Common marketing mistakes can hurt your chances of getting top dollar for your rental property. Doing some legwork first is necessary to avoid a lapse of strategy and, ultimately, lost time and money.
Whether you’re new to rental property investment or a seasoned landlord, keep reading to avoid tripping up while advertising your property.
8 Common Rental Property Marketing Mistakes
Don’t know where to start? We’re here to help! The following are 8 common mistakes that landlords make.
1. Not Knowing Your Target Audience
One of the biggest mistakes landlords make in their marketing efforts is not knowing their target audience.
Knowing who your ideal renter is and understanding their needs, wants, and desires will help you tailor a marketing strategy that will speak to them directly.
Consider your target audience – single professionals, young families, college students, and retirees – and tailor your marketing message to their needs.
Also, consider their budget range and the type of amenities they may be looking for. Knowing who you’re targeting can create a more effective campaign that’ll draw in ideal tenants.
2. Not Having Professional Photos
When potential tenants first see a listing online, they look at photos more than anything else. Investing in good photos will help ensure that your property looks its best and is presented in the most attractive light possible.
Professional photos are also beneficial for print advertising, making listings more appealing and eye-catching. Additionally, proper lighting and angles can show off all the best features of your property and help attract more attention.
With professional photos, listings can look more exciting and inviting, leading to more inquiries and more prospective tenants viewing the property. Investing in professional real estate photography is a great way to ensure that your rental property stands out from others on the market.
3. Not Exploring All Advertising Channels
Poorly-marketed properties are more likely to sit on the market and stay vacant for long periods, hurting the rental's chances of landing a tenant.
When marketing rental properties, you can explore many different channels. Traditional methods such as print advertising and writing good property listings can still be practical tools for reaching potential tenants.
In addition, using social media outlets such as Facebook and Twitter can help spread the word about your listings to a broader audience. Taking advantage of all available channels can ensure that your listing reaches the maximum number of people.
4. Not Offering Incentives
In today's competitive rental market, offering incentives to potential tenants can be a great way to stand out from other listings.
From free parking spots or discounts on security deposits, to offering exclusive amenities such as a gym or pool, incentives can be the deciding factor when a tenant chooses your property over another.
Offering incentives is a great way to attract more attention and show potential tenants that you are willing to go the extra mile.
5. Not Keeping Track of Your Progress
One of the most common rental property marketing mistakes is not keeping track of your progress. It's essential to keep a record of your marketing activities, including the number of leads generated, how many people have viewed the listing, and any other metrics you can think of.
This will help you determine what tactics are working and aren't, allowing you to adjust and optimize your marketing strategy for maximum efficiency. By keeping track of your budget, it's possible to know whether or not your rental property marketing efforts are paying off and saving you money.
6. Not Setting a Proper Rental Price
Rental prices can be tricky to navigate, but determining the right one is necessary. If you set an accurate price for your property, you’ll avoid getting offers that are either too low or too high for what your property is worth.
Additionally, failing to set a proper rental price will lead potential tenants to feel confused as to what the price should be. It's essential to research and establish the fair market value of your rental property to ensure that you’re setting a price point that is both realistic and attractive.
7. Not Planning Ahead
When you're in the market for a rental property, it's essential to take the time to plan out every step of the process. From researching potential properties to marketing your rental, dedicate yourself to following each step to avoid making costly mistakes.
8. Not Hiring a Professional Property Manager
Whether you own one rental property or several, taking on the responsibilities of marketing and managing your investments can take a lot of work.
Hiring an experienced property manager to take care of the day-to-day tasks can save you time, money, and stress. It also ensures the most effective marketing of your rental property to reach its maximum revenue potential.
Bottom Line
Rental property marketing mistakes are common, but they can be avoided by following the steps outlined in this article.
The key is to focus on digital marketing, create compelling content, and use data-driven decisions to maximize your reach and ensure that you're targeting the right audience. It's also essential to stay up to date on the latest trends, research your competitors and review feedback from tenants.
Additionally, hiring a property manager can help you provide valuable insights into how to optimize your strategies. Consider working with State Property Management!
We’re a full-service property management company with the experience and know-how to help you succeed in all your property management goals!