As a landlord, finding good tenants is crucial to the success of your rental property. Effective marketing can help you increase the exposure of your rental property and ensure it gets rented out to the best possible tenants as soon as possible. The more people know about your vacancy, the higher your chances of finding a good tenant for your unit.
However, marketing your rental property effectively can be a daunting task. It's also easy to make marketing mistakes, especially if you don’t have a lot of marketing experience. Committing these mistakes can be detrimental to your success as a rental property owner, so it’s essential to avoid them.
Here are the top 11 rental property marketing mistakes we suggest landlords avoid:
Failing to Define Your Target Market
One of the worst mistakes landlords make when marketing rental properties is not knowing their target market. You need to know the type of tenant you want to attract so you can tailor your marketing efforts accordingly.
Are you looking for families with children, college students, retirees or young professionals? Once you've defined your target market, you can use appropriate marketing channels and language to appeal to your prospective tenants.
Not Setting the Right Rental Price
Another big mistake landlords make during the marketing process is not setting the right rental price. If your rental price is too high, you'll struggle to find tenants. If the price is too low, you won’t maximize your rental income.
To set the right rental price, do some research on what similar properties in your area are renting for. You also need to take into account factors like market demand, location, size and amenities.
Not Investing in Professional Photos
Another common mistake landlords make is not investing in professional photos of their rental property when creating marketing materials. With so many rental properties available online, it's important to make your property stand out from the rest. Professional photography makes your property look more attractive and helps potential tenants envision your property.
Neglecting Online Marketing
In today's digital age, neglecting online marketing can be a huge mistake. Many tenants go online to search for a rental property, so it's important to have a strong online presence. Make sure your property is listed on popular rental websites and social media platforms. You can also use paid advertising on platforms like Google and Facebook to reach more potential renters.
Failing to Highlight Your Property's Best Features
When marketing your rental property, it's important to highlight its best features to make it stand out from the competition. If your property has a great location, spacious rooms or modern amenities, make sure to mention these in your property listings. This can help you attract tenants looking for these specific features. They can also help justify your rental rate.
Providing Incomplete or Inaccurate Information
Providing incomplete or inaccurate information about the rental unit is another marketing mistake to avoid. This can include things like inaccurate rental prices, incorrect property descriptions, or misleading photos.
Some landlords also don’t provide complete information about the location and other aspects of the rental property that tenants might need to know. Providing complete and accurate information is not only important for attracting tenants but also for avoiding legal issues down the line.
Failing to Respond to Inquiries in a Timely Manner
When potential tenants inquire about your property, it's important to respond to them in a timely manner to keep them interested. If you take too long to respond or don't respond at all, you might miss out on a great business opportunity. Check your email and phone regularly and respond to inquiries as quickly as possible.
Failing to Stage Your Property Properly
Staging your property can help potential tenants imagine themselves living there. Consider staging your property with furniture and other aesthetic decorations that would make the property look more appealing.
If, however, you don’t want to rent your property furnished, don’t forget to mention in your advertising materials that the furniture, appliances and other decorations don’t come with the rental property.
Ignoring Your Property's Curb Appeal
Neglecting your property's curb appeal can make it difficult to attract high-quality tenants. Since it leaves the first impression on renters, make sure your property's exterior is clean and well-maintained. Add a fresh coat of paint or add some landscaping to make your property look more attractive.
Failing to Adjust Your Marketing Methods
If, after a few weeks of marketing your property, you still haven't seen any leads, the answer isn't to persistently run ads until you eventually start seeing results. You need to learn to modify your strategy in order to achieve better outcomes.
Be flexible and learn to adjust your methods to see if you’ll start seeing leads. Try changing your photos, using other channels or employing different tactics.
Being Unfamiliar With Fair Housing Laws
The Fair Housing Act aims to protect individuals from any form of discrimination when seeking housing opportunities. In some cases, landlords who are not familiar with the Fair Housing law commit violations.
Any violation may be punishable by the law, so it’s crucial to understand the protected classes under the Fair Housing Act. This way, you stay in compliance with your marketing materials.
Bottom Line: Work With a Professional Property Manager
When it comes to listing your property for rent, working with an experienced property management company might be the best option. If you decide to partner with a property manager, be sure to partner with one who’s knowledgeable about local rental trends, market demand and local and state laws.
If you have any questions, feel free to reach out to our property management experts at NFI Property Management Solutions. You can reach us by dialing (850) 898-1230 and we’ll be happy to assist you!