Did you know that the median asking price for rent has reached an all-time high at $1,190? Rent has been steadily on the rise for over a decade and doesn't show signs of slowing down soon.
If you're a landlord who has increased the price of rent to follow the demand, you might struggle to find tenants. However, the wrong marketing techniques can cause you to struggle even harder.
Keep reading to learn six rental property marketing mistakes and how to avoid them.
1. Following the Herd
Keeping up with property marketing trends can help with success, but blindly following the herd is never a good idea. Not every audience is created equal so someone else's target might not be yours.
Focus on these factors the most to create a property marketing strategy:
- Types of properties
- Potential audience
- Geographic location
- Represented need for your space
Take the time to evaluate what kind of marketing campaign is right for your situation.
2. Using Too Many Tools
Believe it or not, one of the most common property marketing mistakes is using too many tools. The best way to make the most of technology to help market your properties is by investing in all-in-one software.
3. Weak Promotional Strategy
Social media marketing is not for the weak, so if your strategy is subpar, you likely won't bring in the tenants that you want. Continuous multi-channel promotion is a tactic that works for a lot of property owners.
If you don't know how to up your promotional strategy, consider hiring a property management firm that knows how to market properties among other services.
4. Bad Listings
The quality of your listings is going to determine a lot of your marketing success. A great listing has all of the following elements:
- Quality property photos
- Location
- Proximity to nearby attractions
- Accurate description
- Spacing
- Amenities
- Cost and value of space
- Property maintenance availability
To put simply, the more details you can fit in about your rental property, the better chance you'll have to find tenants.
5. Lack of Objectives
A plan with objectives allows you to track metrics from the marketing campaign and fix your property marketing strategy when necessary. Marketing without an objective in place is a waste of money.
A plan should include the target audience, specific strategic goals, and the numbers you will measure for success. You'll also want to create an expectation for the return on investment of your campaign.
6. Low-Quality Photos
Photos are the main thing that is going to catch the attention of a possible tenant. If your photos are low-quality or don't show the full picture of the property, viewers are likely to turn away before giving your listing a chance.
Videos are also a good option in listings. Property listings with video get 403% more inquiries compared to listings without videos.
Property Marketing Mistakes You Don't Want to Make
The goal for any landlord is to fill their properties up with great tenants. Without the right marketing strategy and plan in place, this goal is not probable.
The six above property marketing mistakes will deter your progress and cost you money you can't get back. Luckily, property management services can help avoid these problems.
For a reputable property management company, contact us today!