According to a recent study, rental households grew by 25% since 2007, with about 43.3 million households renting in the U.S.
With a rapidly increasing population, demand for real estate always prevails. Investment properties, being a long-term investment, appreciate over time and provide a steady stream of passive income.
To get the best deals, you need to showcase your property in the best way possible.
Here are some tried-and-tested ways to help market your investment properties to their full potential!
1. Unlock the Power of Social Media
Whether you are a newbie in real estate marketing or just looking to win more deals, social media has your back. Research shows that 47% of real estate businesses note that social media results in the highest quality lead versus other sources. These contemporary platforms enable users to post ad listings and engage with potential buyers.
If you are a beginner, start with good old Facebook. The business features built into the app help you advertise to your target audience, communicate with interested customers, and track your listings.
You can expand to other sites such as LinkedIn and Instagram and get a hold of an even bigger marketplace. Several social media marketing strategies can teach you how to navigate the world of social media marketing and make the best of it.
2. Leverage Print Media to Your Advantage
Old-School techniques like newspapers, yard signs, and word of mouth are still effective ways of marketing your rental properties. You need to identify your target market and the means they use to socialize. For example, if you are selling a single-family house and your potential tenants are people over 60, newspaper ads are the most suitable platforms to market your property.
Focus on describing the estate for the ideal tenant when creating a listing. Remember to include details about the neighborhood and nearby areas, in addition to the property itself, to help new renters visualize the community as well. People care about the community as much as the property itself.
Bonus tip: Take good quality photos, use adjectives properly, and use good SEO (Search Engine Optimization) practices.
3. Partner with a Real Estate Agent
If you lack the time or experience to manage your rental process, a Real Estate Agent can do all your work for you. They are licensed professionals who market your property and manage the listings to help you achieve the best rate.
- what to look for
- have more experience in the field, and
- have better negotiation skills.
Most agents are affiliated with a broker firm and have close connections with prospective buyers, which enables your listings to reach a bigger audience.
Real estate agents provide you with their services against commission (usually a percentage of the selling/rental price). Since their income is based on the price you get, they are highly motivated to win the top deal. They also represent and negotiate on your behalf so you can sit back and relax while your agents bring offers to your doorstep.
If you know your target audience and potential buyers, a plethora of marketing techniques is at your disposal. Social media is a great way to reach a younger audience, while newspaper ads and other methods target a mature audience.
You can find your pick based on what suits you. Otherwise, you can save yourself all the time and effort of finding and negotiating with a potential buyer/ tenant and hire an agent to do all the work for you. Happy marketing!