How to Market Your Property During Vacancies

Unoccupied residences can present an issue to property owners and managers in competitive real estate markets. Fortunately, there are numerous ways to find and keep suitable tenants and to quickly market your property during vacancies.

1. Understand Your Target Tenants

A great first step is to create a profile of your ideal tenant. Consider factors like their age, lifestyle, income range, and potential job field or methods of earning an income. When you know what type of tenant you need, you can use strategies and tools to ensure you reach out to this group of people.

2. Utilize Spoke Services

Using services such as Airbnb and HomeAway is one of the easiest and most effective ways to quickly fill vacancies. Although there are some particular requirements for eligibility, qualifying properties can benefit from these short-term rental services.

3. Use Social Media

Social media can help you advertise your properties online and reach more potential tenants. According to Facebook, 70% of rental seekers in the United States went on Facebook to find their next rental property. Additionally, platforms such as Instagram, Twitter, and LinkedIn contribute to effective marketing.

4. Leverage Digital Ads

Digital ads can help you quickly find tenants and fill vacancies. These ads can be tailored to your desired demographics and maximized to reach the most people in your tenant pool. Platforms like Google and Bing Ads, as well as social media websites, offer specific targeting for ads and are great options to fill vacancies fast.

5. Take Advantage of Rental Sites

Rental sites are a great way to advertise your property and reach the most potential tenants. Services like Zillow, Apartments.com, and Craigslist enable you to list and show off your property to tenants across the web.

6. Utilize Remote Showings

These days, it’s easy to take advantage of remote showings. Utilizing video calls and virtual tours makes it easy to show tenants the home from wherever they are, without having to worry about scheduling showings.

7. Create An Attractive Ad

When marketing your property during vacancies, you need to make sure your ad looks attractive and informative. Include details about the property, any positive amenities it offers, and any surprising benefits. Be sure to also include any unique features or attractions nearby.

8. Offer Incentives

Offering incentives to tenants can help to quickly fill vacancies. Consider offering free or reduced rent, incentives such as free or discounted parking, or offers to cover the tenant’s deposit. These incentives can encourage potential tenants to choose your property over other options. Dive into the world of finance and pricing for UK landlords

9. Showcase Photos and Videos

Photos and videos can help you show off your property and stand out among the competition. Utilize technology such as drones and 360-degree cameras to take stunning photos and videos of the property from multiple angles.

10. Make Sure to Set Realistic Expectations

When advertising your property, make sure to set realistic expectations by including as much detail as possible. Things like amenities, square-footages, and rent amounts should be clearly stated in your ad. This can help you avoid miscommunication issues and attract the right tenants.

11. Attend Trade Shows

Attending trade shows and other networking events can be beneficial in finding tenants. Make sure you have an attractive and informative booth at these events to capture the attention of potential tenants.

12. Get Referrals

Don’t forget to reach out to former tenants for referrals. Offer incentives such as discounts or bonuses for referrals that result in successful leases.

Conclusion

There are a plethora of ways to quickly fill real estate vacancies for better ROI. Utilizing services such as Airbnb, taking advantage of rental sites like Zillow, leveraging digital ads, and offering incentives to tenants are all effective strategies. The bottom line is that there are a lot of options available to help you find and keep suitable tenants and to market your property during vacancies.

What are some good ways to market a vacant rental property?

1. Create Ads on Popular Rental Sites: Create ads for your vacant rental property on sites such as Craigslist, Zillow, StreetEasy, Hotpads, and Apartment Guide.

2. Utilize Social Media: Leverage your own social media presence to get your rental property in front of as many eyes as possible. Use platforms like Instagram, Twitter, and Facebook to post about your property, utilizing relevant hashtags and geo-tagging to drive more target traffic.

3. Take Professional Photos: People are more likely to be interested in a rental property when the photos look professional. Having good photos of your property is essential for getting attention from potential tenants.

4. Offer Incentives: Offering incentives such as free rent for the first month or a discount on the deposit can help you to attract more renters faster.

5. Hold an Open House: Holding an open house will give interested renters an opportunity to take a look at the property in person. Make sure it’s well lit, clean and staged for potential renters.

6. Word of Mouth: Ask your family, friends, and coworkers if they know anyone who is looking for a rental property. Though this is less reliable than other more traditional forms of marketing, it never hurts to ask.

7. Reaching Out To Former Tenants: Reach out to former tenants and offer them incentives for referrals that result in successful leases. This can be a great way to quickly fill your vacancies.

What are the best online platforms to market a vacant rental property?

1. Zillow

2. Craigslist

3. Realtor.com

4. Facebook Marketplace

5. HotPads

6. Doorsteps

7. Trulia

8. RentJungle

9. RentHop

10. Zumper