There are few things more difficult for new real estate investors than leasing up their rental properties. Even many veteran landlords struggle to find reliable, long-term tenants to sign.
Every day that your property sits empty, you’re losing money. Not only are you not earning passive income through rental fees, you’re also still responsible for paying down the expenses necessary to manage your property, including maintenance, mortgage payments, insurance premiums and property taxes.
Nearly all business owners know that in today’s world, social media is an essential component of any successful marketing strategy. Unfortunately, many real estate investors overlook the significance of social media in favor of proprietary property rental sites and classified listings. In fact, building a brand for your property on social media can help you connect with prospective tenants and target your property to the type of residents you’d like to attract.
Benefits of using social media to attract renters
Social media allows real estate investors to establish a unique brand for each investment property they own and manage. This allows investors to select their target tenant audience and develop a brand voice that speaks to them. Additionally, advertising on social media can help you reach a deeper tenant, and stretch your advertising dollars further.
Here are just some of the reasons to invest time and money in creating and implementing a social media strategy for your rental property:
•Target tenant groups: Developing a strong social media presence for your rental property allows you to target certain tenant groups. For instance, if you have an urban property near public transit options, you may want to develop a brand voice that appeals to young professionals. If your property is in a university town, you can develop a presence that appeals directly to students.
•Spread advertising dollars: You can use social media to develop a free presence that is then complemented by paid advertising. This allows you to spread your advertising dollars further, and provides prospective tenants with a branded experience while interacting with your digital spaces. For instance, you can run ads targeted to the types of tenants that your brand voice is designed to speak to.
•Improve cross-platform reach: Social media allows you to increase the reach of your other digital media assets, including your own rental website and your classified website listings. For instance, you can link back to your own website in social media posts, and you can have ads that lead to active rental listings. This will help you cement your branding and improve saturation.
Key social media strategies
When it comes to developing a social media strategy for your rental property, it’s crucial to understand the inherent benefits of the platform. The key thing to remember is that you should be using social media to establish a brand voice for your property – this means that you should be crafting a ‘personality,’ not necessarily a hard sales pitch.
Here are just a few steps to follow when developing a social media presence for your investment property:
•Pictures speak: The old adage is true – pictures really do speak 1,000 words. If you’re looking for a quick, effective way to communicate the value of your rental, fill your social media feed and digital ads with photographs of your investment property. Doing so will allow you to quickly and effectively communicate with prospective tenants.
•Stay responsive: There’s very little purpose in investing time and money in social media if you’re not going to be responsive across all channels. Make a point of checking your messages on your platforms each and every day, and always respond to questions within at least 24 hours.
•Keep it consistent: The most important thing to keep in mind while developing a social media strategy for your investment property is that your communication strategy and brand voice needs to be consistent across all platforms and channels. This will communicate sincerity to prospective residents, and help them feel confident renting from you.
While the best strategies for advertising on social media platforms are consistently evolving, following a few strategic rules for advertising and posting will help you brand your investment property, accelerate your lease-up phase and reach the types of tenants you’d like to have living at your property.
Finally, bear this in mind: Social media is a spectrum. You could field interest from amazing tenants, just as easily as you might attract some less-than-stellar applicants. Take the good with the bad and adjust your strategy appropriately. While your pool of candidates may be diverse, there’s no doubt social media casts the widest net.