What if every rental property you owned was occupied? How much would you earn each month? Increasing your occupancy rate will maximize your earning potential.
Unfortunately, about 6.6% of rentals in the US are empty. Without a property marketing strategy, Grand Rapids renters may not realize your properties are available.
Not sure how to reach local renters? Read on to discover effective ways to attract tenants in today's tough Grand Rapids market.
Enhance Your Rental Properties
Before marketing your rental properties, make them more attractive to local renters. Look at other Grand Rapids rentals. Upgrade your property to remain competitive.
Upgrades that improve property values include:
- New floors
- Fresh paint
- New kitchen appliances
- Smart home tech
- Energy efficient windows
Smart home technology can include speakers, keyless locks, and thermometers. These upgrades can offer renters better living experiences.
Use technology to improve your business practices. Allow tenants to submit rent payments online using an online portal. Streamlining processes using new software can boost tenant satisfaction rates.
Gather Visuals
After making the above improvements, hire a real estate photographer. Fresh images will strengthen other real estate marketing strategies.
Listings with professional photos earn a 1,200% increase in social shares. People spend 60% of the time checking images, but only 20% reading descriptions.
The best marketing strategies leverage video content. In fact, listings with videos get over 400% more views than others.
Optimize Your Online Listings
Potential renters won't want to see the property in person if they don't like what they find from your online listing. Spark a renter's interest with an attention-grabbing, urgent headline. Mention "Grand Rapids" to focus on locals.
Your listing should include:
- Urgent call to action language
- High-quality images and videos
- A detailed description
- A list of amenities and special features
- The number of rooms/bathrooms
- The square footage
- Your contact information
When writing the description, paint a picture. Help renters imagine their lives in your investment property. Mention nearby venues, restaurants, attractions, and events.
Design Digital Ads
Instead of print ads and billboards, consider creating digital ads. With the Google Ads platform, you can specify an audience based on demographics. You can create personalized ads to appeal to Grand Rapids renters.
Use Facebook Ads to appear on social media platforms. Appearing online can direct more renters to your listings.
Leverage Word-of-Mouth Marketing
Talk to your current renters. Create a referral program to encourage them to recommend your rental properties to friends.
Choose incentives that will motivate renters to send referrals your way. For example, gift cards to local restaurants or stores.
Hire a Property Management Company
Offer tenants better living experiences and improve satisfaction rates. Hire a property management company that can engage and aid renters. They can respond to inquiries and maintenance requests on your behalf.
Choose a company that offers marketing services. They'll use effective, proven strategies to improve your marketing ROI.
Attract Tenants With Effective Property Marketing
A detailed property marketing strategy will ensure Grand Rapids renters find your listings. Use these tips to expand your reach. Remember, you can always outsource.
PMI West Michigan has 20 years of experience helping landlords like you. We can market your listings and maximize your profitability. Contact us today to request marketing help!
