Did you know that there are more than 48 million rental properties in the United States alone?
As these numbers convey, a rental business can indeed be lucrative. Core to your business's long-term success is property marketing.
How do you find quality tenants?
With thoughtful marketing and advertising, you can ensure people know about your property. Continue reading to learn more about the impact of property marketing.
What Does Property Marketing Mean?
Property marketing refers to a company's efforts to advertise or promote rental properties. The core goal of property marketing is to demonstrate your property's value to potential tenants and entice them to learn more.
Real Estate Marketing Activities
Many different activities go into property marketing. These include:
- Posting on social media outlets
- Advertising in magazines and newspapers
- Open House events
- Encouraging word-of-mouth referrals
- Mail campaigns
As you decide on your property marketing goals, it is important to remember that your marketing plan is customizable. You can engage in all or a select few of the above activities. Some are more effective than others depending on your target audience.
The Impact of Social Media
Online listings on social media platforms have become more prominent in recent years and this is for good reason. Nearly 240 million Americans have an active social media presence.
Social media is especially impactful if you are targeting college students or young adults. This generation has the most strong social media presence.
Whether you own one property or multiple, create an Instagram and Facebook account. If you have vacancies, inform your audience through frequent posts.
Why Word-Of-Mouth Referrals Matter
Word-of-mouth referrals are invaluable. As a rental business owner, there is no higher compliment than when a current tenant recommends your rental property to family or friends.
Nothing is better than when your tenants market your property for you. It relieves some of the stress of property marketing while bringing in quality prospects. Additionally, word-of-mouth referrals help increase your overall reputation in the community.
There is nothing wrong with incentivizing your current tenants to help in your property marketing efforts. Whether you offer a financial incentive or a gift, showing your appreciation does matter. Your current tenants will only be more willing to share your services with others.
Explore Professional Property Management Today
Running a property rental business comes with many challenges. Your main goal is to make a good living while supporting your tenants. Your tenants' satisfaction may have a direct impact on your long-term success.
At the Home River Group, we provide property management services for owners, as well as reliable support for tenants. We understand the rental business is all about the landlord-tenant relationship.
The process starts with effective property marketing. Take the time to market your property to your target audience in a meaningful way.
To learn more about how we can be of assistance, please contact us today.
