Rental Property Marketing Mistakes

Effective marketing is essential for the success of any rental property. A beautifully renovated and maintained home in a desirable area may struggle to find qualified renters if the marketing is poorly executed. 

An average rental unit that is marketed strategically will generate considerable interest with less time between tenants, and ultimately provide better-quality applications.

In this article, C&C Property Management will outline some common mistakes when marketing rental units. This will also include tips on ways to avoid making those mistakes.

Not Knowing Your Target Audience

One of the biggest problems with property marketing is that many landlords will market their property without knowing anything about who would rent it. Different tenants have different priorities when it comes to choosing where they want to live. 

For instance:

• Someone in their 20’s working in a large city may be more interested in location and new finishes than families with young children.
• A family with young children may have different priorities; schools, safety, and storing things may be most important to them.
• Someone retired will normally have very different priorities than either of these groups; quiet neighborhoods and accessibility will normally have priority over location and new finishes.

When a landlord tries to market their property to as many tenants as possible and does not identify their target tenant their listing will become very generic and ineffective.

All great property marketing should begin with knowing the following:

• The renter demographics of the area.
• The attractiveness of the neighborhood.
• The lifestyle preferences of potential tenants.
• The current market condition.

Using Bad-Quality Images

Photos serve as prospective renters’ initial impression of your unit. If the unit is depicted with poor-quality images, it can deter interested parties from looking further into your rental property, even if your unit is in good condition. 

Common photography errors include:

• Images that are dark or blurry.
• Units that are cluttered.
• Angles that don’t illustrate the unit well.
• Images with low resolution.
• Limited number of images.

A majority of today’s renters will search the internet for potential rental listings and review those rental listings before deciding whether or not to schedule an appointment to view a rental unit. 

If your photos do not accurately illustrate your rental unit, many qualified candidates may not have any interest in pursuing the unit.

Great quality photos of your unit can help showcase the cleanliness, organization, and value of your rental unit. 

If possible, take photos of your unit:

• During the daylight.
• After the unit has been cleaned and staged.
• At different angles that highlight the space and usefulness of the unit.

Visual appearance can greatly affect the perception of a prospective tenant.

Using Weak or Incomplete Property Descriptions

Many landlords use very short, vague descriptions of their rental properties that do not provide much useful information. 

Several listing services provide excessive amounts of information about the listing while lacking a focal point on positive property characteristics. 

A good rental description covers:

• The square footage and layout of the property.
• The number of bedrooms and bathrooms.
• Appliances/amenities in the property.
• Parking at the property.
• Lease length.
• Neighborhood perks.

Accurate information is also of high importance in property descriptions. Properties that misrepresent or overstate characteristics will attract inquiries initially, but ultimately create disappointed parties later.

Overpricing the Rental Property

Pricing errors are one of the most detrimental errors made in rental marketing. Some landlords price rental properties by their personal financial objectives as opposed to current market conditions. 

Some landlords believe that just because there is a high demand for rental properties can justify over-inflated pricing. 

Overpricing typically results in:

• Longer time to fill vacant units.
• Lower-quality renters.
• Greater skepticism from renters.

Tenants will often search through multiple property listings at once, and if a rental property is compared to similar properties and found to be priced higher, then it will likely receive fewer inquiries, whether in excellent condition or not. 

When strategically pricing rental properties, there are several factors to be considered:

• Comparable local rental prices.
• Market demand trends.
• Condition of the property.
• Included amenities.

Competitive pricing will generate greater interest and reduce the amount of time spent vacant. Overpriced property presents some obvious challenges for landlords, while having a property underpriced can create additional negative long-term impacts.

Underpricing

Some landlords may reduce their rents too low because of their concern over vacancy or uncertainty regarding the overall market value. 

Underpricing a property can:

• Increase costs unnecessarily.
• Receive rental applications from unqualified applicants.
• Limit available options to increase rent in the future.

Also, tenants might ask why a particular rental is substantially less than other comparable rentals.

Curb Appeal Consideration

Before interior marketing begins for prospective tenants, the first impression is formed from curb appeal. A neglected exterior will always detract from potential interest in the property. 

If the interior spaces are appealing to prospective tenants, the exterior will very likely influence the tenant’s desire to see the property, even before arriving. 

Advertising on Limited Platforms

Some landlords have relied on one source of advertising to reach prospective tenants, reducing their exposure to those who might be looking to rent. 

The modern-day renter typically will look for rental properties through various means, including rental listing websites, social media platforms, local housing groups, and community referrals, etc.

Restricting the exposure of a rental listing beyond a limited platform could cause the rental to experience unnecessary periods of vacancy. 

Having a large number of sources from which to receive information will increase your chances of attracting increased inquiries, higher-quality applicants, and a faster time to lease signed.

Final Thoughts

Marketing rental properties is much more than putting an online ad up. It is a systematic way to affect vacancy rates, tenant quality, property reputation, and long-term return on investment.

A successful rental property owner will market their property professionally and in an organized manner, while having an accurate picture of what the tenant is looking for. If you want more information about rental property marketing contact C&C Property Management today!