Marketing your rental property is a big part of being a landlord or property owner. Marketing your rental property effectively is how you attract dependable tenants and fill your vacancies quickly. However, many people assume proper marketing is too time-consuming and expensive if you want to do it right. Oftentimes landlords choose to forego this step in the rental process entirely and to just keep their fingers crossed, hoping the right tenants will come their way.
Below are some reasons why landlords should always market their rental properties and the benefits of having a good property management company to help you with these marketing efforts.
Increase the Visibility of Your Vacancies
The longer your property sits vacant, the more you are missing out on potential income from that rental. In order to fill your vacancies quickly and with the right tenants, you need to let as many people as possible know that it exists in the first place. This is where effective marketing comes into play. By advertising your vacant units, you are drawing more attention to your property and giving yourself the opportunity to stand out from the competition.
The sole purpose of advertising your vacancies is to connect with people who would like to rent them. Good property management companies will have a strategy to maximize occupancy and help the landlords set competitive rates based on the size, location, and amenities the property has to offer. This is especially important in the competitive rental market in the Las Vegas and Henderson areas in Southern Nevada. Experienced Las Vegas property management companies can assist property owners with suggestions on ways to be the most competitive based on current market updates, research, and analysis.
Build Trust for Your Property and Brand Name
If you have a large property with multiple units, or even multiple rental properties, building a strong brand name will only help you to attract the best tenants in your market. By establishing your brand as the leader in your market, you will become more recognizable, generate more word-of-mouth references, and potentially pull in more interested tenants looking for an established property.
By being active on social media, advertising in highly visible channels, and maintaining a positive online reputation, your property will naturally be more desirable over others to prospective tenants. By having a marketing strategy in place with the purposes of building brand awareness for your property, you will leave an impression on prospective tenants ready to rent today, as well as people who may be looking to rent in the future.
Get a Competitive Edge with Appealing Visuals
Advertising often involves staging your unit, using photos and videos of the property, and playing up your property’s strengths. Professional photographs are a must to appeal to potential tenants and make your property stand out. This is not something owners should skimp on by taking pictures with a cell phone. Let the professionals handle it. Do not underestimate the importance of curb appeal. The goal is to induce inquiries, not turn people away before they have a chance to see the rental property in person.
Professional images on your website and in advertisements can leave a lasting impression with potential tenants. Depending on what they’re looking for, they have specific requirements for where they want to live. A photo is often the best way to show renters what you have to offer and exactly what they can expect. Including appealing visuals in your marketing efforts will give you a competitive edge over other properties, especially if they do not have professional images.
Reach Your Target Market with New Marketing Strategies
Apart from traditional marketing efforts, such as print advertising in local newspapers and real estate magazines, there are many other beneficial strategies landlords should be taking advantage of. For example, using social media and paid online advertising is a great way to connect with the specific market you are hoping to target. Many of these strategies are inexpensive and can go a long way in attracting the right audience.
Additionally, there are several real estate-specific websites where potential tenants are searching for vacancies in their area, such as Zillow, Trulia, REALTOR.com and others. Having your vacancies on these sites is an excellent way to increase exposure and build reliable tenant contacts. Property management companies generally include listings such as these in their packages, which makes it well worth it to hire a professional property manager for this reason alone.
Property Managers Can Streamline the Marketing Process
Property management companies can perform all manners of marketing strategies and assist property owners with the entire rental process, such as aggressively advertising your vacancies, showing the rental properties to prospective tenants, and screening qualified applicants. Reputable property management companies build their own reputations on trust and visibility in the real estate and rental community. This is why the right property management company will go the extra mile to meet the expectations of the landlords and/or property owners who are willing to place their investments in the capable hands of a property management professional. If you are in need of a property management company in the Las Vegas or Henderson areas, contact Black & Cherry Property Management today to see how we can help you rent out your vacancy efficiently and effectively!
