The rental vacancy rate in the US has increased to 6.1%. How many of your units are currently sitting vacant? If you don't have a property marketing strategy, those units will keep you from maximizing your earning potential.
Instead, they'll start stealing money from your accounts. Not sure how to attract tenants in a tough market? Read on for the marketing tips you need to boost your occupancy rate today!
Update the Rental Listing
A cookie-cutter rental listing won't attract potential renters. Take the time to review similar listings. What makes them stand out?
Update your own listing with eye-catching, high-quality photos. Consider hiring a photographer to take photos of the interior and exterior. You can also ask them to gather video footage.
Write a compelling description to encourage more people to review the listing. Use search engine optimization (SEO) to rank for relevant searches. About 68% of all online activities start with a search engine.
About 46% of searches are local. Your listing could appear at the top of the page as renters search for Flint properties. As you generate more traffic, you'll gain more opportunities to attract applicants.
Request Tenant Referrals
When new renters move in, strive to build strong tenant relations. Happy renters are more likely to rave about your property.
Your current renters can help you attract future renters. Offer an incentive in exchange for their referrals. For example, you can offer a discount on their next rent payment.
Create a Virtual Property Tour
Use the footage you gathered to create a virtual property tour. A virtual tour can help your listing stand out. Over 50% of social media users share videos more than any other type of content.
Adding videos to your marketing strategy can boost engagement and shareability. You'll generate more online visibility, leading to an increase in applicants. Video content will also help you build trust and visibility.
Gather Tenant Reviews
When tenants move out, ask them to share their reviews on your Google Business listing. Tenant reviews can boost your organic rankings.
Future renters will recognize that people love living in your investment property. They'll see the value in choosing you as their landlord. Positive reviews can help you gain brand trust and credibility.
Use Rental Property Social Media Marketing
Share photos and videos of your rental property on social media. Rental property social media marketing will increase your online visibility.
Use Facebook Ads to create engaging social media ads. When someone clicks on the post, they'll be directed to your listing.
Hire a Property Manager
Hiring a property management company can help you use more effective property marketing strategies. They can help you find high-quality tenants in Flint. They'll even screen tenants to ensure you find people you can trust.
Attract Tenants With Property Marketing
A strong property marketing strategy can help you find new tenants, even in a tough market. Use these tips to develop your own marketing strategy. Otherwise, outsource to an experienced property management company.
PMI Mid Michigan has nearly 20 years of award-winning industry experience. We can help you maximize your earning potential.
Need help finding new tenants? Contact us today to discover our marketing services.