Saturday, 23 June 2012 12:31

3 Steps to Rent your Properties Faster

Why is the rental process so painful for many property managers? Writing up “For Rent” advertisements, posting online and print ads and signs, and controlling costs are no easy task. If these advertisements are not reaching the right renters, it may feel like the whole process is just a lot of wasted time. We feel that there is a way to make the process easier by taking the time to identify the tenants who would react best to your advertising and marketing, and that apartment management software can help to streamline the rental process and take much of the burden off of property managers. In this post we will discuss what you can do to identify and advertise to the tenant who would most likely want to rent your property.

Step #1: Identify Your Ideal Tenant

The first step in the process is to understand what we call the “ideal tenant” for your rental and segment them into groups so that you can advertise to them most effectively. What do they do with their time? Where do they hang out? What newspapers and websites do they use? Going through a brainstorming process to identify these traits can help so that you better spend your time on reaching tenants where they are most likely to be. For example, if you manage rentals in a college town your ideal tenant would probably be college students, 18-25 years old, attending the university, that read the college newspaper and website. You can get as detailed as you want to help target these renters as precisely as possible.

Step #2: Advertise Where They Hang Out

Now that you have identified your ideal tenant, ask yourself where they are most likely going to see your rental advertisement. In the example in step #1, we identified that they read the college newspaper and website so this would be a great place for you to advertise your rentals. Also, be sure to keep in mind how can you adjust the wording of your advertisement to appeal to them. Your apartment management software may allow you to advertise only to certain websites, for example to which can also help to target your demographic. If you are in a high foot traffic area maybe a “For Rent” sign would be a candidate. Or, if your ideal renter only reads the newspaper then that would be the way to go.

Step #3: Use Metrics to Track Progress

What good is a strategy if you can’t determine if it’s effective or not? Keeping good metrics is important to understand how well your advertising campaign is working and is important to make sure you aren’t wasting time and money in the wrong places. If you use online contact forms on your website, a great way to keep track of how your tenants found your rental is to include a field on the page to ask how they found your site when they fill out the form. Your apartment management software may also be able to track keywords to your website so that you can get a better understanding of what search terms are being used to find your website through search engines such as Google, Yahoo, and Bing.

These three steps should lay a good foundation for you to begin to get a better understanding of who your renters are and how to best reach them for the least amount of cost and also determine how effective your efforts are. How do you plan to better understand and target new renters?