In the real estate investing world, attracting tenants to your rental property can be overwhelming at times. In order to ensure that your rental property establishes a high occupancy rate, you would need to market your rental property correctly.
There are numerous real estate marketing strategies you can use to help you rent out your property. I’m here to present to you the best real estate marketing strategies that will make renting out your property much easier.
In addition, it’s important to know how to market your investment property for sale. Back in the old days, people would sell their property the traditional way. They would put up a sign and hope that a buyer would come along. This is still a possible way to sell your property, but this process can take a very long time and can get quite boring. Real estate investors these days tend to look for real estate marketing strategies that are quick, easy, and effective for both selling and renting out a property.
Related: Selling a Real Estate Property: How to Market Your Home for Sale
Real Estate Marketing Strategies: A Real Estate Agent
From all the real estate marketing strategies, this may be considered as the most “pricey.” There are many benefits that come with listing your rental property with a real estate agent, so it shouldn’t be a problem to put in a few extra bucks. Real estate agents have connections and they know people who know people. A real estate agent is a professional who can help you market your rental property by telling his/her clients about every detail related to your property. Plus, real estate agents can tell you which real estate marketing strategies best suit your needs and financial situation.
Related: The Best Ways to Find a Real Estate Agent
Real Estate Marketing Strategies: A Picture Is Worth a Thousand Words
One of the simplest real estate marketing strategies to market your rental property for sale is through a picture! They say a picture speaks for itself and that’s exactly what it should do. Clean your rental property and go ahead and take pictures of it. You can even make a video and talk about your investment property. It’s surprising how a picture can grab a buyer’s or even a tenant’s attention. When most tenants begin searching for rental properties, they tend to skim through all the wordy talk and focus on pictures of the property. That is why marketing your rental property through the use of pictures can be very effective if done professionally. But be sure to include any negative aspects or damages to your property. You don’t want it to seem like you’re hiding something. Be honest and the right tenants or buyers will come to you.
Real Estate Marketing Strategies: Old But Gold
Real estate marketing strategies don’t always have to be modern. The old-fashion way works too; all you have to know is the demographic you are targeting. Are they college students, middle-age employees or elders who are on the verge of retiring? Also, take into consideration the type of investment property you are marketing. Is it a single-family home, condo, or apartment? Based on your answers, one of the following may work for you:
- Newspaper ad: It is said that the majority of the people who read the newspaper are over the age of 50. So if you are targeting an older demographic, newspaper ads are perfect. Make sure your ad is appealing to readers and includes all the details of your investment property. Don’t over complicate it. You want to paint a picture of your property in the reader’s mind, but you don’t want to write a novel.
- Yard signs: For some properties like single-family homes, this marketing strategy might work. It’s old but gold!
- Referrals from tenants or friends: You would need to have a good relationship with your tenants for this strategy to work. Previous tenants can always recommend your property to people they know. Same goes with your friends who can spread the word around about your rental property.
Real Estate Marketing Strategies: Social Media
The power of social media is gradually taking over our lives. People are so attached to social media and depend on it for many reasons. Real estate investors need to use the different social media websites to their advantage and market their rental property. Every real estate business requires one or more social media account. You have a variety of choices: Facebook, Twitter, Instagram or Pinterest. These different websites allow you to interact with people and promote your investment properties.
Related: Social Media for Real Estate: A Key to Success
Facebook is a very beneficial network for marketing your rental property. As many would say “It’s not official until it’s Facebook official.” And that’s the deal with Facebook. Since people spend more time on Facebook than they do on any other website, finding investment properties has become easier. What you need is a Facebook page specifically for your rental properties. This page can have a standing photo album of what your real estate properties look like. You can share new information about your properties or any current updates in your local area. You can advertise if you have any vacancies or if you are hosting an open house. A good idea would be to include your client’s recommendations; this will attract potential buyers. The more people you can attract to this page, the better chance you have of keeping all your rental properties occupied or selling them quickly.
There are other social media websites as well. Twitter, for example, is an excellent platform for asking and answering questions. Pinterest and Instagram are photo hubs that’ll let you share high-quality images of your income properties.
Real Estate Marketing Strategies: Real Estate Open House
A real estate open house is exactly what it sounds like. It’s when you open up your house for potential buyers to take a look at. This is very beneficial for you as the seller because it will help you get feedback on your home. So even if you don’t get offers, you will definitely get advice on how to improve or what your property is lacking.
The process of having or hosting a real estate open house is not hard. Remember to not go over the top with planning and organizing and keep it simple. You will need to advertise your property so that people know that you are having an open house and get as many people to come as possible.
Related: What Are the Pros and Cons of a Real Estate Open House?
The Bottom Line
There are numerous real estate marketing strategies that will help you go from vacant to occupied or from “for sale” to “sold.” Think outside the box and explore all the different options out there. It’s all about embracing every opportunity that comes your way and you will become successful in your real estate career. At the end of the day, every investor aims to attract good tenants and find profitable investment properties. To make your search for investment properties easier, use Mashvisor’s property finder tool.
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