Rental Property Marketing Mistakes
Limiting your property vacancies is essential if you want your rental property to be profitable and produce a steady income. To ensure you can fill a vacancy as soon as possible, you have to advertise your property and attract new tenants. You don’t want your property sitting vacant while others in the neighbourhood are rented out.
Marketing your property can be difficult, which is why Leenan Property Management has put together this guide to help property owners learn about common marketing mistakes they might not even know they’re making when marketing their property.
Providing Incorrect or Insufficient Information
You want to make sure prospective tenants get all the information they need about your property. Forgetting to disclose policies on pets or miscalculating square footage can be big mistakes when it comes to property marketing. You want to give tenants more info than just the address and the number of bedrooms.
You must provide complete, accurate, and up-to-date information when you market your home. Give a succinct description of your property, highlighting its best features and nearby attractions. Make sure there are no grammatical or spelling mistakes in this text.
You will get prospective renters interested in your property by describing special features. You never know what details will seem most attractive, so it’s good to mention specific things like a working fireplace or a large balcony.
Targeting the Wrong Demographic
To be successful in marketing, you must be able to pinpoint your target market and speak directly to them. Broad, all-encompassing strategies are rarely successful since the messaging is ineffective, and you wind up losing time and energy.
Spend time conducting market research to determine the precise demographics that would be most interested in your property and develop ways to appeal to them. For example, if you own a building near a university, your prospective tenants will likely be students. Consider including the cost of utilities in the rent to make your property more attractive to busy young adults.
Not Including Quality Photos
Photos are a major aspect of property advertisements that catch potential tenants’ attention. Using low-quality images or failing to include them at all can negatively impact how successful your marketing is.
Whether you hire a photographer or take images yourself, you want the photos you use to be clear, high-quality, and comprehensive. Include images of each room in the house and take close-ups of things like special features or new appliances.
Also, make sure you take exterior shots in addition to interior photos so that tenants can see the size of the outdoor space. With great photos, prospective tenants can see the details of your property before they set up an in-person viewing.
Not Having Online Reviews
For every business to succeed, testimonials and reviews are essential. Before contacting you, tenants frequently read reviews and suggestions. People may be hesitant to work with you if they can’t see your professional history. Ask your previous clients for testimonials about your services. You can publish these reviews on your website, social media accounts, and all other marketing platforms.
Testimonials can also influence your search engine rankings in addition to improving your reputation. Google will rank you better when you have more reviews. Having a large number of positive reviews will also offset the impact of any unfavourable ones that may exist about you or your business.
Disregarding Print Advertising
You might think that print advertising is obsolete in the era of Facebook and Zillow. While it’s important to create online advertisements, you may still attract tenants through offline and paper advertising.
Print is still reasonably priced, and since fewer property owners use print these days, you can attract clients easily. Putting up a For Rent sign is cheap and might bring you the perfect tenant. Of course, just like with online marketing, you need high-quality designs if you want your phone to ring from your print marketing.
Not Focusing Enough on Your Web Design
Whether you have a company website or are just creating individual advertisements for your properties, you want to make sure your web design is solid. For online ads, have high-quality photos, clear descriptions, and details on how to contact you.
If you have a website, know that your company's website is its public face, and whether or not it interests prospective clients depends, in most circumstances, on how it feels and looks. Build a quality website by spending money, time, and effort on it.
It can be hard to learn web design in a short period of time, so you may want to hire a web or graphic designer to handle it for you and create websites, ads, and landing pages that are informative and interesting.
Lacking a Marketing Plan
Make sure you have a solid marketing strategy before you start your property advertising campaign. Not having a plan is a common marketing mistake. Once you’ve created your listing, you can’t just post it on Facebook Marketplace and hope to find your dream tenant.
You should plan to publish the ad on multiple sites and keep up with communications on all of them. You might even want to consider sponsoring a few of your advertisements if you want faster results.
If you want to save time and stress, consider hiring a property management company to advertise your property. Property managers have the experience and knowledge to market your property successfully and fill your vacancy with awesome tenants quickly.
Plus, the help of property managers doesn’t end with filling vacancies. They’ll communicate with tenants for maintenance requests, rent collection, and property inspections. Stop worrying about your marketing plan and start enjoying your days without the stress of self-managing.
Now that you know more about some common rental property marketing mistakes, you can avoid them the next time you have a vacancy. The experts at Leenan Property Management will be happy to help if you need assistance with marketing your property. Our knowledgeable property management team knows the most effective marketing strategies to help you reach prospective renters and maintain market competitiveness.
If you have any inquiries regarding our exceptional services, please don't hesitate to get in touch with us. We are always happy to assist!