Rental property marketing is crucial to finding high-quality tenants and improving occupancy rates. However, property owners often make mistakes that can cost them time, money, and prospective renters.
In this article, we will discuss the top rental property marketing mistakes that property owners should avoid if they want to save costs and improve ROI.
Poor Quality Photos
High-quality photos are essential to showcase the features of a property and attract potential tenants. However, one of the common mistakes that you could potentially make is using poor-quality photos.
Pictures taken during the day with natural light will usually look much better than those taken at night or with artificial lighting. Additionally, images that are taken too far away, too close, or out that are of focus can be a huge turn-off to prospects.
Using professional photos and videos that are taken from the right angles can make all the difference. Potential tenants will be more likely to want to visit a property if they feel like they can get a good idea of what it looks like.
Not Knowing Your Target Audience
Not knowing your target audience can be a costly mistake in rental property marketing. Failing to understand the demographics, interests, and behaviors of your potential tenants can result in a low response rate and ultimately lead to vacant properties.
Understanding what motivates potential tenants and what they’re looking for in a rental property is the key to successful marketing. It’s important to conduct research to get a thorough understanding of the needs and preferences of your target audience.
From there, you can create targeted messaging that resonates with them and drives them to take action. Additionally, you can use data to identify the best channels to reach them.
Not Creating a Property Video
A video allows potential renters to get a virtual tour of the property. It can capture their attention and give them a better idea of what the property looks like. Without a property video, renters may be less likely to consider renting out the unit, especially if they don’t live nearby and can’t visit in person.
Creating a professional video tour is not easy. It’s best that you hire a property management company to create and post a property video.
Using Low-Quality Content in Your Listing
High-quality content is crucial when it comes to creating effective rental listings. An accurate description of the property, its amenities, and the surrounding area can make a significant impact. On the other hand, weak content that fails to showcase the property’s key features can hinder interest.
Ignoring the Importance of an Online Presence
Ignoring the importance of an online presence can be detrimental to the success of a rental property marketing campaign. With most prospective tenants starting their search online, having a strong online presence is essential. Here are top tips for landlords to improve their online reputation:
- Utilize Social Media: Create social media accounts for the rental property and promote them regularly. Encourage engagement with polls, reviews, and Q&As.
- Leverage Reviews: Encourage current tenants and prospective tenants to leave reviews online.
- Optimize for Search Engines: Take steps to ensure that your website is optimized for search engines. This includes using keywords and linking to other websites.
Prospective tenants often reach out to property managers through email or phone. But if they are left with no response, this causes frustration and ultimately hinders the rental process. Consider the following:
Include a Strong CTA
A good way to be responsive is to include a strong call to action in advertisements. Additionally, make sure to follow up with potential tenants when they reach out. Even if you are unable to accommodate their request, having a simple response that acknowledges their inquiry can go a long way.
You also be available to tenants through various online and offline platforms. Online platforms like social media, rental listing websites, and email marketing can help reach a broader audience. Meanwhile, offline media such as print advertising and industry publications can reach a local audience.
Overpricing the Rental Property
It’s crucial to do your research and understand the local market conditions. If the rent is too high for the market, it can potentially cause tenants to look for other, more reasonably priced options. Pricing the rent too low, however, can hurt your financial bottom line. It’s, therefore, important to stay competitive with the local rental market and set a fair price for the property.
Not Working With a Property Manager
Working with a property manager can be incredibly beneficial for rental property owners. One major advantage is that a property manager can help avoid common marketing mistakes.
Property managers at Keyrenter Richmond have extensive experience in rental property management. We understand the local rental market and have the resources to advertise your rental property effectively, both through online listings and traditional methods.
Additionally, we can handle tenant inquiries and showings, so you don’t have to. We can also handle tenant screening and move-ins, as well as maintenance and repairs. Furthermore, we understand the legal requirements of renting a property and can ensure that your rental is up to code.
It’s okay to make mistakes when advertising a rental property. However, not learning from those mistakes can be costly. That’s why it’s important to work with a professional rental property manager.
When you work with Keyrenter Richmond, our team can help you determine the best way to market your rental property. We can also help you set up a fair rental agreement, screen tenants, and address maintenance requests. Additionally, we can keep you informed about rental laws and regulations that may affect how you run your rental business.
Contact us today to learn more about our services!