Are you struggling with rental property vacancies? The rental vacancy rate in the first quarter of 2022 was 5.8%. Every vacancy is money you're losing.
With an effective property marketing strategy, you can attract tenants to fill vacancies. Develop a marketing strategy that will help you reach tenants.
Start marketing with these tips today!
1. Highlight Features
There are over 20 million rental properties with approximately 48.2 million individual units in the US. Individual investors own about 71.6% of these properties. You need to make sure your listings stand out.
Before posting a rental property listing online, consider what features you want to highlight. For example, perhaps you're nearby popular venues, restaurants, and stores. Maybe your luxury rental property's building features a pool or gym.
Add detailed information to attract protective tenants. Highlighting these features can help you spark interest.
It can also help you filter out tenants who will later realize your listing doesn't meet your needs. You can avoid wasting time on in-person tours that don't generate tenants.
Invest in professional photography services before marketing a luxury rental property. Professional photographs can help your listings stand out online.
You can also create eye-catching drone videos or virtual tours! Keep up with the latest digital marketing trends to remain competitive. Virtual tours allow prospective tenants to view your listing without leaving their current home.
Offering ease and convenience could encourage prospective tenants to reach out for an in-person tour.
2. Adjust Prices
Setting an effective rent price is essential to attracting tenants. Take the time to research listings that are similar to yours. Recognizing current prices can help you properly adjust your pricing.
Make sure to look for luxury properties that offer amenities similar to your offerings.
If your units are priced too high, it could scare away tenants. You'll continue to struggle with rental property vacancies. If you set the price too low, you could lose money.
3. Advertise Online
Online rental property advertising can help you maximize your reach.
Start by using platforms like Google Ads and Facebook Ads. You can create text ads that appear as renters search for properties online. Display ads will help you show off images of your listings.
You can also work with a property management company that has access to popular rental listing sites.
Don't forget to share photos and videos of your property listings on social media. Use relevant hashtags to reach prospective tenants. Share information about the community and upcoming events to boost engagement.
4. Work With a Company
You don't have to develop your property marketing strategy alone. Instead, consider hiring a property management company this year. You can leverage their experience and expertise to develop a more effective marketing strategy.
They'll handle your marketing to fill your rental property vacancies.
Ensure Effective Property Marketing Today
An effective property marketing strategy will help you fill rental vacancies. You can start generating income from every luxury property investment. Start marketing your rental property listing today.
Remember, you don't have to develop your marketing strategy alone. Instead, consider relying on professional services.
Interested in working with a property management company? Contact us today to fill your vacancies!