don’t want to deal with the hassles of being a landlord?
Recruit the services a professional property management company. For a 6-10% commission on your rental income, the company will market your properties, build a lease renewal strategy, screen tenants, perform maintenance, evict trouble tenants and more.
About the author:
Jesse Miller is a Los Angeles based technology and lifestyle writer. He is a current regular contributor to Just Rent To Own on topics ranging from market watch, city spotlights, and how-to guides for home improvement.