The number one rule of marketing is to go where your people are, and if you’re trying to market a vacant multifamily unit to prospective tenants, the place you have to be is…you guessed it…online.
But marketing costs money, and your goal as an investor is to be earning money, not spending it. Below we’ll discuss some strategies for most effectively using your advertising budget in order to fill vacancies with good tenants.
Where to List
When you have a unit vacancy, typically you will post it on sites from some of the heaviest hitters in the internet listing service space. Places like Zillow, Trulia and apartments.com are important places to maintain a presence.
Property management companies like ours rely on property management software that automatically pushes our listings out to these and about 20 or so other rental listing websites. But listing alone is not enough. Following up on leads is what will bring even more applications through your door.
Additionally, you can sign up for a paid account so your properties achieve prominence on the site.
What to Advertise
People shopping for rental properties are looking for more than just a roof over their heads. They’re aspiring for a certain lifestyle. Make sure your photos and description highlight the important features of your rental unit, including its location.
How Much to Spend
In addition to thinking about your budget, here are other important metrics to pay attention to:
- An improved closing ratio – more signed leases coming across your desk mean your marketing efforts are paying off.
- The ability to increase rent rates by attracting a new type of tenant who is willing to pay for a premium product.
- The ability to reduce your overall costs-per-lead
Filling your units with the best tenants for the least amount of marketing spend is your goal, and it can be done by paying attention to numbers like these. And as always, if something isn’t working, change your strategy and try again.
To hear more about our conversation about digital marketing and real estate, tune in to Episode 17 of our podcast Owner Occupied.