5 Marketing Tips for Getting Your Turnkey Investment Property Occupied Quickly
You’ve got your rental property in incredible shape – all it needs is an occupant. What’s your first move? Any property owner knows that unoccupied units are incredibly costly. The following promotional and marketing strategies have been tried, tested, and deliver proven results when you want your rental occupied and occupied immediately. If your property manager isn’t executing the following five initiatives, your units may be unoccupied for far longer than necessary.
1. Hone your online marketing strategies.
At Turnkey Property Pro, we always ask prospective tenants how they located our ad. We’ve discovered that the overwhelming majority of prospects discovered our postings online. The most widely used resources are Facebook, Craigslist, Zillow, and Trulia. It’s a fact – without online marketing, we’d have virtually no visibility.
Of course, online marketing isn’t a set it and forget it proposition – you have to have a deeper strategy than just listing the details of the rental. We want our properties to be viewed in the best possible light, so we have our properties professionally and beautifully photographed immediately after any renovations. (You may also consider employing a home stylist – it can make your property look Architectural Digest-ready.) So many renters either don’t have pictures or opt to use smartphone pics that don’t give the prospect the depth, scope, and potential of the property. You have to treat your rental the same way you’d treat a property you were selling for the highest possible price. Make it desirable.
2. Invest in High-Quality, Professional Signage
A few decades ago, this would have been a critical element within a renter’s promotional strategy, but prospects are far more likely to find your information online than by responding to a yard sign. Nevertheless, it is still crucial, and though the volume of prospective renters who contact you through your signage may be lower, they will likely be serious prospects with a great deal of interest. This is because these respondents are actively looking for rental possibilities in particular neighborhoods. It also means that your property left the prospect with a very good initial, real-life impression.
Whichever signage you use, it must transcend the stereotypical “For Rent” red and white sign if you want your property to attract high-quality renters. Remember – you want your sign to stick in the viewer’s memory and encourage action. The quality of your sign is a reflection of the quality of the property and your business.
3. Respond to Every Query
It’s not easy to answer every single question you receive about your rental – particularly when you can tell that the prospect is semi-serious at best. However, making a commitment to treating every caller with respect and investigating every potential lead will yield significant dividends in the long term. The more prospects you engage with, the better your chances of finding the best possible renter.
4. Use an Efficient and Effective Leasing Agent
The leasing agent you use will determine how well the above strategies are executed. If your agent is on-point, your property won’t be vacant for long. While it may be tempting to bypass leasing agents and show your property yourself, consider how much time you would have to dedicate to answering all of your leads, showing properties, maintaining your web presence, and renovating additional properties. Ultimately, a good leasing agent who shows your properties in the best light and attracts great tenants is worth her weight in gold.
5. Base Your Price on Your Market and Rental Quality
Every strategy you put in place to get your rental occupied quickly will be fruitless if you’ve overpriced your units. If your property doesn’t have the latest amenities and hasn’t undergone a significant renovation in over a decade, a low rental price – below market – will be your best bet towards getting your property occupied. Again, having an effective leasing agent will be instrumental in getting you an attractive price point.