Boost Your Rental Income with Smarter Marketing

In a competitive rental market, sticking a “for rent” sign in the yard and publishing generic listings isn’t a good way to fill your vacancies with good tenants. Today’s renters have high expectations, and if a rental property looks drab from the start, they’re less likely to express interest.

If you’re a property owner wanting to boost profits, smart marketing is no longer optional. Adopting the right approach to marketing will help you minimize vacancies, attract good tenants, and get premium rents.

Here are six proven marketing tactics that can help you achieve these goals.

a Before you write your ads, you need to know who you’re trying to reach so you can tailor your ad accordingly. Take the time to define your ideal tenant’s profile. What is their income level, possible profession, and lifestyle? Are you targeting people interested in luxury property, high-end housing, or basic rentals? For instance, if you’re renting luxury property, get creative with your ad copy to make it known that your property is luxurious. This will deter people who don’t meet your income requirements.

While you need to be careful and avoid publishing discriminatory ads, you also want to filter out applicants who aren’t a good fit. For example, if you require a credit score of 650 and an income of at least three times the rent, post that in your ad. This will discourage unqualified applicants from ever reaching out.

If posting ads and screening tenants feels intimidating, consider calling in the pros. A professional team will know exactly how to find solid tenants without crossing any legal lines. For instance, Green Residential, a property management company from The Woodlands, screens tenants on a regular basis for Texas investors who don’t have the time or experience to do it themselves. In the end, their clients get better tenants and don’t have to worry about trying to figure out the process from scratch.

You’ll never maximize your rental profits if you charge below market rent. Unless there’s a good reason, don’t drop your prices too low or you’ll cheat yourself out of potentially thousands of dollars every year.

You don’t need to lower the rent to attract applicants. In fact, lowering the rent and giving discounts is a good way to attract bad tenants. Charging market rent is not only a smart business move for securing your profits, but it also deters the kind of tenants who are only looking for a deal and are unlikely to possess all the traits of a quality tenant.

If tenants in your area have known pain points, address them in your ads to get more applicants. For example, if access to parking is usually non-existent, but you offer parking, list that in your ad. If your property is in a gated community with video surveillance in an area that has safety concerns, describe your security system. If you allow pets, put that in your ads and make sure to specify whether you allow dogs, cats, or both.

It’s important to list nearby attractions, like parks with playgrounds, hiking trails, theme parks, and local spots with high-speed Wi-Fi access. Potential tenants will want to know what the area is like, especially if they have kids or work remotely.

The quality of your photos can influence the interest in your property. Good photos will sell your property before you ever say a word. However, blurry, dark, and sloppy photos will send potential renters running, making them think your rental is overpriced for what you’re offering.

On the flip side, crisp, colorful, well-lit photos will grab attention and make people want to live there. First impressions matter, so don’t hesitate to hire a professional photographer if needed.

It takes a lot of time and energy to show a property to a potential tenant, and you can cut down on showings by including a virtual tour on your website. Whether it’s a video walkthrough or an official 3D tour, potential tenants will be able to explore your property anytime, even while you sleep. Serious applicants will book a live tour, while others will filter themselves out if it’s not a good fit.

Marketing your rental property requires more than just filling vacancies with the first renter you can find. It’s critical to tailor your marketing efforts to reach high-quality tenants who will pay on time, treat your property with respect, and stick around for the long haul. Strategic marketing reduces tenant turnover, minimizes problems, and maximizes your return.