By Alright! You’ve got the property - now it’s time to turn it into a profitable business. And to do that? Get the word out!
We’re going to cover one of the fundamentals of marketing for real estate investors: marketing your long term rental properties. And we’re going to give you 4 strategies to succeed - so let’s get marketing!
4 Ways To Market Your Long Term Rental
If you want to make sure your long term rental generates consistent returns, the name of the game is to market it. Why? Because good marketing means fewer empty rooms, and fewer empty rooms means more money coming in.
Online Listings
The lowest hanging fruit when you’re marketing your long term rental is to list your rental on sites like;
Here are some tips for making appealing ads for long-term rentals that stand out from the rest:
- Listings can't attract renters without good photos, which help show off the features and amenities of your property.
- Make sure to give a full description of the rental property, including where it is and what it has to offer.
- Set a rental price that is competitive based on what the property has to offer and how the market is in the area.
- Make sure that your house rules are clear. Make them easy to understand so that tenants know what to expect.
- Quick and friendly contact with potential renters to answer any questions and give them more information.
- Show good reviews from past tenants. This can help people decide whether or not to rent the place.
Social Media
Use social media to spread the word about your long-term rental and reach more people. Here are some ways to market your business using social media:
- Set up a page for your business on social media sites like Facebook, Instagram, and Twitter.
- Share high-quality photos and videos of the property, its features, and its location. Hiring a photographer who specializes in taking pictures from a drone can help your property stand out from the rest.
- Give your audience useful and interesting information, such as tips on what to do in the area or information about upcoming events.
- Use social media to run targeted ads to reach potential renters in certain areas or demographic groups who might be interested in your property.
Reviews & Referrals
Even in the digital age, word of mouth is still a powerful way to market. Here are some ways to use recommendations and reviews to help your long-term rental:
- Encourage happy tenants to leave positive reviews on your online listings or on social media.
- Give your current renters extra money if they bring you new renters.
- Keep in touch with your tenants and take care of any problems or concerns right away to get good reviews and referrals.
Miscellaneous Strategies
- Ads In Target Areas: If your long-term rental attracts tenants from a certain geographic area, try taking out ads in places where your audience hangs out - whether that’s online or in print.
- Establish Local Authority: Another option is, if you live in a vacation hotspot, starting a website that keeps your audience up to date with things happening in the local area. This approach delivers value to your audience, and you can make sure to plug your property while you’re at it.
- Exclusive Deals: If a tenant signs a longer lease or pays rent early, give them special deals or incentives.
Keeping Vacancy Low & Revenue High
It's easy to find renters, but it's harder to keep them - and retention is where the real money is. Here are some tips to help you keep your long-term rental filled and make money:
- Set a competitive price for your rental based on the features and amenities of your home and the local market.
- To keep tenants happy, keep the property in good shape and take care of any maintenance or repair issues right away.
- Add special features or amenities to your rental property that make it stand out from others in the area.
- Give your tenants good customer service and stay in touch with them to gain their trust and make them want to stay with you.
- If a renter renews their lease or sends you new renters, you could offer them a discount or other deal.
You've built it and put it out there, so now it's time to get paid! And if you're an investor who is continually looking for great properties to invest in, you should give Realeflow’s ultimate real estate investing tool stack a try. Grab a free 7-day trial here!
