Marketing property management is the discipline of how to manage and market your property to give yourself the best chance of leasing the property you have for rent. Whether the property is a single-family home for rent, a single apartment, an apartment building, or a home for rent to multiple families; good marketing property management is the key to your success. Here are the best marketing property management ideas and strategies to help you get the most out of your properties; taking advantage of the realities of the market to rent faster and better.
Marketing Property Management Key Idea - Website
A great management concept for any property, especially if you have multiple properties to rent, is to set up your own website. A website allows for much easier management of your rentals, as you have all the information about your property in one place, where buyers in your market can easily find it and learn more. What should be on your website? Number one - pictures of your property. A critical marketing property management concept is that potential renters want to see what they're buying. Take and post as many pictures as you can, and of course, make sure they show the property in the best light. These days, you can take this concept a step further and actually post 3D images of your property on the site so that potential renters can actually get a sense of the dimensions of the house and what it would feel like to actually walk through the property. This is a great option for people who can't actually travel to potential rental homes right away, and it's a great marketing property management strategy.
What if you can't afford your own website to showcase your property, or you don't have the time or manpower to manage a site? There are definitely some other ideas. For one, you can work with a company that has an existing website and can host your property information on their site, or use other marketing strategies such as mobile advertising. A site like 4RentSigns.com, for example, makes it easy for potential renters to see your property and go directly where they need to go online to get all the information they need about renting.
Should You Hire a Marketing Property Management Company?
There are definitely marketing property management companies out there that you can hire to handle the management and marketing of your property. But given what we've outlined above, you need to ask yourself if this is a service you really need to pay for. Does the company offer services that you may not be able to do on your own such as distributing brochures or advertising online? Marketing property management is something most renters can handle themselves, making use of the available tools online. This is especially true if you only have one apartment to rent, rather than multiple properties that need management. If you decide to go with a management company, you need to ask yourself what services they are really providing for you, and if those services are worth paying for.
Marketing Property Management Strategy - Research and Analysis
One way in which a property management company can be well equipped to help you is in the area of analysis. A company that operates in the area where your property is located may have a very good idea of what rental units go for in your neighborhood, and what potential renters can generally expect for the price you would like to offer. They can find out what particular amenities renters are looking for and what drawbacks are deal breakers. Of course, you can do this also, but you will be starting from scratch, and may not have the resources that a property management company has. Since this kind of research can provide very vital information, you may decide that it is worth the price. Another important thing you can do is collect data on how effective your advertising is. If you have a website or work with a company that does, they can collect metrics on when your listing is most looked at and what is the most effective aspect of your online marketing strategy. If you are using other forms of advertising, there are ways to find out where most of your potential renter interest is coming from, and even when and how your advertising is most effective. Once again, collecting this kind of data may be easier for an established marketing management company to handle than you as an individual, but it can be done either way.
What if Your Property Is Not Selling?
If your property or properties aren't selling, at some point, you're going to have to make a change. You do want to give your marketing strategies a chance to work, but at the same time, you really can't afford to wait too long; losing even a month of rent can have serious financial consequences. Make an effort to follow closely along with how your strategies are working. If you stay vigilant, you should get a sense of whether you're just experiencing a lull in the market or there's something you could be doing differently. If you strongly suspect there's a problem but can't pinpoint it after a month or so, it may be a good time to shift your strategy, which may mean changing the tactics you feel aren't working or it may mean hiring a new marketing property management company to help you turn things around.