Effective marketing strategies help you stay on your community’s radar and generate ongoing interest in your property
Attracting new tenants is an important part of managing a building or property. It keeps your property visible and attractive to the community. When was the last time you revisited your approach to attract new tenants?
You can begin by examining your marketing communication practices. Networking and consulting local agents and industry experts are also very effective tactics. We will outline six ways to attract quality new tenants to keep your property active and successful.
Key takeaways:
When marketing a vacancy:
- Update your website
- Decide on tenant criteria
- Write an eye-catching listing
- Include quality photos
- Have the paperwork in order
- Consider paid marketing services
- Start networking
- Work with local agents and industry experts
Examine your marketing strategies
Whether you’re selling a house, apartment, or condo, it’s a good idea to revisit your marketing tactics to be sure you’re employing the best practices. Here are six ways to effectively market to new prospects.
1. Make sure your website is up to date
In today’s digital world, people constantly look for a business’s website before they buy to make sure it’s legitimate. Check your website to be sure you’ve updated any relevant information such as tenant events, vacancies, and contact information. You don’t have to have a visually stunning website but it should be accurate and user-friendly to give the best impression.
2. Decide on your tenant criteria and tailor all communications accordingly
Do you require a minimum credit score to rent? Does your building allow smoking and/or pets? Do you expect a minimum monthly income for renters? These are questions that tenants will ask so it’s important to decide on the answers before marketing your vacancy. Any listings or potential tenant handouts should include consistent information to avoid confusion.
3. Compose a well-written listing
Listings are often the first communication you will have with a potential tenant. The top things that stand out to good tenants are 1) a catchy headline, 2) a short description and, 3) high-quality photos (more on this below). The description should be informative, as well as concise. Make sure to communicate the basics such as how many bedrooms and bathrooms the dwelling has, if it has noteworthy features, and include a bit of information about the neighborhood and surrounding area.
4. Include high-quality photos
Whether you take photos yourself as a property manager/owner or you hire a professional photographer, great photos are essential to attracting tenants. If you plan to take photos yourself, be sure to have a quality camera and adequate lighting. You may also want to invest in a tripod to ensure there’s no blurriness and that all photos are level.
5. Have your paperwork ready
Most tenants will expect to access and fill out all relevant forms online (application, credit check, background check, lease, etc). You’ll want to make sure these forms are in order before marketing your vacancy. You may also want to have hard copies of the application and the lease on-hand at any showings.
6. Consider paid marketing services
Beyond your website and social media profiles, you can use paid marketing services to reach a wider audience. Examples of these services include Facebook advertisements, aggregate sites such as Apartments.com, advertising with the local paper, or Google Ads.
The way you market your vacancy will determine the number of tenants you attract. Beyond this, networking can help a great deal in expanding your contacts and prospects.
Start Networking
Networking is a great way to connect with people and open up the door to all kinds of opportunities. The more you speak about your property to others, the more relationships you can build.
- Expand your contact list through community involvement
Consider joining a local property management group, association, or forum. This can be a great way to stay afloat on industry news as well as expand your business contacts. You might also try volunteering or participating in other local events to raise your profile among prospective clients and tenants.
- Start a referral program
Let your current tenants network for you. Most people give a lot of weight and trust to recommendations from friends and family. By starting a referral program, you’ll give current tenants an incentive to spread the word about your property and attract new leads. When a referral signs a lease, the current tenant can earn rewards in the form of gift cards, cash back, or credits to their account.
- Develop a social media presence
Social media can be a great tool for attracting new tenants. Posting regular content will help develop name or brand recognition among followers, and it can also serve as an effective way to spread the news among current tenants.
Work with Local Agents and Industry Experts
Working with local agents and experts can make your job easier by allowing you to outsource some of the workloads. Here are some vendors and experts you may want to work with, either now or in the future:
- Real estate agents
They’ll have extensive contact lists and can generate new leads for your property.
- Restaurants and other businesses
If you manage an entire building and are frequently looking for new tenants, consider hosting special events at your property in partnership with local businesses. It can be a great way to raise your profile and get to know community leaders.
- Interior designers and architects
In addition to renovation or restoration projects at your property, professional designers may be able to help with staging. Staging furniture and décor can make the space more appealing to high-end tenants if your property is not currently occupied.
Working with local experts can make your property more attractive to target buyers and prospective tenants.
How VendorSmart helps property managers
In addition to attracting new tenants, finding high-quality, reliable vendors is an important aspect of any successful property. At VendorSmart, we connect community managers with a variety of vendors all in one convenient online marketplace.
Researching vendors can take time away from lucrative marketing efforts, so let our team do the due diligence for you. Contact us today to discuss how we can help you streamline your vendor relationships, saving you valuable time and money.