Is a tough rental property market keeping you awake at night?
42% of households in Wichita, Kansas, live in rental properties, but that doesn't necessarily mean rental property owners are having a great time. There are times when the market is competitive, which makes keeping rental units occupied a nightmare for most landlords in the region.
In a competitive market, your property marketing strategy will make the biggest difference. Read on to learn how to use real estate marketing to stand out from the crowd and attract tenants.
1. Leverage the Power of Word-of-Mouth Marketing
In a digital world, the first thing that comes to mind when you want to do property marketing is the internet. While online marketing is super effective when deployed properly, don't overlook an old but still effective method: word-of-mouth marketing.
A good number of renters don't go online to search for their next rental. They simply ask their friends and relatives whether they know of a vacant rental that could suit their needs. More often than not, someone knows a vacant unit somewhere!
Similarly, your current tenants can be powerful agents of word-of-mouth marketing. They can always spread the word about your vacant units, and you'll get new tenants without spending a dime on marketing.
2. Increase Your Property's Online Visibility
A vast majority of renters, particularly Gen Zers and Millennials, use the internet to find their next rental house.
As a rental property owner, it's your job to ensure your unit is visible on the internet. Property advertising on your personal social media pages is a good place to start, but that alone isn't going to give it the visibility it needs to get a renter quickly.
If you have a multi-unit building, it's more effective to build an independent website and optimize it for search engines.
You should also list the property on local websites that offer real estate listings. Use accurate descriptions and upload a virtual tour of the house if possible.
3. Upgrade Your Rental
A good product markets itself goes common wisdom in the business world. Your rental property is a product. Is it good enough to market itself?
If your rental property is aging or has no exciting features, don't be surprised if it struggles to find a tenant. The modern renter, especially the younger generations, wants a rental with WI-FI infrastructure, programmable lighting and thermostats, in-built dishwashers and dryers, and the like.
Upgrading your rental can just turn out to be the most effective way to attract tenants in a tough market!
Property Marketing Done by Professionals
Property marketing isn't something you think about, especially if you're a first-time investor. However, if you decide to become a DIY landlord, you'll find yourself needing to market your vacant units. You can pull it off on your own, but the job is best left to the professionals.
At PMI Wichita, finding tenants for our clients is our forte, but we do more than that. We're a full-service property marketing company that's part of a franchise that's been in business for over two decades. Bank on us to make your investment profitable!
Contact our team to learn more about what we can do for you.