Did you know that there are about 48.5 million rental units in the United States? With so many options for potential tenants to choose from, it is more important than ever to do some property marketing as a real estate investor.
You want your property to get noticed by potential renters, and they need to find it.
How does property marketing help with this? Why is marketing rental property essential for your investment?
This guide breaks it down. Read on to learn more.
One of the biggest reasons why you will want to market your property is to get as much exposure for it as possible. Without any online presence, for example, the only people that will know that your rental units are available are those that live in your neighborhood and those in your direct network.
You need marketing to get the word out. In this case, you could be advertising to people in other parts of Florida or even those that are out of the state.
All you have to do is list the property address, the size of the rental unit, the asking price for rent, contact information, and post a few pictures. The pictures, in particular, can help rope a new audience into interest in your property.
About 83% of people believe that photos of the property are very important when it comes to deciding whether or not they will look further into a home or a rental unit. What this means is that people want to see what you have to offer, and without putting that information out there, it is less likely that those people will make the effort to find your rental unit.
If you can create more exposure for your property with a good marketing campaign, that could result in more demand for your property. People may respond to your social media advertising, as well as pictures and videos that you post of your property.
When this happens, your rental unit could become a prize in a competition. You could handle this a couple of ways.
You could turn this into a bidding war and accept whoever is willing to pay you the most rent. Or, depending on what restrictions you have with raising rent, you could be a lot more selective about who you want as tenants.
If you have multiple rental units, you can also increase your chances of filling any vacancies that you have. This is one of the most important things because your rental units can make you more money by filling as many vacancies as possible.
Do Some Property Marketing
These are two of the biggest benefits you get when you have property marketing. It allows your rental units to have more exposure to those outside of your neighborhood. As a result, it could increase demand for your property. Then, you can rent more, have better tenants, or have fewer vacancies.
Do you need help marketing rental property? Message us here to see how our rental property management company can help.