Even if you have amazing rental properties in your portfolio, your rental property management strategy is going to fail without a good property marketing strategy. Once one or more of your properties becomes vacant, it's your responsibility to market and advertise that property, showing it to prospective tenants so you can get it occupied faster.
One of the best ways to market a property is to list some of its most compelling features, highlighting them for people who may want them. But what are the best features to include?
Knowing Your Demographics
First, it's important to know who your target demographics are. Different people search for different things in apartments, and what might be an amazing upgrade to one tenant might be a significant drawback to another.
Before you begin putting together your property marketing strategy, you need to know who you're trying to reach. Who are the types of people who live here? How much do they have to spend? What are their values and what are the most important variables for their living situations? If you can specifically cater to them, you'll have a much better likelihood of succeeding.
Essential Features to Push
Once you have a better understanding of who your target demographics are, consider these features to highlight in your vacant properties:
· General location. First, you might consider highlighting the general location. Is this a popular neighborhood? Is it up and coming? Does it have unique features that make it beautiful, such as access to a lake or a nearby park system?
· Smart home technologies. For many tenants, the presence of smart home technology is a huge plus. Having access to even something as simple as a smart thermostat can make life easier, reduce costs, and potentially even improve security. That said, keep in mind that not all tenants want smart technology equally – and some target tenants may have privacy or security concerns related to properties with smart home technology installed.
· Appliances. You should also list the available appliances. Most people expect the properties they rent to come with standard appliances like a refrigerator, an oven, and a stove. However, they're much less likely to apply to rent a property that also has access to luxury appliances like a dishwasher, a washer, and a dryer.
· Outdoor space. Some properties allow you to highlight their outdoor space. If there's a big, fenced in backyard, sell it. If there's a beautiful flower garden in the front yard, post some photos of it. Even people who don't spend much time outside can appreciate the aesthetics of this space.
· Access to transportation. Everyone needs transportation periodically. That's why you should consider highlighting this property’s access to transportation. Are there convenient highways nearby? Is it possible to walk to the nearest bus stop? Are there walkable sidewalks in place?
· The neighborhood. Every neighborhood has a distinct mix of factors that make it unique. Highlight some of the most attractive or most original features within this neighborhood. Does it benefit from excellent school ratings? Does it have a low crime rate? Does it have a thriving artistic community or a nearby park to celebrate?
· Parking. In areas dependent on vehicles, your tenants will want parking spaces. Is there available off-street parking? Is there an attached or detached garage? If street parking is the only option, is it easy to find a spot?
· Storage. You may also choose to highlight any available storage space in this unit. People appreciate having lots of closets, drawers, and cupboards where they can keep their possessions. It's even better if you can offer peripheral storage, such as extra space in the basement or in a garage.
· Energy efficiency. Consumers increasingly care about energy efficiency, so if you've made any efficiency upgrades to the property recently, highlight them.
· Age and condition. In some cases, you can brag about the age and condition of the property – or specific upgrades within it. For example, you can highlight a recently renovated kitchen.
· Pricing. For some prospective tenants, price is an inherently limiting factor. If your property doesn't have much to offer, focus on what a great deal it is.
· General aesthetics. And of course, you may want to highlight the general aesthetics of the property, including the architectural design or any unique features.
Pushing Your Best Features
At this point, your biggest question is likely this: how do you push these ideal rental property features successfully?
· Call them out early. First, you should call out these features by name as early as possible in your property description. Above the fold is good, whatever your medium happens to be, and in some cases, that means including feature descriptions in headlines and sub-headers.
· Use professional photography. It's also a good idea to hire a professional photographer for your listing. Real estate photographers know how to capture the best features of your property in the best possible light. Some key features, like access to transportation, can't be easily photographed, but this strategy can help you with many important features.
· Kick up the descriptive language. Feel free to get a bit creative in how you describe some of these features. For example, instead of describing something as “nice,” describe it as “extravagant.” Adding more flourish, often through adjectives, helps your listing stand out and really sells what your target demographics will like most about it.
· Prepare for tours. Finally, prepare for showings and open houses. How are you going to reveal and talk about these features in a way that your target demographics are going to love?
Obviously, you'll need to think about the unique strengths of your specific property when evaluating this list of features. If the property doesn't have much of a backyard but is located right next to a bus stop, focus on access to transportation rather than available outdoor space. With a bit of research and practice, you can effectively appeal to your most valuable tenants.
