When new rental property investors first start out, they often overlook one key aspect of the business. Marketing your rental property can be challenging if you’re new to investing or feel overwhelmed by all the buzz-word tips and tricks out there about how to be effective. The bottom line is, you have a budget to stick to and a vacancy to fill. You just want to know what to advertise, where to market, and how to develop a marketing strategy that will work for you ongoing. You’re in luck. This is the rental property marketing tips list you need to print out and keep handy. Follow these suggestions, and you’ll have resident applications pouring into your inbox.
1. Prep Your Property for Digital Showings
Start by creating a portfolio of images that best represent your property. You can hire a professional photographer if you have the budget to do so. But you can also get started with some natural light and a cell phone. With your property in its best condition, free of yard debris, stained carpet, or chipped paint, take a walk-through with your camera of areas prospective residents look for first. Flood the spaces with natural light and stage what you can for effect. A shot of a kitchen nook with your laptop and coffee mug can inspire someone else to imagine themselves enjoying that same space. Fresh flowers on a kitchen island can add a splash of color, too.
Do your best to get the best-looking shots of these key areas:
- Each bedroom and bathroom
- The kitchen and appliances
- Dining room areas or dining nooks
- Living and family rooms
- Outdoor from the street
- Outdoor to feature the yard, patio areas, or balconies
These fresh images can serve as your library of assets, perfect for use in ads, on social media, and to share digitally wherever someone expresses interest.
2. Drafting the Perfect Ad
When it comes to officially listing your rental property vacancy, words matter. And the most important aspect of any online ad, wherever it may live, is the headline. You want it to be short and not too wordy. But you also want it to stand out from a crowded results page full of other vacancies. There are plenty of tips about how to craft yours, including the genius use of emotion-inspiring adjectives. Use terms like “warm” and “inviting” to describe your rental. And you can follow this sample formula if you get stuck.
Rent Price + Bedrooms + Bathrooms + Property Type + Location + Incredible Feature
Using this formula to help devise your rental property ad heading will ensure you consistently provide the most relevant details upfront in a captivating way. Your ad might read something like…
$1,000/Month – 3 Bd, 2 Ba, Single-Family Home in Bethlehem with amazing views!
Follow up with a short description of what your property has to offer, drop in a few of those corresponding pictures you took, and you’re all set!
3. Generate Buzz Before the Vacancy
Here’s a rental property marketing tip you should keep handy as a new investor. The goal is to generate buzz about your vacancy before you actually have a vacancy. Don’t wait for residents to move out to start marketing. Instead, start running those ads ahead of time and keep them interesting with phrases like “coming soon” and “you don’t want to miss out.” This strategy can also be great to help build waiting lists of interested residents who want to be contacted the second you have another vacancy.
4. Asking for Referrals Can Be Great ASAP Solutions
If you’re in a marketing pinch with a vacancy that needs filling immediately, you can always turn to past residents or your own network on social media to ask for referrals. Get the word out, maybe with a sense of urgency, about a vacancy that “won’t last long” to ask others to send potential residents your way. And you don’t have to spend money on social media ads if you’re able to just tap into your network and a few local community groups to make your announcement.
5. Incentives Are Huge Motivators
You don’t have to slash prices or give away the farm. But if you offer a percentage discount for new residents who agree to auto-withdrawal payments and a lease commitment, promote it! Everyone loves a deal, and vacancies don’t last long where there’s a juicy offer accommodating the agreement. Maybe you can offer additional off-site storage as a discount or more parking space. Whatever added value you want to include with your rental property listing, bold it!
6. Don’t Forget the Yard Sign
Yes, you’ll want to maximize every digital listing you can when marketing your rental property, including with various sites like Apartments.com, Zillow.com, and Redfin.com. But don’t forgo the old-fashioned “for rent” yard sign either. Potential residents still hop in the car to explore new neighborhoods. And a well-placed yard sign can be just the invitation they need to submit an application. Neighbors and passers-by will see it, too, and it can be a great resource for referrals.
7. Track Your Rental Property Marketing Expenses
Not every marketing or advertising channel will be lucrative. And some are better at reaching different target audiences than others. For example, you probably won’t find a ton of retirees looking for a rental property with hilarious TikTok videos. But don’t be shy about venturing into new marketing territories with new ideas. As long as you keep track of what you spend, how much time you invest, and what results come from each effort, you can continue to fine-tune your overall strategy. Just don’t make the common mistake of throwing a bunch of money at a slew of different ad campaigns without tracking the metrics to verify their viability.
8. Work with a Professional
As a new rental property investor, you can expect to make a few mistakes when you get started. But one mistake you don’t have to make is taking on all the marketing, operational, and management duties yourself. If rental property marketing continues to be a challenge you can’t seem to overcome, consider working with a professional Lehigh Valley property manager who can help. From breathtaking pictures to social media blitzes and traditional ad listings, the right property manager can do all the heavy marketing lifting to keep your rental property top-of-mind. And filling vacancies quickly is a breeze with a knowledgeable partner who understands the how, when, and what to advertise. If you choose to work with Axel Property Management and we don’t lease your property in 30 days or less, it's FREE on us with our 30 Day Guaranteed Rental Program!
If you’re new to rental property investing, let Axel Property Management guide your every marketing move for best results! We can take the guesswork out of rental property marketing and everything else that goes along with NOI-driven property investing, too!
