Are you checking your tenant metrics? This step is critical to maximizing profitability and the financial health of your portfolio.
Vacancy rates are just one of those metrics. Recent estimates show that the average vacancy rate will drop from 6% to 4% by 2025. This decrease is a testament to a few key variables, including successful tenant marketing practices.
Data-driven property marketing is also essential in a tough market, especially when there's more supply than demand. Discover actionable steps you can take right now to attract more tenants to your properties.
Real Estate Marketing Mistakes to Avoid
Let's start with property marketing strategies you shouldn't try. The biggest mistake is applying the wrong rental pricing strategy.
Pricing your rental properties too high will cause prospects to scroll past your listing. Another mistake is attaching a high rental price to a property that lacks proper maintenance. Prices shouldn't exceed market rates for the area, either.
Let's talk about the previous point made about property maintenance. Rental properties with clear maintenance protocols for tenants are a must. Tenants need a convenient way to submit maintenance requests and expect service calls promptly.
The last point speaks to the importance of communication. Tenants need consistent communication about property maintenance requests to ensure the health and safety of their rental. Prospects will know if a property is being well maintained (or not) during open house visits.
Work With a Property Management Company
The above pitfalls can be avoided with the help of a property manager. The most successful property investors hire property management companies from the start. These companies often have realtors who use their expertise to find rental properties with high-profit potential.
Property managers are dedicated to stellar maintenance practices.
This commitment includes:
- Conducting rental property inspections
- Performing necessary upgrades
- Landscaping and ground maintenance
- Internet and landline installation
- HVAC installation and repair
- Interior and exterior painting
The above services are necessary for the home staging techniques required for rental listings, open house viewings, and appointment-only walkthroughs. Quality media is important for such digital marketing strategies as social media, listing syndication, and virtual real estate tours.
Property Marketing Strategies for Listings
Rental listings are the cornerstone of any tenant marketing strategy. After uploading your photos and videos, craft a trustworthy and detailed listing that inspires prospects to inquire about the property; at this moment, a prospect becomes a lead.
Immediately follow up with an appointment to view the rental. If you're planning an open house, include the date, time, and address in the listing. Be available to take phone calls and answer emails at a moment's notice.
The above reasons reinforce the value of hiring a property manager from the beginning.
Optimize Your Property Marketing
Make sure your marketing strategies are designed for success. Talk to a property manager about the above property marketing tips to turn more prospects into leads and leads into tenants.
The team at One Door Realty believes in data-driven strategies rooted in industry research. We have a wealth of industry experience, from land development to account management, resulting in a full suite of services. We're all local to Williamsburg; when we're not customizing property management strategies, you can find us serving the local community.
Contact us today to discuss your goals for property management.
