If you have invested in a multifamily property, one of the most critical elements that can help ensure good and stable tenants is marketing. If your property gets the necessary visibility and exposure, and if you can meet the expectations of your tenants, you will likely continue to get reliable tenants.
Marketing is crucial because even if you have a great property, nobody will know it unless you communicate this to your target audience.
You’ll want to make sure you display your property on your management website as well as market it on rental listing sites.
Here are some tips on marketing your rental property:
- Upload great images of the place
Images can have an enormous impact on prospective tenants. Obtaining great images of your rental property is thus essential for a marketing campaign. While some people have significant expertise in photography, if you are not well-versed in this art, you should hire a professional photographer who can take photographs that would really enhance your place.
However, make sure before this session takes place that your property is clean, with proper lighting and in tip-top shape. There is no harm in using image software to polish your images, but do not create anything that would convey a false impression.
Always market what you have and don’t make claims that you won’t be able to fulfill as they can backfire in the long-run.
- Create a walkthrough video
Another great way to market your property is to create a walkthrough video. Again, this is best done with assistance from a professional photographer. Walkthrough videos have now become the standard in real estate.
There is no replacement for an actual showing, but videos offer several advantages. You can post the link of the video on real estate listing websites and your own website and you can use the link in your promotional emails etc. Make sure your video is dynamic and creative.
You don’t want to show empty rooms. You should make it real and relatable for example you could show people around the pool or a family having a barbecue in the garden. This is part of the marketing process.
- Highlight the neighbourhood
Whenever you design a marketing campaign for your rental property, it is important to also focus on the surrounding area. Most prospective tenants want to know what the neighborhood looks like, the types of homes in the vicinity, the type of people (young families, seniors, middle income, rich etc.), any schools or daycare options nearby and main streets.
You need to liven up the local community so that the prospective tenant can identify with the surroundings and feel comfortable. Make sure you provide an accurate description of the local community. Do not exaggerate things because in today’s Internet age, almost everything can be verified at the touch of a finger.
- Start asocial media campaign
Social media is one marketing medium that is used by almost everybody today. Whether its Facebook, Twitter, YouTube, or Instagram, millions of people flock over on social media sites to discuss everything – from TV shows to movies to restaurants and real estate.
Social media platforms can be a great marketing tool. The more effort you put into it, the greater the rewards. The first step is to create a social media page where you can post updates about your rental property. You can also groups which promote real estate. The key to social media marketing is to engage politely, respond promptly, and provide accurate information.
- Maintain an offline presence
Despite the availability of the internet, you still need to have an offline presence. Invest in some high-quality signs and place them at strategic locations. Many prospective tenants drive around the streets looking for a place to rent, and your sign may prove to be a magnet.
Make sure the sign is visible and has clear text with your contact number. Have a rental office where tenants can come once you book an appointment, and also where you can hand them the necessary paperwork. A professional offline presence is critical in the rental business.
These few tips apply to all types of rental properties – whether it’s a small condo, a multi-family home or an apartment/townhome complex. The key to making your mark and to ensure that your property is never vacant is to maintain it properly, market it effectively and screen for tenants properly.
Remember, you might be the one marketing yourself to find the right customer; but when it comes to rental properties, you also have to make sure you attract the right type – tenants who are reliable, financially stable and honest.
You just don’t want to rent out a property for the sake of renting it out. You want to rent it out to the right people, and if you market your property the right way, you can find the right tenants quite easily.