Traditionally the goal of advertising and marketing a rental property has been to get it leased, but if done well you can leverage your exposure to help win more business for your agency.
Why is quality marketing in property management important?
Highlighting the importance of quality marketing to your landlord will not only assist them in getting their property leased quickly and for potentially more money, it will ultimately give your agency free exposure to new clients.
Pushing paid marketing and advertising on your landlord will not only maximise your profit on each management, but also help you lease properties quicker and give you a superior position in the marketplace. It’s also important to remind landlords that all the marketing and advertising expenses incurred while leasing their property is an immediate tax deduction come tax time (ATO Guide for rental property owners 2015).
With interest rates at an all time low many tenants are purchasing investment properties to make the most of the tax benefits from renting them out, and then renting a property to live in for themselves. That’s evidence enough to make sure you put effort into your marketing and advertising to impress anyone viewing your ads as they could potentially become your new landlords.
With the internet at our fingertips it's important to showcase your client’s home in its best light so you can attract as many potential tenants to the inspections as possible and also to avoid being outshone by your competitors.
Maximise your property listings and agency's exposure with quality advertising and marketing with the below eight recommendations:
1. Professional photography.
Gone are the days of taking a few photos on your digital camera and hoping they’ll attract quality tenants, as computer savvy consumers are now expecting more from real estate portals and agents.
While they say kitchens sell homes, in the rental world professional photography is the key to attracting plenty of people to inspections and getting a property leased to quality tenants quickly. Good quality photos will make the property look bigger, lighter and show it off in its best light!
Based on a standard three bedroom home in Melbourne’s South East on homely.com.au, a property with professional photography compared with basic low quality photography had 75 per cent more views on homely.com.au than one with lesser quality photography.
2. For lease board.
Erecting a for lease board not only makes it easier for potential tenants to find the property, it's also free advertising for your agency; especially when there is a leased sticker on the board!
3. Written copy.
Agents are known for long winded written description essays in ads, but these days professional photography should be doing all the talking for you.
Instead of rewriting Ben-Hur simply stick to an easy to read format that people will actually be able to get through. Include three paragraphs selling the area, dot points highlighting the property's main features and then two sentences of any extra inclusions or benefits the property or area might have.
4. Social media.
Instagram, Twitter, Facebook and other forms of social media are great tools to market and advertise your properties, but don’t over do it by spamming your followers with just property listings. Instead share quality and relatable content, with only the occasional property listing to encourage likes, sharing and ultimately to win you more business.
Having a ‘listing of the week’ post is a great way to get attention for a property you’re struggling to rent and attract potential tenants from amongst your followers. Plus your client will love the extra exposure.
5. Marketing handouts.
While physical brochures and rental lists might be seen as old school, they’re a great way for potential tenants to remember the property they’ve inspected and encourage them to investigate other properties your agency may have on the books.
Giving each person who comes through your inspections something with your contact and agency details on it ensures they can easily contact you again in the future.
6. Database and email marketing.
Collecting contact details from anyone that inspects your properties is vital to help grow your database so you can stay in touch perhaps using a monthly newsletter to stay front of mind.
Sending a weekly rental list to your database of potential tenants will be helpful to those looking for a new home and help build an ongoing relationship with clients who may one day turn out to be landlords or vendors for your agency.
7. Virtual inspection videos.
A video walk through on your ads is a great way to showcase your property listings and really show off their best features in a way that a photograph cannot.
Many sales agents have been using video walk throughs on their property ads for a while now, but by using video walk throughs in your rental listings it could help set you and your agency apart from your competition, which will impress potential clients looking at your property ads.
8. Marketing your success.
Property management can sometimes be a thankless job, but when you’re praised make sure you shout it from the rooftops! Advertise it on social media, in listing presentations, record your clients’ video testimonials for your social media platforms and website, or even put it on a big sign outside your office.
Homely Premier Agent is also a revolutionary way for you to share your success with potential clients. It showcases all your reviews along with a success map of all your recent leased properties to help you cement yourself as an expert in your area, which will ultimately help to win you more business.
We hope these eight steps will guide you in successfully leveraging your marketing and advertising efforts to generate more business for yourself and your agency.
Rory Cook has worked in the real estate and property management industry as a Property Manager and a Business Development Manager for over four years. He currently is a Business Development professional at arguably Australia’s best looking real estate website Homely.com.au.
Homely is a new way to search for real estate for sale and properties to rent in Sydney and right across Australia. With over 330K listings and 500K local reviews and insights, Homely is a faster and easier way to search for property to buy and rent in Australia.
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