Your marketing strategies for your rental properties can determine how many prospective tenants you attract. Now is always the best time to begin marketing! As per the Milwaukee Journal Sentinel, the metro's vacancy rate of 3.7% dropped from last year's 7.6%, so the market is in a competitive state and you'll have more potential tenants looking into your rental properties.
Struggling to keep up with Milwaukee’s dynamic market? We’ve got you covered with some expert advice on marketing your rental property!
How to Market Your Rental Properties
Create a Compelling Description
One of the first things potential tenants see is the description of your rental listing, and the best way to get their interest is to include attention-grabbing headlines, listing the property's appeal, and adding relevant keywords.
Don't forget to include all the necessary details such as the size of the property, its location, local traffic, its condition, how many tenants it can hold, and the amenities it has. For instance, amenities that are important to Milwaukee renters include air conditioning, parking, and in-unit laundry.
Pricing Your Rental Properties Right
Competitive pricing for your rental properties will help you find tenants faster, and you can set the right price by researching the local market. You should ensure that your rental price is low enough to fill vacancies quickly, but high enough to still be profitable. You can use Performance Asset Management’s ROI Calculator to determine the right balance.
Word-of-Mouth Marketing
You can encourage word-of-mouth referrals through your tenants in exchange for incentives like rent discounts or gift cards. You won't even need to convince people that you're a kind and considerate landlord, as your tenants can recommend your rental listings themselves.
This will be a more trusted form of advertising for your rental units since your own tenants are vouching for your business. In a study by Neilsen, 88% of global survey respondents say they trust recommendations from people they know more than other channels.
Local Advertising
You can find prospective tenants through local advertising, especially in places where locals usually spend time such as online newspaper ads or rent signs. To expand your marketing efforts, you can hire Milwaukee property management companies like Performance Asset Management.
We include rental marketing as part of our service to help you attract tenants for your property. You will have access to:
- A Dedicated Leasing Specialist
- Professional Rental Market Analysis
- High-Quality Photos and Video Tours
- Online Advertising Exposure
Hiring a professional can be a more cost-effective method since they will already know the right marketing strategy for your property. While it's attainable, doing it yourself without the right real estate market expertise might lead to an ineffective marketing campaign.
Digital Advertising
In our digital world, people are now looking for good rental listings through multiple websites online. Popular online platforms include Zillow, Craigslist, Trulia, and even Facebook marketplace. Don't underestimate the influence of social media in rental content marketing.
It'll also be easier to manage online listings since interested renters will reach out to you through the same platform. With a convenient channel, you can attend to more potential clients for your property.
Host an Open House
Open houses are a popular marketing strategy in the real estate industry since photos aren't as reliable as seeing the rental unit in person. This gives you the chance to meet a relevant audience in person. The responsibilities you'll have are:
- Making the rental property presentable
- Providing refreshments for potential clients
- Hosting a tour of the premises
- Answering questions about the rental listing or other rentals
The Importance of Properly Marketing Your Rental Properties
- In a competitive rent market, your rental listings must be more visible as it is a crucial aspect of filling vacancies
- Effective marketing will ensure that you reach your target audience and attract quality tenants
- The more tenants pay rent, the more income will come your way, and you'll be able to expand your investment portfolio
Screening Prospective Tenants for Your Rental Property
After your marketing ideas help you attract tenants for your property listings, you'll have to go through a meticulous tenant screening process to ensure you have high-quality tenants. While it can be a tedious task, it has long-term benefits such as helping you retain tenants and garner lease renewals. You can hire a property management company to handle tenant screening for you. Performance Asset Management looks into factors like:
- Credit Check
- Criminal History Check
- 24 Months of 3rd Party Verified Rent Payments
- Net Monthly Income
- Employment Verification
- Debt-to-Income Ratios
- Eviction History Check
Rental Property Marketing FAQs
What are the most effective channels for rental marketing?
- With the popularity of social media and online rental hunting, you should opt for dedicated platforms that offer listings that are optimized for rental properties like Zillow.
What should I include in my listings?
- Some of the important information you need to include is the property's price for a month's rent, size, occupancy, location, and up-to-date condition. You can survey your current tenants on what they like about your rental property and include that in the marketing materials.
Why should I screen my tenants?
- Screening new tenants will ensure that they are the best tenants for your property. If a prospective renter has a history of not paying rent on time, for instance, then you might save yourself from future problems by refusing to rent your unit to them.
When is the best time to market your rentals?
- That can depend on the current market conditions, although the best period for marketing is generally spring and summer since both are peak rental seasons.
Should You Hire a Property Manager Instead?
The marketing aspect of the rental business alone is already stressful enough, and the real day-to-day work happens after that. You can still earn steady rental income as you sit back by hiring a property manager to do all the work. Performance Asset Management can handle tasks like:
- Rental Marketing
- Tenant Screening
- Rent Collection
- Maintenance
- Financial Reporting
- Eviction Protection
Before hiring a property manager, you can schedule a free consultation with us to determine if we're the right fit. We have a Vacancy Loss Calculator to help you find out if your business is still profitable, and if you need a marketing campaign now more than ever.
