Landlords who can’t fill their vacancies lose money every single day. It’s one of the biggest problems that landlords face, but it shouldn’t be that way. If you know how to market your properties, no matter the price point, you have a better chance of filling vacancies and enjoying the resulting profits. Here are some tips to help you fill your properties faster.
Make it easy to apply
People like things that are easy. In particular, renters often prefer convenience over anything else — that’s why they’re renting instead of buying. But if you make it difficult for them to apply, you’re going to get fewer inquiries.
Find a free rental application tool online, and use it to fill your properties. It’s more convenient, especially if it’s designed for responsive use on a mobile phone. This allows tenants to fill it out anywhere, saving them a lot of time and effort down the road. They’re more likely to do it right away rather than forget about it and move onto another rental.
Sell the area
You should certainly focus on selling the property itself, but it’s perhaps even more important to sell the surrounding neighborhood. Walls and carpeting tend to be very similar from place to place, but as any real estate investor knows, location is always a first priority for tenants.
Point out all the best things about the area. Talk about the schools, low crime rates, and other amenities that your tenants typically love. It’s the little details that will sell your property. For example, you might point out a great fitness center in Chatham, NJ that’s five minutes from your apartment complex. Or if you’re in the New Orleans area, tell them about the quality supermarket in Covington, LA that’s right across the street from the property.
Show your property’s best features
You obviously need photos and descriptions about the property itself when you make the listing, but you can be more strategic with this marketing tactic. Instead of pulling out your cell phone and taking low-quality photos of the place, use a real camera to show it in its best light. Consider using a real photographer who knows how to use lighting to its best advantage.
Most importantly, focus on the best features. Showcase photos of beautiful architecture or the great kitchen, and show fewer photos of a room with a crack in the wall or other cosmetic problems. It’s true that when a potential tenant comes to tour the place, they’ll still see these blemishes.
However, you’ll still receive more inquiries if potential tenants don’t see it beforehand. Oftentimes, tenants who see an obvious problem in the photos won’t ask for a tour. But if they see it in person, they might decide it’s a great place with minor flaws and be more interested.
Get on social media
Social media, particularly Facebook and Instagram, are among the most valuable marketing tools. Despite their usefulness, many landlords aren’t using them to their full advantage. They stick to traditional methods of advertising instead, which don’t always yield the best results.
Landlords who use social media to market their property get more leads and renters than those who don’t. Use local Facebook sales groups to post your listings and create Facebook community groups for your tenants to keep them informed. These small, seemingly insignificant steps can lead to thousands of people seeing your vacancy.
Additionally, you can run social media advertisements. A post can be boosted for as little as $5 and reach 200 percent more people. It’s a much better way to spend your advertising dollars. With the right marketing tips, you’ll soon understand what it’s like to go without rental property vacancies.