In a market where there is a growing number of people getting more comfortable with the idea of renting over buying, it only makes sense that they would search for a property they will look to call, ‘home’. The average tenancy lifespan in NSW is just shy of 5 years which is a considerable amount of time. So, marketing a property to Gen Renter needs to appeal to them as much as a sales property would.
When you’re looking at marketing an investment property, there are key marketing strategies that need to be employed in order to get effective results, ultimately avoiding rental vacancy. Simply placing an ad online is no longer a viable solution, particularly if you are competing with other listings in a highly saturated market.
Enlightened landlords understand the power of an effective marketing strategy because it consistently yields results and is replicable across different types of properties, from houses to apartments. This means selling to tenants the way you’d sell to a potential homeowner is absolutely critical.
A critical step to achieving this is understanding what sells, and what sells is a mixture of great advertising and effective distribution. Great advertising builds an emotional connection with the potential tenant and distribution ensures you are getting it in front of the right people.
Consider the way the listing is written, how it is presented through photography and where it is advertised. These factors play a critical role in achieving your desired outcome. Let’s face it, consistent cashflow and minimal vacancies is what we’re aiming for. Here we’ve outlined the necessary information and steps on how you can market your investment property more effectively.
Showcase The Property Through Quality Content Marketing
Describe and highlight the most notable benefits of your rental property by writing a marketing copy. However, keep in mind to make your content short and concise. The objective is to provide potential tenants with a descriptive overview of what it would be like to reside in your rental property. If you’d be able to do this correctly, tenants won’t be reluctant when it comes to shortlisting your property. Numerous online ad websites also have an amenities section; thus, you don’t need to emphasise the information in the copy that you will be producing.
Important Note: Accessories like air conditioning, dishwashers and built-in wardrobes are becoming a basic expectation for tenants, so if your property is missing these items, then you are cutting a good section of clientele out.
Attach Masterfully Taken Photos of Your Rental Property
Most people on the internet today are visually-focused, which suggests that high-quality photos are extremely important when you market your rental property. Take note that professional photos can catch the eye of prospective tenants when they’re searching online. The featured images will also allow them to visualise themselves living in your property, which is a plus factor when it comes to persuading them to check out the place.
Consider the case below:
Hannah in our team took over the management of a property from another agent that had been vacant for over 4 months. Some very poor looking photos were used for advertising. Hannah decluttered the property and did some general repairs. She then had professional photography done with the virtual furniture. The virtual furniture is excellent because it shows a tenant how the apartment can be set up. The property was leased within 15 days of our advertising campaign starting and for a slightly higher rent than what was being asked of other units in the building.
Based on the case presented above, it can be deduced that what your rental property looks like online will have a significant impact on your prospects’ interest. Therefore, it is imperative to provide professional-looking photos if you want to successfully attract tenants. As a solution, you can hire a professional photographer to get the job done for you.
Here are the actual comparison photos of the property Hannah leased:
A combination of great copy, masterfully taken photos and effective distribution strategies can have a material impact on whether your investment property is tenanted or not. If you have further questions on how we can help, contact our team at Warwick Williams Real Estate.
