How much money would you lose if your rental property had a vacancy? How long would you be able to continue paying your mortgage if you didn’t have any renters? For many landlords, vacancies are the number one risk to their profitability.
The best way to reduce vacancy rates is to develop an effective property marketing campaign. A good property marketing strategy can help with finding tenants, driving qualified leads, and preserving cash flow.
The article below contains a list of some of the best ways to avoid property marketing mistakes. Avoiding these mistakes will help you compete with other properties on the rental market.
Continue reading to learn more about the best ways to market your rental property.
Remember to Post Plenty of Pictures
One of the biggest mistakes landlords make is failing to post enough pictures of their property. Renters want to have a good idea of what the property looks like before they commit to an in-person tour.
If tenants don’t see enough photos on the rental property listing, they won’t come for a tour. Be sure to post pictures of the interior, exterior, and yard space.
It’s always a good idea to use a professional photographer when possible. The rental market is competitive, and plenty of properties have professional listings with high-quality photos.
You don’t want your property to be vacant because you weren’t willing to pay for professional photo services. Taking professional photos will show potential tenants that you take your role as a property owner seriously.
Be Sure to Post on Every Listing Site
As a property owner, you should be making your property’s listing visible on every possible listing site. That includes websites like Zillow, Craigslist, and Facebook.
You may also want to put up physical signs outside your rental property so passersby can get in touch if they’re interested in signing a lease. Some landlords think they can just post their property and Craigslist and wait for the leads to come in.
However, you could be missing out on potential leads if you’re failing to post on every rental listing site.
Make It Easy for Prospective Renters to Tour the Property
Very few renters will be willing to sign a lease before they’ve toured the property. The easier it is for renters to tour the property, the more likely it is that you’ll find a renter who’s comfortable signing a lease.
You can make it easy for people to tour the property by putting a lockbox on the door with the key inside. This is a great solution for landlords who don't want to waste their weekends. Simply tell prospective renters what the code is when they ask to tour the property.
Analyzing the Best Property Marketing Strategies
If you use the tips in this article, you should be able to avoid the most common property marketing mistakes. While there’s no way to guarantee that you’ll always have renters, a strong property marketing plan can help you reduce vacancies.
When you’re ready to hire a property management company to help with your investment, get in touch with Carolina Property Management.