You have an excellent property, but you can't seem to get any tenants! If this situation sounds familiar, it might be your marketing strategy. Making any mistakes during the advertising stage can cost you as you lose out on the best tenants.
Thankfully, learning about common property mistakes is the first step to becoming a better marketer. Discover the top mistakes and what to avoid in this brief but informative property marketing guide.
Not Setting SMART Goals
Part of defining success is tracking your performance. Define SMART goals, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound.
Property marketing is no different from any other type in that setting measurable goals is key to growth.
Let's say your goal is to increase the number of applications you receive. You can refine that to "increase tenant application submissions by 20% by Q3."
Begin by outlining your goals and what you want to accomplish. Doing so will help keep you on track.
Make a list of ways that you plan to reach those goals, such as adjusting your call to action to generate more leads, the number of phone calls you plan to make per day to prospective tenants, adding video to your property listing, etc.
Not Measuring Progress
Failure to measure your progress means you won't know what's working or how to improve your marketing technique. Some of the most crucial property marketing advice we can give to new landlords is to track their data.
How many new leads did that last blog post bring in? How many likes did your social media post get?
Track your KPIs, such as:
- Number of visitors
- Leads (and qualified leads)
- Search traffic
- Conversion rate
- Traffic source
- Landing page conversions
Not Using Video
Here's an eye-opening statistic: 59% of marketers state that video marketing has a positive ROI. Additionally, 58% plan to use video more in their marketing strategies.
Video content can have a huge impact on your marketing effort, whether you're showcasing the inside of an apartment, the property, or the amenities in the area. Visuals will help a tenant see themselves in your rental, which can help fill vacancies faster.
Doing Everything Yourself
You might wear a lot of hats as a landlord, but you don't need to do everything yourself. In fact, you can make more of your investment if you leave some of the work to other professionals.
You're one person, so it isn't always possible to respond quickly to all calls and emails, handle all the maintenance requests, screen potential new tenants, deal with lease violations, follow up on leads—the list goes on.
Make it easier on yourself by utilizing the services of a property management service.
Avoid These Property Marketing Mistakes
Even with all the property marketing tips in the world, you can still make mistakes. However, you don't have to manage your Denver rental all on your own.
At Laureate LTD., we make it easier for landlords to handle their rentals. Read about our HD photos, flexible showings, and other ways we can maximize your marketing potential, and then schedule a free consultation today.