5 Creative Ways To Market Your Rental Properties for Real Estate Investors
All real estate investors should be using creative marketing techniques to promote their listings. I KNOW, in some places in the country the need for housing is so great that you barely have to drop an ad in Craigslist and they "sell themselves", BUT there are some really important reasons to be advertising even when times are hot!
Why You Should Keep Marketing
You can grow an email list of potential tenants. If you are collecting names and email addresses, you will have a "hot list" of interested renters to contact when you have a vacancy.
If you are a serious investor and have multiple properties available in a city, you will have vacancies from time to time. Marketing consistently means that people will be on the lookout for your properties when they go on the market and your vacant times will be shorter.
One thing that no one ever thinks about is the unknown opportunities that come along when people see your marketing materials over time. I have had clients be approached with blogging opportunities, gotten advance warnings of rental properties about to be available for purchase and a myriad of other unknown nice things that can happen when your are "out there" marketing that you are a rental owner.
Last but not least is the bad news that no one ever wants to talk about. Even if the housing market is tight in your area, there is a good chance that the tables will turn sometime. I know that Larry is a proponent of getting out before the area declines, but that is not always possible and it behooves you to make hay while the sun shines on the hot market. Growing a following and collecting a database of names is the best way to be sure your properties never sit vacant long.
5 Creative Ways To Market Your Your Rental Properties
Here are some "out of the box" ideas for marketing your rental properties!
Pinterest is a website that women (primarily) use for saving pictures of things they want to do later. Since 80% of home decisions are made by women, it would be a good idea to start growing a following on Pinterest.
You could make "boards" of your rental listings, things to do for families in your town and even collect pictures of historic homes or building. Functionally what you want to do is make a well rounded Pinterest account that happens to include your real estate listings.
Growing this kind of following on social with a narrowly targeted audience of women is a great way to increase your footprint in a marketplace.
I follow A LOT of real estate investors and rarely do they want to talk about their business online. It seems like they are hesitant to let people know about their holdings or strategies.
That seems really strange to me... I would record everything! If you are doing a fix and flip you could document every step of the remodel. If you are buying a turnkey, you could document the process of what you did to pick the property or even your research about the local area.
People are voyeurs at heart and someone who has followed you though those kinds of posts will be willing to pay top dollar for your property over someone they know nothing about.
Advertise For New Properties
Remember the days of printing out those ugly yellow signs and hanging them on telephone poles with a stapler? Well why not take those techniques that are proven to work and apply them to the online world.
One of the reasons that those ugly signs worked is that you could target a neighborhood that was good for rentals, instead of just blanketing an entire market.
The cool thing now is that you can use tools Facebook ads to laser focus ads on certain zip codes or even thinner slices of the buying public. You can target people who have recently gotten married or had kids, ones whose teenagers are getting ready to graduate from high school or a myriad of other search options!
Old School Mail
I am not sure that there is anything more powerful right now than a piece of mail. Because so many companies stopped mailing, a well thought out mailer will cause a really big impact!
Using Every Door Direct from the Post Office allows you to target a mail carrier's route. This way you can target a specific apartment complex for potential renters and target specific neighborhoods for people who want to sell.
The cost is ridiculously low ($0.17 a piece) and while it takes a little bit to figure out, it is well worth the time!
Work With The Local Popular Schools
Last but not least is marketing for specific school districts or athletic teams. For example, my son "gets" to play in the Metro Little League because of where we live. My big girl "gets" to go to Legacy High School because of where we live.
There are generally schools and sports teams thought to be "better" for a variety of quantifiable and not so quantifiable reasons. If you are going to be building a rental portfolio anyways, you might as well target your purchases and marketing to parents who are interested in providing the best possible education and athletics for their children.
This can assure higher rental prices and longer leases since they will not want to pull little junior out of school just to move to a new home.
There you have it... 5 Creative Ways To Market Your Rental Properties. Some of them may be what you expected and some are longer term plays to build your investment prospect pool and portfolio!
Either way, you can never go wrong by increasing your influence and database in an area where you own rental properties!
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Post written by Tara Jacobsen of Marketing Artfully.
If you would like to find out more about how to grow your business with social media please check out her FREE Email Course, "Social Media Marketing For Small Biz"