A rental property is a good investment that can help you generate steady income. However, marketing is the key aspect in keeping your rental profitable and ensuring a high occupancy rate.
Rental property marketing is not as simple as it may seem. It can be challenging knowing how to write a good listing and where to advertise it. After your ads are up and live, you’ll need to check on them at least once a day to ensure they’re effective.
Although this process sounds simple, it’s easy to make mistakes such as not adding pictures to your listing and writing a lengthy listing. In this article, our team of experts at Ridgewood Property Management will guide you through the most common property marketing mistakes landlords make and help you avoid them!
Why Should You Market Your Rental Property
Rental property marketing is crucial for you to increase your rental’s visibility, helping you attract a wider pool of potential tenants. In addition to this, rental property marketing also helps you achieve the following:
- Find quality tenants: Effective marketing can help you attract a large group of potential tenants, helping you screen and select reliable tenants.
- Fewer vacancies: Marketing maximizes the exposure of your property, helping you reduce vacancies for your property and maintain a steady income.
- Make your rental property stand out: With a good marketing strategy, you can highlight your property’s unique features and stand out from the rest. Creating a good impression on tenants will increase your chances of finding long-term renters quickly.
- Improved reputation: Marketing can help you build a strong online presence, making it easier to attract and retain tenants for the long term.
Top Rental Property Marketing Mistakes You Should Avoid
Rental property marketing can be challenging to learn sometimes. If you’re advertising your rental for the first time, it’s common to make mistakes that can affect your ability to attract renters. So, to help you avoid these mistakes and become an expert marketer, below are the most common mistakes landlords make:
1. Posting a Listing Without Photos
Nowadays, when renters want to move, they usually look for available rentals on online platforms. Potential renters are more likely to pay attention to your property listing if there are pictures of the property, giving them a general idea of what a property is like.
That’s why it’s crucial to have professional photographers take good-quality photos of your rental. In addition, if you stage your pictures to showcase your property’s best features, you’ll have a higher chance of standing out from the competition!
2. Not Having a Strategy
An effective marketing campaign requires a lot of planning. Here are some questions you should ask yourself before you start writing the listing for your property:
- Where are you going to advertise your rentals?
- What points can you highlight to attract more tenants?
- How are you going to track the success of your campaign?
Once you’ve answered these questions, you can get started with the marketing campaign. Also, it’s important to remember that you need to be flexible with your plans as sometimes you will need to switch strategies in order to see better results.
3. Writing a Lengthy Listing
When renters are looking for a new accommodation online, they don’t spend more than a few seconds browsing each listing. Writing a long description for your listing can be negative as it will make renters lose focus on the unique attributes of your property and they might not read it.
Writing a short but informative listing is the way to go. Your headline should contain the basic details of your property such as price, number of bedrooms and bathrooms and location and the description shouldn’t be longer than six or eight sentences. Also, you should spell out your property’s best attributes in bullet points so renters don’t miss them.
4. Not Knowing How Much to Charge for Rent
One of the main things renters look out for when browsing rental listings is the amount of rent. It is essential for you to know the correct amount to charge for your rental.
Charging too little can leave you with a negative cash flow while charging too much can scare away prospective renters. So, before putting your property for rent, you should browse rental listings in the area to set the optimal amount to charge for rent.
5. Working Alone
Rental property marketing may become challenging as it requires a lot of time and effort . That’s why hiring a professional property management company such as Ridgewood Property Management is highly advised.
Our team of experts can help you with the property management process from taking photos of your rental and writing a solid listing to dealing with maintenance and repairs. By partnering with our management company, you’ll be able to enjoy a smooth and hassle free rental owning experience.
Bottom Line
Marketing your rental property can help you fill your vacancies promptly and maintain a stable rental income. Although marketing is an essential task for landlords, it might be challenging for some landlords. Some of the most common rental marketing mistakes property owners make include not having a plan beforehand and writing a lengthy listing that does not highlight the main features of their property.
This is where enlisting the services of our reputable property management company like ours can be greatly helpful. Our team of experts at Ridgewood Property Management will help you market your rental efficiently, finding great and reliable tenants for you in no time.
Contact Ridgewood Property Management today to learn more!
