Rental vacancy rates in the US are at 5.8%. If you're not attracting tenants, your vacancy rate will continue to rise. You won't generate income from your real estate investing business.
Before that happens, develop a property marketing strategy. With a strategy in place, you can attract and keep tenants, even in a tough market.
Start attracting tenants to your listings today.
1. Upgrade the Technology
With many people working from home, internet speeds are crucial to keeping tenants happy. Upgrading technology within your properties can help you attract and retain tenants. For example, you can offer:
- High-speed internet
- Programmable thermostats
- Programmable lighting
- Virtual assistants (Google, Alexa, etc.)
- New dishwashers
- In-house washers and dryers
Offering doorbells or garage doors that tenants can operate from their phones can also help them feel safe.
Additions and improvements will give your listings a competitive edge. You can stand apart from other rentals in Miami, FL. You can even increase your rental rates, increasing your return on investment.
2. Write Honest Descriptions
If you're struggling to find tenants for a rental property, check your rental listings. A cookie-cutter description won't help you stand out. Clearly list the:
- Lease duration
- Rent rate
- Additional fees
- Important policies
- Pet restrictions
- Recent upgrades or features
Hire a professional photographer as well. Eye-catching images will help attract potential renters.
3. Create a Survey
If you can't determine how to best improve your property, talk to your existing tenants. Using them as a resource can help you make effective changes to your marketing strategy. You can collect this information by creating a tenant satisfaction survey.
You can ask questions regarding:
- Maintenance services
- Management's responsiveness
- Management's professionalism
- Amenities or additions they want
Make sure it's easy for tenants to complete and send you the questionnaire. Leave space for tenants to add their own comments to collect extensive feedback.
4. Share Virtual Tours
If new, professionally-taken photos aren't enough to attract tenants to your listing, create virtual tours. Virtual tours allow potential renters to view the listing from the comforts of their own homes. You won't have to schedule tours in person with people who only want a cursory glance.
About 90% of agents use Facebook to promote real estate listings. Another 52% use Instagram. To remain competitive, share your virtual tours and listings on social media.
You can also design digital ads to attract potential renters.
If you're struggling with these strategies, hire a property management company that offers marketing services.
5. Request Referrals
Ask your existing renters to share their thoughts about your property online. Reviews can help your properties stand out. Prospective renters might feel more comfortable choosing your property after reading reviews.
You can share these reviews on the property's listing or through social media.
Improve Your Property Marketing Strategy
An effective property marketing strategy will help you attract tenants despite a tough market. Use these tips to get started. Otherwise, work with a professional property management company.
With their help, you can keep vacancy rates low by retaining happy renters.
Need help with your marketing strategy? Contact our team at Pristine Property Management to learn more about our services.