The percentage of empty units in Washington has reached 5% (an increase from 3.6% in 2021). If your stunning rental property is sitting vacant, it's time to invest in property marketing. Otherwise, you'll continue to lose thousands in earnings each month.
Use these marketing strategies to simplify finding tenants. With these tips, you can fill vacant units to maximize your profitability. Start marketing today!
Consider Staging a Rental
Make a strong first impression the moment high-quality tenants view the unit with professional staging. Staging a rental can make it more attractive and inviting. In fact, staged properties spend 73% less time on the market than those without staging.
After staging the property, hire a professional real estate photographer. Allow them to capture images of the property from every angle.
Stunning, high-quality images will ensure the property stands out online. Otherwise, potential renters won't give your rental listing a second glance.
Optimize the Rental Listing
Optimizing the rental listing will encourage more people to schedule a tour. Your listing should include:
- An attention-grabbing headline
- A list of amenities and special features
- A detailed description of the property
- Location-specific keywords
- The number of rooms and bathrooms
- A compelling call to action
Use search engine optimization (SEO) to appear as people search for available rentals online. Ranking higher on search engines will direct more traffic to the listing.
Once you optimize your rental listing, share it. Post a link to the listing on social media or use email marketing to generate traffic.
Offer Competitive Rates
Before listing the property, complete a rental analysis. Understanding the local market can help you set competitive rates.
Listing the rental rate too high can deter potential renters. Setting the rate too low will hurt your profitability. A competitive rate will make the property more attractive to renters.
Enhance Rental Experiences
Providing a positive rental experience will help you attract and retain renters. Increasing your retention rate can boost your occupancy rate and ROI.
Consider providing renters with access to an online portal. Promptly respond to inquiries to show you care about their needs.
Keep up with property maintenance. Maintaining the property will protect your investment and your tenants.
Use Digital Marketing
Expand your reach and start finding tenants using digital marketing. For example, you can share high-quality images of the property on social media. Use engaging captions and relevant hashtags to reach local renters.
Create virtual tours, paid ads, or video content to engage your audience. Add a link to the rental listing to generate traffic.
Offer Incentives
Stand out in today's tough market by offering renters incentives. For example:
- Move-in discounts
- Referral bonuses
- Free amenities
Consider using similar incentives to generate lease renewals. For example, tenants may decide to renew if you offer one month of rent for free.
Enhance Your Property Marketing Plans
A detailed property marketing strategy will help you reach new renters online. Finding high-quality tenants can help you increase your retention and occupancy rate. Use these strategies for finding tenants in a tough market today!
You don't have to apply these strategies alone. Our team at Crown Property Management can meet all your rental needs.
We offer a personal touch, extensive experience, and proven strategies. Allow us to maximize your profitability. Contact us today to request our marketing services!
