Did you know that Florida has 2.6 million renters? If you own a rental property and are struggling to find tenants, it could be because of your marketing strategy.
There are plenty of renters out there, you just need to know how to find them. By marketing your property correctly, you can limit vacancy rates and increase cash flow.
Keep reading to learn how to advertise your rental property.
Write a Positive Rental Listing
A great rental property listing won't be ignored by prospective tenants. Put together a rental listing that highlights the property's best features and tells tenants exactly what they need to know.
Include an informative title, a detailed description of the property, and professional-looking photographs. This information will sell your property to tenants.
Once you have the ideal listing, get it in front of as many possible tenants as you can. Tenants often search for rental units online through popular rental listing sites. You can place your listing on more than one site to get the most leads.
Set the Right Price
The price of your units is an essential factor in marketing. If your property is too expensive compared to the market price, tenants are going to look the other way.
If your property is lower in price, you might attract tenants that are looking for a cheap deal, and who are unable to pay rent on time each month.
Complete market research before advertising the price of your rental property. See what similar properties in your area are renting for and what amenities they offer.
Market on Social Media
The power of social media can be used for anything these days, especially marketing. Besides rental listing sites, you can utilize social media to share your property with prospective tenants and the community.
You can uniquely showcase your property on Twitter, Instagram, Facebook, and YouTube. These days, a virtual tour is a top-tier idea. You can make a video like this for YouTube and link it to other social media platforms.
Instagram is an app perfect for sharing beautiful photos and even videos of the property.
Word of Mouth Marketing
Marketing offline is still a valuable tool. People usually drive around every day so promoting your property outside with simple "For Rent" signs can benefit you. These signs can help generate word of mouth about your rental offerings.
One person might see the sign and think of a friend or family member that they know is looking for a rental. You can also tell your own friends, family, and community to get the word out.
Offer selling points when you tell people about your units. For example, if you are near popular areas or have recently undergone upgrades, this is something you'll want to disclose.
Market Your Rental Property
Marketing your rental property is necessary to attract ideal tenants. The best ways to find prospects are by writing positive rental listings, setting the right price, utilizing social media, and trying to generate word of mouth.
Getting started is the hardest part, but if you want more help than what this guide can offer, hire a rental property management company. Contact us today to learn more.