According to ABC's latest statistics, rents in Austin are down by an average of 10% since June 2023! We know that when prices dip, demand tends to increase. That's why you should be ready to catch the influx of new tenants.
Getting tenants who are the right fit for your property relies on property marketing. It gets your message out there, and receiving feedback can also help you gain valuable insights. Check out our four marketing tips to help fill your rental units quickly.
1. Offer and Maintain an Attractive Property
As a Texas landlord, you have a legal duty to ensure that your Austin rental property meets the standard of habitability. You can make your property so much more attractive by treating that standard as "the bare minimum."
You can do this by using better-quality contractors and materials when repairing and maintaining the building. If you want to take it further, you can offer attractive amenities like a dishwasher or even pet accommodation. The main idea is to give tenants more than they'd expect for what they pay.
2. Leverage Digital Tools
You can reach more potential tenants if you have a strong online image. To build this, start by listing your property on the Internet, either by yourself or through a trusted service. The benefit of doing this with a service is that they have a pre-built audience and can help you with step two.
Step two is to get great reviews as your tenants leave. This requires giving your tenants a good, personalized experience and asking them to write a review when they leave.
3. Provide Incentives
Your tenants are probably friends with many people just like them and, therefore, are more connected to your niche in the market. Offering low application fees and referral discounts are brilliant tenant attraction strategies. These give you a substantial boost when it comes to word-of-mouth marketing.
Sometimes, you'll have marvelous tenants you never want to see leave. If that's the case, you can implement various tenant retention strategies. These are a sub-class of property marketing where you make your case to "existing clients" rather than to new people.
4. Lead With the Property's Best Qualities
Having an excellent online presence depends on having a striking listing. You can make your listing pop by staging photos and uploading a virtual tour. However, you should emphasize the property's best qualities (things like a swimming pool or a vibrant neighborhood) in your content to maximize results.
Become a Property Marketing Pro
To recap, some of the best real estate marketing tips to weave into your strategy are:
- Going beyond habitability
- Using digital tools
- Providing referral bonuses and other incentives
- Promoting the property's unique selling points
Implementing any one of these approaches will set you up for more successful marketing. However, the best property management advice we can give is to use all four.
If you don't know where to start, PMI Heart of Texas is ready to help you out. We have extensive experience in property management, marketing, real estate investment management, and so much more. Contact us today, and let's work together on an unbeatable property marketing strategy.
