Nobody likes a vacant property. It bleeds money every single day it is not occupied. A good investment means it produces a considerable profit monthly. Especially in today’s economic climate, you want to make sure you have a reliable stream of income.
If you’re making this effort by yourself, it can be an overwhelming job. Not only do you have to know good marketing tactics, but you have to balance conversations on several fronts with prospects and then check if they meet your standards.
In today’s article, we’re going to cover our top 3 tips that will help you market your vacant property efficiently.
Leverage the power of online
By now, there is absolutely no doubt we entered the online era. We have so many free tools we can take advantage of. Many of them already target interested leads. Mavi Unlimited are sharing some examples you can proceed with.
- Online listings portals. These are a great way to accelerate the process of finding a tenant, as many people choose to be notified when there’s a new listing that might fit their needs. Many of these portals let you boost your listing on their site for a small advertisement fee. If you see that your listing is not performing well, you can always put in some money for your property to be seen by more prospects. Also, consider researching some of the local portals in your area, as they will help you reach your ideal target more efficiently. Some places you can put up a listing are Zillow, Craiglist, Apartments.com, Trulia, Zumper, etc.
- Social media. Many landlords still don’t fully grasp the power of social media. Oftentimes, this magic tool that gives you access to absolutely everyone is overlooked in favor of traditional marketing efforts such as ‘’For Rent’’ signs. Don’t get us wrong, you never know where a good tenant might come from, but to speed things up, we deeply encourage you to use social media. Not to mention that it builds communities of people that are in the same things. For example, there are tons of Facebook communities with interested prospects that follow every post that’s made about properties. Find all the local real estate groups and post there. You’d be surprised by how many people will engage with you. The same goes for Facebook Market. Make sure to cover other platforms such as Instagram, Twitter, Reddit, YouTube, TikTok, etc.
Other types of online marketing can include but are not limited to email marketing, blogs, pay-per-click campaigns, live videos, virtual tours, etc.
Referrals and word of mouth
Recommendation and word of mouth are among the oldest and best marketing strategies in the book. People trust something a lot more if they’ve heard about it from someone they know. It just holds a more considerable power than finding out online. So tell the neighbors in the area that your property is currently vacant and that you’re looking for a qualified tenant to move in. Make sure to also spread the word with family and friends and ask them if they know someone who would be suited.
One of the best and safest ways to ensure you attract quality tenants is to ask for referrals. Use your current tenants (or even tenants from the past) to give you recommendations. Likely, you’ll contact persons that meet the same standards as the one that referred them to you.
The position of a landlord is similar to that of a small business owner. More often than not, they believe they can pull everything off by themselves. However, marketing a property for which you want to find good, qualified tenants is a serious process. The smartest and easiest choice is to hire professionals to handle things for you. They will know more tips and tricks than you, they will be able to allocate more time than you, and they will know how to do a proper tenant screening.
We even advise hiring a specialist early in the process. Choose a professional photographer to take high-quality pictures instead of using your phone camera. Lighting and quality will elevate your space and make more people check out your property when they see it online.
For the rest of the process, it’s wiser if you partner up with a property manager. Not only will they be able to help with all marketing efforts, but they will also help you with everything that follows after you find the tenant.
You don’t have to worry about a vacant property if you embrace an efficient marketing strategy guided by an experienced expert. Leveraging the right tools will lead many prospects to you. Be ready to answer calls and schedule viewings!
Get in touch with us today and learn more about our services.