If you are a new property owner and want to start marketing, here are beginner steps for you to take.
Online Presence It’s important to diversify the methods you use in order to spread the word that you have space available. Creating online presence is an easy way to do this. Build a rental website for your property. Create online listings. Try to find a site that will help you populate your apartment listings on other sites as well.
Also try to use social media to your advantage. There are several options to choose from but Facebook is still the most widely used so is a good place to start. Make a page for your properties. Since videos are so widely spread on Facebook, a smart idea would be to make a video walk-through of the available unit and post it for others to see. You can also post these videos on YouTube.
Real-World Presence For your real-world marketing to be more useful, it helps to know what your target group is. Families? Millennials? Retirees? If you can pinpoint your target group you can then fine-tune your strategy for them. If posting flyers on bulletins is a tactic you want to try, knowing your target group will help you be able to figure out which businesses would be best to post at. Newspaper ads work for retirees. Mailed flyers are better for families. As digital users, it can be argued that Millennials don’t live in the ‘real world,’ so that is another reason why online presence is so important
Your property - in many ways it will speak for itself. Don’t neglect your product. For more ideas about how to make your property more appealing, you can read our article here.
Using a sign in front of your property to let people know you have space available may seem old-fashioned, but it still works.For a more professional look, try to get printed signage that includes all of the basic information passers-by would need to know - size, price, and contact information. It will look better than the signs that allow you to write in the information. However, don’t pick signage that is too pricy because it may get stolen.
Person-to-Person The best marketing and advertising still comes by word-of-mouth. Let your residents know when there is space available so that they can tell their friends. You will need to have a good relationship with your residents in order for this to work. This is especially beneficial with your valued residents since it is likely they have friends who would be similarly valuable. I have a friend who owns some rental property and his wife is a professor in another city close by. One of her students got a job close to where their property was and they ended up renting to this student. She was a good resident and they have had a steady stream of other good residents who have come in as a result of this student spreading the word.
Your friends can also be a valuable source for free advertising. They likely already know that you have property so let them know when you you have an empty unit. They can help the news pass even farther. Word of caution, though, is that it is better to not rent directly to friends and family. This will help you keep satisfying relationships with these people in the long run.
Our last tip is to network with other property owners. Try to have each others’ backs. If you meet someone who wants a space in a certain area and you know a landlord who has a unit available there, let them know. Ask other landlords to do the same for you.
Try these steps and see how they work for you. Tweak them according to what you see works most effectively. And always, always be proactive about your marketing. In the end it simply means that there will be more money in your pocket.
