A good marketing campaign can make all the difference in finding the right tenant for your property, but it’s even more critical in a challenging market. Here’s how to make your investment property stand out from the crowd.
Our previous article on Why Advertising Matters For Rental Properties highlighted the importance of marketing and advertising to get your property in front of the right tenants, but it becomes even more critical in a challenging market. A good advertising campaign can sometimes be the difference between a short turnover and a long vacancy, so it’s an important element to get right.
Here are three key things to consider to make your property stand out in a competitive market.
#1: When To Start Advertising Your Rental Property
Timing is key when listing your investment property for rent, but it can be a tricky balance. Prospective tenants need time to plan for the open house, but if you give them too much notice, there’s a chance they’ll forget or move on to other homes. In quieter periods, it’s more advantageous to start advertising rental properties three or four weeks in advance as there’s less prospective tenants out looking for their new home. However, as the market gets busier and competition for rental properties increases, moving to two weeks is more beneficial for successful leasing of your property.
A good property manager will know the ideal time to advertise depending on the market, so make sure you’re working with an experienced professional.
#2: Decide On Marketing Channels That Will Make You Stand Out
There are many ways to advertise your property for rent and your property manager might choose a different combination depending on your property and target market. To reach as many people as possible, a good marketing campaign usually mixes online and offline channels, such as:
- Signboards and For Lease Signs: displayed at the property to capture the attention of passers-by and neighbours or their friends who may be interested in moving.
- Website Listings: including professional photos, key information about the property and a floor plan. Additionally, using the 'Highlight’ feature on realestate.com.au or the ‘Platinum’ feature on domain.com.au to prominently display your property towards the front of search results drives buyer enquiry, with more views on average than standards ads.
- Marketing Letters: distributed within the immediate vicinity of your property, including just listed and just leased flyers.
- In-house Rental List and Property Flyers: printout of all properties currently available for rent taken to open homes so that high quality prospective tenants can view other properties that may be the right fit for them.
At Taylors, we strongly recommend that our clients invest in photography and exceptional copywriting to increase the likelihood of a potential tenant choosing to attend the open home. You only have a few seconds to capture a tenant’s attention, so make the most of it with advertising that shows your property in its best light.
#3: The Open Home And Application Process
The advertising doesn’t end once the tenant has decided to attend the open house. The impression they get from the property will be the final deciding factor in whether or not they put in an application, so it’s vital that the open home is well structured and managed professionally. The open home should be conducted by a leasing consultant who knows your property well, so they can explain its best features to potential tenants and highlight the agency’s professionalism.
Once the tenants’ applications are in, the application process must be handled expertly and efficiently. In a competitive market where tenants are applying for numerous properties, making a prompt decision is essential, but it’s equally important to do due diligence to find a quality tenant. A great property manager will know what to look for to find the right tenant for your property.
Thinking Of Advertising Your Investment Property For Rent?
Get in touch with our team of specialists for expert advice today.