What's stopping you from splurging on a rental property marketing campaign?
If you're a first-time landlord, marketing isn't one of the first things that crops up in your mind. You're probably thinking about more important tasks, such as tenant screening, rent collection, and property maintenance.
However, marketing is just as important as these tasks, if not more. Without good marketing, you may not even find tenants to screen in the first place.
Continue reading to learn what marketing can do for your investment property in Bountiful, Utah.
Attract the Right Tenants
Rental property marketing doesn't just increase your unit's visibility to potential renters. It also helps you zero in on your target renters.
Let's say you've bought a building with studio apartments that are ideal for student housing. Ideally, you want all the units to be occupied by college students. Getting rental applications from renters who are not in that group will only waste your time since you might be inclined to reject them.
With the right marketing plan, you can target student renters, ensuring that the vast majority of the rental applications you receive are indeed from students.
For example, you can create an online rental listing indicating that the property is ideal for college students. Most social media platforms can also help ensure the advert is visible to users who have identified themselves as college students.
High Occupancy Rate
When your property in Utah is not occupied, you lose more than the monthly rental income. You probably have bills, such as mortgages and utility fees, that you must pay whether the property is occupied or not.
Various factors can contribute to low occupancy, including a tough rental market and poor tenant management. A lack of marketing can also keep your occupancy rate low.
Marketing your property consistently ensures it's always visible to prospective renters. Even when it's fully occupied, you may still get applications, which you can keep on a waiting list. When a vacancy arises, you can contact the renters on the list and fill up the vacancy quickly.
Stand Out from the Crowd
The Bountiful rental market can get tough. When renters are few and far between, or when there's an oversupply of rental properties, effective marketing is the one thing that will give your property an edge.
You can craft a marketing strategy that centers on not only making your property more visible but also as the preferred home for renters. For example, you can use videos to showcase the property's unique features, such as a pet play area.
You can also partner with some of your tenants to make testimonial videos. This will help you build trust as a landlord, which is key for attracting tenants in a competitive market.
Get Professional Property Marketing Support
Evidently, property marketing is an important task for every landlord, but not every landlord is good at it. Luckily, you can turn to a property management company for marketing support.
At PMI Mountain West, we have the real estate marketing expertise your rental property in Utah needs. As part of a national real estate management franchise with over two decades of experience, you can count on us to deliver.
Contact us today and let's make your property stand out.
