Vacancies are more than just a trivial annoyance; they can put a serious strain on your budget and cost you big. But attracting those perfect tenants can be challenging.
Fill up those empty units by marketing your property the right way. You’ll need to go beyond the faded “For Rent” sign near your building in order to get the word out – and we’re here to help you do just that.
Read on for 8 fantastic marketing strategies that will help you fill up those vacancies fast!
- Identify your target audience
If you try to appeal to everyone, you’ll end up appealing to no one. That’s why it’s crucial that you identify and understand your target audience before you market your rentals. Spend some time studying neighborhood trends and amenities. What kind of age group would be interested in your property? Is your location super-convenient for a specific profession or industry? Once you’ve identified your target audience, you can speak their language when you market your property.
- Market where your target renter hangs out
Now that you’ve identified your target audience, think about where they might like to spend their spare time and what kind of websites or apps they might be using. Advertise in these places to reach the people you’re trying to attract. Consider an ad in a local movie theater, on ridesharing apps like Uber, on popular neighborhood blogs, and in universities and coffee shops.
- Get social
Social media is more than just an inane popularity contest; it’s one of the most effective ways to attract new tenants. Make sure you have an active social media presence and that you freshen up your platforms, blog and web page to keep those visitors coming. Use Instagram and Pinterest for posting updated photos of your properties, LinkedIn for a professional online presence, and Facebook for open correspondences with existing and prospective tenants.
- Update your curb appeal
You don’t want to turn those renters down before they’ve even stepped inside your building. Make sure your property’s curb appeal is neat and inviting.
Try these suggestions for an updated look:
Slap a fresh coat of paint on the exterior of your property.
Spruce up the façade with outdoor planters full of vibrantly colored flowers.
Add a canopy for a charming touch.
Replace your ancient, dated signs with a newer, trendy one.
- Use word of mouth
Word of mouth can be a tremendously rewarding marketing technique. Harness its power by encouraging a positive buzz about your properties. Offer your existing tenants rewards or bonuses for referring their friends and ask them to post positive reviews and recommendations on your online platforms. Treat them respectfully and kindly so that they’ll be more likely to recommend your building to their friends.
- Advertise in the right places
In today’s digital world, the classified ad that announces a rental vacancy is completely passé. Instead, make sure your vacancy is listed on online forums like Craigslist.com, Zillow.com, HotPads.com, Rent.com, Apartments.com and similar sites.
- Support local merchants in exchange for free advertising
Set up a bartering system with local businesses and you’ll both benefit from the deal. Include information about these merchants in your welcome packet for new tenants and offer them complimentary advertising on your online platforms in exchange for free advertising in their locations. You’ll reach a broader audience without spending a penny.
- Choose the right property management company
If you outsource your property management, make sure you are using a company that has excellent branding. The best kind of marketing a management company can do for you is to offer a specific “cool factor.” This can be something as simple as greener living for renters, complete with solar-powered electricity and recycling programs. Another “cool factor” is for your management company to brand you as offering pre-leasing. This tells prospective tenants that your apartments are so desirable that people want to sign leases for them even before they can move in.
Use our handy tips to fill up those vacancies and stop losing money on empty apartments!