Starting out at as real estate investor is difficult enough, and on top of all the other challenges, you have to compete with some big companies for tenants. These large corporations can spend hundreds of thousands of dollars on marketing and bring potential tenants in with incentives and enticing bonuses for signing a lease. You do have options beyond a “for rent” sign with a couple of balloons attached. Get creative and utilize that passion you have to attract top-quality renters to your properties.
Here are a few leasing and marketing tips to get you started.
Referrals from current renters
Good word of mouth is one of the most valuable methods of marketing out there. Major corporations have entire departments devoted to retaining current customers and building brand loyalty.
This is one area where you have an advantage over the large corporations. No matter how they try, corporations cannot establish the strong connection individuals can with people. Make sure your current residents know they are appreciated and you’re grateful they chose to make their home with you. Consider an annual tenant appreciation barbecue. This is a low-cost and enjoyable way to retain the tenants you currently have and bring new renters through their referrals.
Go the same places your future renters go
When it comes to real estate, people want to deal with a person they already know and trust. You won’t be able to saturate the local media with your name to gain name recognition. This does not mean you shouldn’t utilize radio and other advertising mediums, but be aware that it might take a while for you to begin seeing any substantial results from those dollars spent.
Networking with your targeted demographic is a low-cost method that pays off quickly. There are local groups for community activities, charitable causes, and leisure activities. When you know who your targeted renters are, go to where they spend their time and do not be apologetic about letting them know what business you are in.
Cross-promotion with other small businesses
It’s tough for any small business to go up against multi-million dollar companies. Let some of the other locally-owned businesses know that you are on their side. These butcher shops, produce markets, fitness centers, car washes, and other outlets all benefit from new residents moving to the area in which they are located. Many will appreciate a new way to advertise their business and will be glad to partner with you on coupons, flyers, or perhaps sponsoring that tenants’ appreciation barbecue.
There are lots of possibilities. Be creative and be enthusiastic – you will be surprised at what you can accomplish!
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