You may think great renters are rare but on the contrary, there is an abundant number of them.
All you need to do is attract good residents to your rental unit by developing excellent marketing strategies. You can start by exhibiting a professional attitude which can win top-tier tenants.
Keep reading this article to find effective tips you can try to attract the best renters to your property!
Research about Your Target Market In-Depth
You cannot expect to meet the needs of the demographics you are targeting without knowing their needs. It is best to dive deeper into what renters seek out so they will choose to rent in your unit over other rentals in the neighborhood.
What type of amenities will they most likely seek? Aligning what you offer with their desires can lead to the best match.
Consider if your rental is next to local attractions, you will want to provide a comfortable living space for short-term tourists.
Getting your rental ready to serve their needs is crucial so know what amenities visitors may want to access while renting out for a short time in your rental space.
Advertise Strategically
You cannot just pick any style of marketing that you want. It needs to fit the demographics you are trying to attract. This cascades down to the little details, such as the marketing material you choose, including the ad distribution aspect.
If you are marketing to a younger set, check the trends to know which social media apps are popular. You should be able to make your ads relatable. You cannot release marketing ads that don’t intertwine with the interests of the demographics you are targeting.
Consider the amenities you have and research what kind your target market desires to incorporate in your planned renovation projects. Avoid limiting yourself to one type of marketing method. Market offline and online to reach a higher number of potential residents for better selection.
Optimize Your Online Marketing
Everyone is connected online daily to seek more information or entertainment. Marketing your rental property requires advertising online and maximizing your ad to grow your audience. You can boost the ads for higher exposure to find more prospective renters.
Know where to list down your ad online and seek out rental sites that are populated by rental property seekers.
Create outstanding ads and attach well-made videos to showcase property tours that engage more potential residents. Focus on delivering solid storytelling to connect emotionally with the audience you are marketing to.
Look professional
As mentioned earlier, it is recommended to present a professional image to win the trust of people. Dress with care since many people judge based on their first impression of you. They will often be more open to hearing out what you have to say if you appear well-groomed.
Apart from the landlord weighing candidates during tenant screening based on how they present themselves, this is also the case for the renters.
They are also evaluating you as a potential landlord and will measure your competency based on your professionalism.
Keep up with Competitor Information.
It is recommended to familiarize yourself with competitors in your area so you can deliver better marketing than them.
Study the services they offer, including the rental rates. What kind of amenities do they provide? Compare your offerings and analyze how you can improve yours so renters will choose your rental over others.
Work out your competitive advantages and go for in-person property showings to analyze further how you can compete better.
If the amenities you provide are similar, you can set the same rental fee. If you assign above-the-market rates when several properties are offering the same amenities, you might miss out on drawing renters to your vacant rental.
Provide More Payment Options
When it comes to rent collection, you want to make it convenient for tenants by offering several modes of paying the rental fee.
The more avenues for payment, the more renters can pay you on time. This can be a main factor when they decide to pick a rental over another one. Consider including additional payment options, such as online transfers, credit cards, and PayPal.
The faster you can collect the rent payment, the more profit you can generate from your rental investment. Focus on improving and streamlining your system of paying the rent. Allow residents to pay in person and through electronic means.
This strategy also reduces excuses for paying the rent late. Make sure to provide a secure and reliable payment system for renters.
Give a Referral Fee
When you find great renters based on referrals, then it is advisable to provide rewards. You can hand over a cash reward or offer a rental discount if the one who made a referral is an existing tenant.
Your network may be limited in comparison to others, so tapping your current tenants for recommendations can prove to be effective. Long-term renters can motivate more potential tenants since they can share their experiences and answer the queries of candidates.
Offering referral incentives can lead to shorter vacancies, which results in more savings since unoccupied rental properties still require maintenance expenses. Make sure to screen tenants to cover your bases and make a full evaluation.
Bottom Line
The above tips are great ways to draw more renters to your rental unit and reduce property vacancies. You can also hire a reliable property manager to support your goals in attracting high-quality renters. Contact Young Management today!