Let’s talk about marketing your rental property. If you’re not seeing the results you’d like or are having mixed results with your marketing efforts, it’s probably a sign that your marketing strategy could use a boost.
A basic Google search for marketing strategy tips can send you down a rabbit hole of endless advice. Everyone has suggestions about how to leverage digital marketing, but as a rental property owner, not all of those theories are ideal. What you need is a guide with realistic and applicable tips to your business to help you develop a marketing strategy that actually works for you. This is the full-proof marketing strategy advice you need to see real results with your property investment.
1. It Always Starts with a Series of Goals
Spend time developing a list of results you’d like your marketing and advertising to achieve. You’ll want to, of course, attract new tenants, especially if you have a vacancy. But you’ll also want to create momentum with your brand, so your audience begins to trust and rely on you as a reputable property owner. With your goals in mind, you can then move forward with a plan and budget for reaching those goals.
2. Profiling the Competition
It’s always a best practice to keep an eye on any rental property competitors in your market. Be diligent about studying how they market and advertise. You can identify mistakes they make as well as positioning opportunities to get ahead. It can also help you in creating marketing messages that help differentiate your property from the rest.
3. Tenant Personas and Target Marketing Strategy
Is your property perfect for families? Is your property conveniently located with quick commutes for young professionals? Would you prefer retirees in your quiet neighborhood? The key is knowing your audience and building your marketing strategy around reaching and attracting those personas. These profiles will help you decide which marketing channels to dominate with your efforts. And remember, no matter who your target audience is, you’ll always want to sell the community, not just the rental space itself.
4. The Marketing Channels Rental Property Owners Use Most
You don’t have to be everywhere to everyone all the time. No one has the budget for that anyway. Rental property owners tend to find the most success with a few key marketing channels.
Having a user-friendly and mobile-friendly website is the first investment you need to make. The call to action for any marketing campaign will likely lead potential renters back to your site. If it’s not easy to navigate or doesn’t offer listings, you’ll be losing traction and revenue opportunities.
Social media is a huge asset for both direct marketing and branding campaigns. Posting is free, and boosting ads or creating campaigns can be inexpensive. And you’ll have the analytics to help you track and manage results.
Community opportunities are around every corner. Consider partnering with a local school for a supplies drive or participate with an area Chamber of Commerce at an area business grand opening. You’re selling a community, which means your marketing strategy should include community involvement activities. These associations and local publicity will help build your reputation and drive referral and word-of-mouth traffic.
There are thousands of rental property listing websites out there. It’s practically impossible to post and manage ads with all of them. Consider syndication marketing as an effective way to get your listing out there and where it counts. Post one ad and manage one message in a convenient dashboard that then cascades your vacancy posting to multiple rental listing sites simultaneously. This single-point marketing channel is a game-changer in reaching a broader audience of potential renters with one convenient platform.
If your marketing strategy needs a boost, contact us! We can help you develop goals, create budgets, and tap into syndication marketing for real results.
As always, it’s our goal to keep you informed about the Tampa Metro area rental property market. If this marketing topic is helpful and you’d like to learn more about the latest trends and strategies, sign up for our free webinar. We explore How to Streamline Your Rental Portfolio for Maximum Growth! Don’t miss out!
Consider joining our Facebook group conversations to connect with other like-minded property investors. Discuss ideas and common challenges with savvy rental property owners. And should you have specific questions or be interested in tailored advice in evaluating your investment strategy, schedule a meeting on my calendar and let’s chat!