The United States rental market is on fire. Many analysts focus on mortgages and new construction overlooking what is occurring on the renting side.
In fact, rental prices are at an all-time high. Rent for a one-bedroom apartment increased 12% for the year. Two-bedroom apartments increased by 14%.
This presents a great investment opportunity for property managers. Your rental income is on the rise while many owners are locked into mortgages with low-interest rates.
Read on for a quick guide to property marketing in a blazing hot market. Explore topics such as how to hold an open house and use rental listings to find reliable tenants.
Marketing for your real estate property does not have to be complicated. The goal is to raise awareness that your property is available.
This can be accomplished using the internet or traditional means. Some realtors still find success by advertising rental properties in local magazines, newspapers, and flyers.
Open houses are effective to bring in prospective tenants on a single day. They are becoming a popular tool again in the real estate market due to supply shortages and a rush to see newly available properties.
One of the keys to effective property marketing is using quality photos and videos. You also want to get the home ready to show at a moment’s notice. A dirty or cluttered home is not going to generate the same buzz as a crystal-clean one.
Social Media Marketing
Social media is one of the most powerful tools in marketing. In 2005, just 1 out of 20 Americans used social media. Less than two decades later, that figure is nearly 3 out of 4. With 72% of Americans on social media, it is critical to use this medium for advertising.
It is free to create a social media account. You can join local community groups in the Fort Lauderdale area and announce property availability to thousands of people in the area.
Instagram and Snapchat are also effective for video marketing. You can do virtual showings of the property to speed up the process.
Developing a website is another effective marketing technique. You can show off photos and videos from your available properties.
The best digital marketing strategies integrate a professional website into social media usage. You can create a property management blog and share articles with your social media followers.
Perhaps the most effective tool is using Search Engine Optimization (SEO) for website landing pages and articles. SEO is a concentrated effort to get your website ranked high on a Google search. When prospective renters search for a particular keyword, your website is ideally one of the first ones displayed.
A Quick Guide to Property Marketing
You are now ready to start marketing your rental property. High-quality photos and videos are your best friend in the marketing space.
It allows prospective tenants to see your property without scheduling a walk-through. Social media and a professional website are the best way to show off your media.
If you are interested in property marketing for your investments, contact us today to schedule an appointment.