Rental properties are only profitable for their owners when they have tenants. In other words, you stand to make a loss without paying renters in your unit. However, vacancies can be tricky to tackle, especially when the market is in a lull. But with more people starting their home searches online, you can leverage a detailed SEO guide to help you attract new tenants.
How do you create a marketing strategy to reduce vacancy rates? Are you looking for ways to boost your overall profits and retain decent tenants? Then, stick around until the end of this article because we’ll learn about the best ways to attract renters and fill vacancies.
How to Create a Marketing Strategy to Reduce Vacancy Rates
Decide on Your Goals
Before creating an effective strategy, you have to outline your marketing goals. Ideally, these should align with your general business goals and be small steps to achieving the bigger picture. For example, if your ultimate goal is financial security in your retirement, your main aim is to own and manage three single-family units which can cater to your needs in the future. With that goal in mind, you know your mission to attract and retain tenants looking for a family-friendly setting. Thus, you can build on this idea to determine what channels to advertise, which upgrades to make, and what amenities to promote.
Know Your Customer
Building on our previous point, your customers should be the central focus of your strategy. For example, tenants looking to buy single-family units are often older adults like Millenials and above. Thus, Facebook would be a great platform to reach such potential tenants. On the other hand, if you own rental properties near campuses, your target audience would most likely be young adults. Hence, consider creating content on more youthful platforms like Tiktok and Instagram.
Overall, creating a customer persona can help you make vital decisions and appeal to potential tenants better. Bay Property Management Group Northern Virginia can help promote your rental listings to your ideal renters.
Outline Your Preferred Techniques
Thanks to social media and the internet, there are multiple ways you can reach your target audience. However, trying to keep up with everything at once can quickly become overwhelming. Thus, stick with a few proven techniques to drive your desired results.
Determining your preferred techniques will be much easier if you outline your goals and create a customer persona beforehand. Popular content strategies include social media, online listing sites, and making an emailing list. Whatever platform you choose, you should constantly seek to grow your brand and engagements. Remember that if you stick to a few, you’ll be able to remain consistent.
Finally, whatever marketing strategy you decide on, you should have a way of tracking your performance. It’ll do you no good to spend a lot of money on advertising without checking the analytics to see how many people you’ve reached. Doing so can help you reevaluate and figure out what to stop, continue, or incorporate in your next ad.
Besides web analytics, you can also get feedback from tenants themselves. Try as much as possible to ask for feedback, and keep an open mind when someone criticizes your efforts. Tracking your performance will help you improve your marketing strategy and achieve your goals.
Importance of SEO in the Rental Industry
To Improve Your Ranking
SEO is a great way to guarantee customer satisfaction with your online brand. You’ll get more links and engagements on your posts or website by giving the audience what they want. This strategy can, in turn, help create a strong brand identity.
To Create Organic Traffic
SEO helps you put your business in front of customers that need it. Thus, when people enjoy your content, you get more clicks which will drive more traffic to your site and expand your reach.
To Increase Your Inquires and Potential Leads
Good SEO expands your market and helps your brand grow organically. With a strong reputation for a positive experience and ideal homes, you’ll appear more in users’ searches. That can help your business grow and get more people asking about units and sending in applications.
Landlords must learn how to create a marketing strategy to reduce vacancy rates. Effective marketing can help you acquire new tenants, grow your brand, and keep your cash flow consistent throughout the year. We hope you’ve picked up a thing or two from the post and feel confident enough to devise a marketing strategy that delivers results.
If you need more help creating an efficient plan, you can hire an experienced property manager. These experts have tons of experience in sales and can help you keep your units full.