You want your properties to be filled at all times- but in some markets, that goal is difficult to achieve. When you run an online property management company, you need to use your leasing savvy to achieve success in the rental market.
Here are 6 strategies that can help you become more successful in leasing:
1. Stay Informed
Know your market and your neighborhood, and it will be easier to achieve leasing success. Stay on top of rental trends such as demographic shifts in the places where you own rental homes. For example, if you know that the neighborhood is changing and attracting young professionals who love its easy access to transit and bike routes, focus your energy on this new audience.
2. Spread the Word in Many Different Places
After you've analyzed the rental trends in each of the areas where you work, determine how you can reach your different audiences. Always cater your marketing efforts to a target group of prospective renters. If you're renting accessible and amenity-rich homes in an area that's popular with downsizing seniors, you may choose to advertise in the local paper. If you're aiming to attract Millennials, social media posts and a mobile-friendly website may do the trick.
3. Develop an Interactive Website
Does your website truly speak to your market? Today, your site is one of the best marketing tools you have. Make sure that your website invites participation and sharing with information-rich blogs. Add an online application form to make it easy for renters to apply, and make sure that you follow up quickly after applications are received.
4. Build Community
Whether you sponsor a local fair or add website content that is helpful for prospects looking at your neighborhood, reach out and become part of the communities where you work. This not only leads to direct marketing opportunities, it also leads to excellent word of mouth. Becoming a valued member of the community builds priceless trust between you and community members.
5. Make Your Online Property Management Social
Today, people spend a lot of time online. To join them where they are, consider creating Facebook, Twitter, Instagram, or other social media accounts. While you don't need to be everywhere, choose networks that make sense for your target audience and develop a strategy for each. Share your blog posts that relate to questions and concerns that your renters might have, and interact with your online community through questions, surveys, and by replying to comments.
6.Watch Housing Market Trends
The housing market crash of 2008 led many families to shift from owning to renting. Make sure to stay on top of these greater market trends and price your properties accordingly. Shift your prices when necessary, but look for long-term stability as well. While some markets are hot now, prices could fall later, leaving you to do a large downward price shift. The Wall Street Journal (subscription required) says that "Typically, rents for single-family homes should be in line with monthly mortgage payments for a similar house."
If you're looking for a support system for your property management business, look at software products that will help you manage your data, produce reports, and understand trends in your business. Propertyware can help. Sign up for a free online tour of Propertyware today.