A property management business can’t operate successfully if it can’t get tenants into vacant units. Rent payments are the predominant source of income in this business. Without it a company can’t survive, let alone thrive.
A solid marketing strategy will get vacancies more attention and get those leases signed faster. If your business is having trouble filling vacancies, consider your approach carefully. This compilation of marketing tips is a great place to start optimizing your marketing strategy.
1. Get Your Unit Show Ready
Maximize interest in your unit by making it look move-in ready. A thorough cleaning is a must between tenants. Pay extra attention to windows, bathrooms, and the kitchen. Consider having the carpet cleaned if necessary.
A fresh coat of paint is a good idea and can go a long way to making the unit look fresh and bright. Light neutral colors appeal to a larger number of people. Stick to a palette that is likely to work with various decorating styles.
Scrutinize the unit carefully and consider if it’s time for some upgrades. Appliances, fixtures, cupboards, and countertops are quick to swap and can make a world of difference. An out of date unit will be a harder sell while an upgraded one will get more attention and often at a higher rent too.
It’s often a good idea to stage the unit with some furniture. Potential tenants can get a better idea of how the space can be used with a few well placed pieces. Keep it neutral and minimal. No clutter and no strong style so that people can imagine their belongings in that space.
2. Create A Beautiful Property Listings
A property listing is usually the first glimpse people get of your unit. A picture is worth a thousand words. Take high-quality photos with lots of natural light which show all of the features your unit has to offer. Consider including videos and virtual tours too.
Write a compelling description for your unit. Include basic information such as the number of bedrooms and bathrooms, along with special features and upgrades. Amenities and highlights of the neighborhood are good too. Don’t forget basic information such as the price and contact information.
Pro marketing tip: Good software can make managing your listings a breeze. Save and reuse listings as units become vacant and automatically unpost when the vacancy gets filled.
3. Get The Most Out Of Referrals
Don’t underestimate the power of word of mouth. Make referrals work for you with a good incentive program for your current tenants. Offer gift cards, discounts, and other perks to tenants who refer someone that ends up signing a lease on one of your vacancies.
4. Advertise On All Of Your Websites
Put all of your websites to good use. Your property management company website is a great place to showcase listings. Promote your business while you display your vacant units and shorten vacancies.
Building websites are a great place to post the available units in that building. Attract new tenants that want to move into the area. Current tenants can be helpful too. They may be looking for an upgrade without leaving the building or know someone who is looking for a place.
5. Promote It With Social Media
You work hard to grow your social media presence so why not make it work for you? Share available units on Facebook, Instagram, Twitter, and Snapchat. Make your posts shareable to increase exposure.
Utilize features such as Facebook Marketplace to post free listings for your units. Consider spending some of your marketing dollars on ads across your social media channels. Use the event feature to get more attention for open houses you are hosting.
6. Use Online Listing Portals
Listing portals are possibly the most important way to advertise your vacancies. The majority of people looking to rent a unit will be looking at an online marketplace first. Make sure they find your listings by posting on popular real estate marketplace sites such as Zillow, Trulia, Apartments.com and LiveLovely.
Pro marketing tip: With Property Matrix you can send your saved listings directly to all of these listing portals with the click of a button.
7. Get Help From A Real Estate Office
Real estate agents don’t just sell homes. They work with rentals too. For a fee your local real estate office can handle all of the work of finding a tenant for you.
Vacancies that have been sitting for a while might be worth the additional investment of bringing in the pros. They can help you figure out why your unit isn’t getting attention and help you solve some of these issues. They can also use their resources to get you that tenant you’ve been looking for.
8. Flyers and Signs
In a highly digitized world it’s easy to forget about the traditional ways of marketing vacancies. Don’t discredit flyers and signs. Just putting up a for rent sign in a prominent spot on the property can get people to make that call.
Distributing well designed flyers can get surprising results too. The best thing about signs and flyers is that they focus on local traffic. Someone having lunch at the café near their workplace might spot your flyer and consider making a move to shorten their commute.
Filling vacancies requires units to be presented in the best possible way so that people are motivated to sign a lease. A unit that shows well and an appealing property listing are the best place to start. The focus should be on these two areas before moving on to the next steps of your marketing strategy.
Use online and offline resources to get your listing in front of more eyes. Make use of technology but don’t ignore traditional approaches either. There are good reasons why those methods have been used for years.
If all else fails, don’t be afraid to call in the experts. They can help you sort out what’s wrong and find you the tenant you’re looking for. Proper software can be a big help too, saving you time and money while offering additional resources.