Property managers don’t just oversee the daily operations related to rent and maintenance. In order to get tenants to occupy the rental property, the right advertising must be put in place.
There are many ways that property managers can advertise. Online and offline avenues allow for a variety of ways to reach potential tenants. And each medium has its unique appeal and benefits. So understanding the market and the goals of property owners will help managers maximize their advertising efforts.
Internet marketing has revolutionized the way advertising is created and delivered. This is becoming the first choice for property advertisers as managers begin to understand the benefits it provides.
Prospects can view properties and research neighborhoods with incredible ease. Searching for a property on the Internet allows people to compare them more easily. This provides an incentive for managers to clearly outline the costs as well as the features of the properties they’re advertising.
Another element of Internet marketing is social media. Perhaps the most important aspect of advertising through social media is the sharing component. Rather than simply targeting would-be renters, social media allows anyone who might know someone in need of a home to quickly share that information.
Other means of online marketing include banner advertising, video marketing, e-mail campaigns, and blogging. It’s clear that online marketing provides seemingly endless ways to reach potential tenants. But the traditional ways of marketing are also still quite viable today.
Although print media circulation has seen a decline in recent years, there’s still much value to be gained in utilizing these methods for advertising. Reaching potential tenants through periodicals at local convenience stores and retail shops can generate significant traffic. Property managers who know their market will understand that print media still plays a powerful role. So this medium should not be discounted.
In addition to print media, direct mail can allow property managers to reach prospective renters in today’s market. By targeting the right lists (previous renters, neighborhood associations, etc.), direct mail can prove to be an effective means of advertising. Mass mailings will reach a large number of people in a very short time. And for many, direct mail is a more personal alternative to advertising when compared to the Internet.
Thanks to the growth of the Internet and online advertising, the overall cost of finding tenants has decreased dramatically. Some say as much as 90% of renters are found through online forums and databases. This means a reduced cost for property owners who often pay advertising fees as part of their agreement with property managers. For managers, reduced cost will also mean reduced resources spent in the way of time devoted to advertising.
Property managers have many effective advertising tools at their disposal. Through effective advertising, managers can ensure full occupancy by reaching quality prospects in the least amount of time. Through online and offline methods, property managers will further develop their network of satisfied customers.
