When Buildium released their 2021 State of the Property Management Industry Report, the number of rental owners seeking property managers with value-added services rose by 11%. Of these surveyed owners, 69% were interested in leasing/marketing services.
Managing rental advertisements can be a time-consuming task for rental owners. But in today’s market where increased value is placed around PM expertise, turning to PMs for rental advertising support is also a matter of accessing industry insights to boost ROI.
As a property manager, here are some strategies you can use to get more eyeballs and interest on the properties you help manage.
Start with a Fair Price Point For Your Rental Property Listings
While rental owners may have a monthly rent in mind for tenants, give pause when this suggested price is notably higher than similar rental properties in the area. While positioning yourself as a thought leader on rental housing market conditions, you’ll help avoid the scenario where an overpriced property remains vacant for an extended period of time.
On the other hand, this price assessment can also serve as a checkpoint for noting if a suggested monthly rent is too low. Improvements within the surrounding neighborhood, better market economics, or a rise in property taxes can all be justifications for owners to raise their monthly rental rates. As a PM, you can help clue them into these variables.
Reach the Right Audience With Your Rental Listings
The target market for a rental owner can vary greatly between each of their properties. If we’re talking about a single-family home in a quiet neighborhood that has a good school district, young families are likely an ideal candidate. If we’re talking about a single-family home that is located just off a college campus, the audience talk changes to students.
As you assess the demographics for a property’s ideal target market, including age and income, it’s important to know how to reach the intended audience you land on. While posting listings online — a main forum for rental housing market searches these days — consider distributing marketing materials at libraries and daycares in the case of the family-friendly rentals or via campus resources in the case of student-focused rentals.
Take High-Quality Photos
Did you know Airbnb reported that properties with high-quality photos are booked up to 20% more than listings with lower-quality images? While these rentals are short-term, the statistic is a nod to the impact professional photos can have on the success of rental advertising in any market.
Whether you’re offering photo services in-house or managing the process with a third party, rentals need to be properly staged to get the best results. And that doesn’t always mean owners have to spend more. While decluttering the space makes it feel larger, removing personalized items lets potential tenants view the home as already theirs — with just basic furniture and a few accent pieces included in the photos. It’s also best to take photos at dusk or dawn so you can better balance brightness with artificial lighting.
Update the Property’s Curb Appeal
In online rental ads, exterior photos of the rental are often the first shown to prospective tenants. When you consider this to be their first impression of a property, it comes as no surprise that making upgrades to a rental’s exterior is beneficial to marketing efforts.
While some of these curb appeal measures come with a hefty price tag, there are also plenty of cost-effective measures that pack a big punch. If a mailbox or house numbers are outdated, replace them with a modern alternative. If there are bare patches of grass in the front lawn, reseed the areas to create a lush, healthy feel. If a porch is underused, dress it up with some cozy seating that greets guests. All of these simple improvements can make the property feel more appealing to renters as they find listings and visit them.
Pair Rental Advertising Services with Steady’s Solutions
While PM rental advertising services are sought-after in today’s rental market, property owners are also on the lookout for other value-added services that instill confidence and support in their operations. Steady’s unique blend of rent protection solutions serves this purpose. Exclusively available through our partner PMs, our Rent Advance and Owner Benefit Package solutions minimize risk for property owners while boosting the profits of PMs — a win-win for all parties involved.
If you’re interested in becoming a Steady PM partner, please don’t hesitate to reach out.