Many factors are involved in being a successful landlord or real estate investor. But one thing that's for sure is that you can't cut any corners when marketing your rental property.
Most landlords and real estate investors know that marketing is essential for finding qualified tenants for their properties and reducing vacancy periods. Unfortunately, there are several common mistakes that can hurt their chances of success.
Do you want to know what you are missing? Let's look at some of the most common marketing mistakes one must avoid!
1. Not Planning Ahead
Not having a solid strategy in place before marketing your rental property is a recipe for disaster. A well-thought-out marketing plan is essential for the success of your rental property.
What are your goals? Who is your target audience? What marketing channels will most likely reach them, and what message will resonate? How much are you willing to spend? Answering these questions will give you a clear direction and help you avoid costly mistakes.
2. Failing to Track Results
One of landlords' most common rental property marketing mistakes is failing to track their results. It's essential to monitor the results of your marketing efforts so you can see what's working and what's not. Otherwise, you'll not know whether your marketing is effective.
Keep track of things like leads generated, traffic to your website, and conversion rates. It will help you fine-tune your marketing strategy and ensure you get the most bang for your buck.
3. Not Defining Your Target Market
What type of audience do you plan to reach through your marketing efforts? When marketing your rental property, you must first define your target market.
Think about the type of tenant you're looking for and what they would want in a rental property. You also need to assess how to look for properties. Once you know and understand your target market, you can create a marketing strategy that will appeal to and reach them.
If you're not sure who your target market is, you could be wasting a lot of time on marketing strategies that aren't effective.
4. Not Researching Your Competition
It's normal to get caught up in your own rental property business and forget about the competition. But if you're not keeping an eye on your competitors, you could miss out on valuable insights that could help you improve your business.
Analyze your competitor's websites and listings to see what they do to reach their target audience. See if you can learn anything from their listings, website content, or overall marketing strategy. The research will allow you to adjust your plan accordingly and give you an edge over them.
5. A Lack of Presence Online
In the current world, one of the rental property marketing mistakes that you can make is not having a presence in the digital world. Many people are looking for their rentals online, and if you're not there, you're missing out on many potential tenants.
You want to make sure that you remain active online through your own website, prominent listing pages, and social media. Should also include engaging photos and well-crafted content across these online platforms. It’s your chance to sell your rental property and make it stand out from the rest.
6. Not Hiring a Professional Manager
While you may be tempted to handle everything yourself, this can be a mistake, especially when it comes to marketing your rental property.
Hiring a professional property manager can help ensure that your property is being advertised in the most effective way possible. They can also help you create a custom marketing plan that targets your specific audience, thus ensuring that vacancies are filled more quickly.
7. Pricing The Rental Too High or Too Low
Pricing your rental too high will result in more extended vacancy periods and potentially having to make significant price drops to attract tenants. On the other hand, pricing your rental too low could mean missing out on income.
It's essential to research what similar properties in the area are renting for so that you can price your rental competitively.
8. Not Screening Tenants Properly
One of the essential elements of being a landlord is screening tenants properly. This includes doing a background check, income verification, and credit check. It’s best to begin this while applications are coming in during the marketing process.
By taking the time to screen tenants properly, you can help ensure that you rent to responsible and reliable tenants.
9. Not Having a Proper Team
Another big mistake landlords make is not having the right team. This includes everything from a good marketing manager to a reliable maintenance crew.
Keeping your property in good condition and rented out to qualified tenants can be a challenge without the right team. Make sure to find the right people to help you manage and market your rental property.
10. Not Keeping Up with Maintenance
As a landlord, it's your responsibility to keep up with maintenance and repairs at your rental property. If you don't, you could end up with unhappy tenants and potentially have to pay for more expensive repairs down the road.
What’s more, when marketing your rental, you want to ensure that everything is functional and appealing to prospective tenants when they view the property.
11. Unprofessional Reply to Tenants' Queries
Building a solid landlord-tenant relationship begins with the marketing process since this is the first time prospects will interact with you. Professionalism is, therefore, essential when responding to questions. This shows that you value their business and are willing to take the time to address their concerns.
Don't let your rental property sit vacant for too long! Do your research, have a solid marketing plan, and don't overprice your units. It's essential to market it in the right way so you can find a suitable tenant as soon as possible.
If you would like help marketing or managing your rental properties, contact the experts at Gifford Properties & Management LLC. today!