Effective Advertising

Effective advertising as always have proven to deliver potential client traffic to any type of business in general. In real property rentals, this strategy has proven to be very efficient and is now widely used to fill up vacant units.

By and large, it is a business plan of landlords and building management teams to fill up all vacancies and operate with a sound financial standing to meet obligations. However, there are companies and landlords who operate rental properties relying on property rent alone. In these cases, when vacancies remain unfilled for some time, serious financial problems can occur especially in meeting mortgage obligations.

Effective advertising is the first step to publicized and reach out to renters you are open for business. Before you write an ad and spend a dime in advertising, it is basic for you to have an advertising plan. This plan will determine how to advertise, when and where. Your main objective in advertising will be to maximize the return of your investment and reach out to your target market.

To help you plan your advertising strategy, here are some of the factors that can help you come up with a better plan;

1. Where the property is located

Essentially, the property’s location will dictate where and how to advertise. Most rental properties located near business districts place their advertising in local business publications or in the business section of local newspapers. Some buy advertising spaces on web sites that features the local business information. Bear in mind that your strongest selling point is the location of your property. Making use of this factor can effectively increase the amount of applicants and thereby reduce tenant turnover.

2. The factors that make your property stand out

For properties that have defining features like swimming pools, great views, or the latest appliances, you can detail them prominently in your advertising. Review your property and figure out what makes it appealing to the widest variety of potential renters around.

When you find your property not unique enough, you can focus on your location. Increase your property’s appeal by stressing on safety, neighborhood serenity, accessibility and convenience to local shopping, religious centers and public transportation.

3. Determine competitive rates in the market

To offer below-market rental prices would be the best way to beat competition and fill vacant units quickly. Conduct a research on your local market rates. Establish essential factors that would help you decide how much discount you can offer without sacrificing your healthy profit margin. Sometimes discounts on rates of added services such as common spaces and parking spaces can add appeal to renters.

4. Learn to understand your local property market

A landlord cannot just arbitrarily set rent costs and security deposit amounts on his wanting. A landlord must learn what is typical in the neighborhood. Abide by any state or local laws that govern rental properties. The future success of rental property management basically lies on setting the prices right to compete with the local current housing costs. Setting prices too high would only pass up great opportunities for business.

5. The type of lease you are offering

Majority of landlords require leases of one year or even longer. You can however differentiate lease agreements in your property by offering a month-to-month basis. This way, you are widening your target to renters who prefer not to sign a long contract especially for an apartment. A quarterly contract or semi-annual contract is some other option that can attract these people to fill your vacancies too. However, you have to prepare for this method as you may have frequent turnovers. This would require you to screen new tenants more often than not.

You can also find out what other area leases do and do not allow. You can market your property to have accommodating features. Your property can be the only property in the area that allows pets or perhaps the only one where renters are allowed to sublet or have a subsidiary tenant. This actually requires creativity and market analysis. Gather enough information about your local market to have a very effective advertising plan.