When the Palmetto rental housing market is tight, finding new tenants can be difficult. In a city that's home to about 13,000 people, of which 64.5% of homes are owner-occupied - according to the U.S. Census Bureau-, it's not hard to see how tough the rental market can be.
This, though, shouldn't discourage from you investing in Palmetto rental property. There's a good rental housing market, and during tough seasons, investing in a property marketing campaign can be all you need to keep your occupancy rate high.
Marketing is both an art and a science, and not all landlords are well-versed in the specifics. In this article, we're sharing a few helpful tips that will help you market your rental the right way.
Let's dive in:
Who're You Targeting?
Knowing your target market is key to designing an effective real estate marketing strategy. Your target market is primarily defined by these factors:
- Type of property i.e., apartment or single-family home
- Neighborhood/Community
- Rental price.
If your property is located in a neighborhood that's popular with retirees, for example, your tenants will mostly be seniors. Apartments are popular with younger renters, and your target market would include college students if the property is near a college.
With this information, it's easier to determine the best marketing approach. For example, if your property is a single-family home in a retirement community, you wouldn't want to advertise it on TikTok since seniors don't typically use the platform. Facebook is the more appropriate channel.
Utilize Listing Platforms
A National Apartments Association report reveals that 98% of renters are using online resources to look for their next rental home. 20% exclusively rely on online sources.
As a property marketer, you need the property you're marketing to be where the renters are. In 2024 and beyond, that's online!
Utilizing online listing platforms is the best way to make your property visible to your target audience. However, finding the right listing platform is only one-half of the job. The other half is creating an irresistible listing.
To do that, start by taking high-quality photos (and videos if the listing platform allows), that showcase the property's strongest selling points. The description should be detailed and contain all the key information a renter would want to know.
A listing that grabs attention will get your phone buzzing in no time!
Don't Overlook Tried and Tested Marketing Methods
Displaying a "for rent" sign on your property's entrance or other visible part might seem like an outdated idea in today's digital world. However, they can still be effective, especially if the property is in a location that receives plenty of traffic.
In addition to posters, word-of-mouth marketing can work magic. You can ask your current tenants to refer renters to you. You can even reward them with a rent discount for a successful referral.
Go Hard on Property Marketing in a Challenging Rental Market
Property marketing is the only way to give yourself a fighting chance when the rental market gets tougher. Identify your target market and design a marketing strategy that will deliver the right results.
If you're not sure you can do it, PMI Elite Properties has marketing experts ready to help you out. Locally owned and independently operated, we're part of a national franchise that has refined property management for over 20 years. PMI's nationwide expertise enriches our local services.
Contact us to learn more about our services.
