Finding tenants isn't always a walk in the park. When rental demand in New Port Beach, California, hits a slump, rental houses like yours can stay unoccupied for several months on end. It takes a landlord with a sharp mastery of property marketing to fill up their rentals in such a tough market.
Unfortunately, like the vast majority of rental property owners, you probably don't know much about real estate marketing. Luckily for you, this article has a couple of tips for marketing rental houses. Dig in!
Know Your Target Tenants
Your rental property is available to most people who can afford it, but if you look closely, there's a specific demographic that tends to rent it. For example, if the property is located in a college town, there's a high probability that most of your renters are students.
When you know who your target tenants are, you're in a better position to choose the most suitable marketing techniques. If your target market comprises young renters, for instance, you wouldn't want to advertise it on social media channels that are popular with younger users.
Referral Marketing
Referral marketing is ideal for landlords who have a multi-unit building. If you already have some tenants, they could also be the source of the renters you need to fill up the properties. You just need to know how to make the most of them.
Ask them to refer your vacant units to their friends who might be interested in renting. Throw in an incentive to motivate your tenants. For instance, a successful referral can earn the tenant 10% off the next month's rent.
If you're a good landlord and your property is well-maintained, your tenants won't have a problem becoming your referral agents.
Rental Property Listing Websites
There are established platforms that renters use to find their next rental house. Local property management firms also offer listing opportunities.
Listing your properties on these platforms can help you find your next tenants. Apartmentlist.com, for example, is a popular platform with millions of active users. A listing on the website will give your property good visibility.
Digital Marketing for Landlords
From social media marketing to search engine advertising, there are several digital marketing methods you can use to advertise your rental. On social media, you can make organic posts on your profile, or run paid ads.
Property advertising on search engines is effective, but you need to know how to do keyword research and optimize the ads. It's advisable to hire a digital marketing expert to help you implement the plan.
Property Marketing in a Tough Market
Property marketing is a useful skill every modern landlord should master. When the market becomes competitive, you'll be able to keep your property occupied.
If marketing doesn't sound like something you can hack, worry not. You can hire a full-service property management company and it will take care of all your duties, including marketing.
In New Port Beach, PMI First Choice Property is your trusted property services partner. Our mission is to maximize your rental income, just as we have done for thousands of clients.
Contact us to speak to a real estate professional.
