This article was published in Forbes on 2/29/2024
Marketing hinges on specificity. If all products and services could be marketed the same way, that would defeat the purpose, wouldn’t it? You wouldn’t try to sell a vintage Chevy Blazer by showing a trailer for it in movie theaters across America, just like you wouldn’t advertise the latest Vin Diesel blockbuster by placing an ad in Craigslist. (I, incidentally, am in the market for both.) These are silly examples, but the principle holds: in marketing, setting yourself apart from competitors can only be effective if you reach the right audience.
Marketing vacancies in property management are no exception. Each property type (you might even say each property) requires its own unique strategy to attract the tenant that fits it best—whether multifamily, single-family or luxury. But you already knew that, so in the spirit of specificity, let’s get into what those strategies look like for a few different property types.
Before jumping into the details, I should mention one general suggestion. In the last couple of years, many of the most widely used marketing platforms (like Zillow) have started charging management companies that use them. While some companies have opted not to pay for those services, if you’re an owner, I recommend choosing one that does.
Multifamily
One thing that gives a property management company a major advantage in marketing rental units is having a full-time staff member whose sole responsibility is leasing. You don’t want the leasing of your units to be an afterthought for the person overseeing them, so hire a company with a leasing agent on their team. The best have a real estate license and are trained in fair housing.
Even if you’re an owner, look to hire a company with a licensed realtor handling leasing. This type of leasing expert will, by definition, know their way around comps, which are essential in getting residential units rented. There’s a science and an art to knowing the exact rate that’ll fetch you the highest rent without leaving your units vacant for extended periods, costing you money. This involves detailed comparisons to comparable units in the vicinity of your property.
Visuals
All your property ads should also include a video tour, and I recommend focusing more on that than on click-through 3D virtual tours, which our clients and tenants don’t seem to prefer. When marketing apartments, it’s good to visually highlight any amenities that might set your building apart from others: pool, spa, gym, gated parking, conference rooms, security, etc.
Residential Single-Family
Prospective tenants for a single-family home are typically looking for different things than apartment applicants, so it’s important to emphasize those elements: privacy, space and atmosphere.
Feature Highlights
Here again, put the focus on what makes a home unique. Does it have a pool or a spacious backyard? Is it in a favorable location? Take into account factors like the brands of appliances in the house. If they’re new or come from respected brands, make sure to include close-up photos of them.
Luxury
Tenants of luxury properties value excess, and I don’t mean an extravagant lifestyle—I mean they value when a property manager exceeds their expectations. For the purposes of this article, we’ll consider any property that rents for $6k/month or higher a luxury property.
This category can be tricky because it includes both multifamily and single-family, but many marketing principles apply to both.
Keywords
In ads for these properties, it helps to use words that emphasize extravagance and a sophisticated lifestyle, like “dream.” Most important, however, is the title of the ad. It should include a superlative, like “incredible” or “stunning,” so that prospective tenants know right off the bat that they can expect a high level of quality. For high-end properties, you should always hire a professional photographer, whereas for most others, you can get away with photos taken on a smartphone.
Image Choice
If there are six bedrooms in a property, select the three or four most appealing—most prospective tenants don’t want to click through all six in the listing, and they’ll see the remaining ones in person.
Maintenance
Make it known that your company has its own maintenance team; it makes a difference not only to owners, but to tenants. They know they’ll receive faster and more accountable service when their residence needs repairs. Inform them they’ll be assigned to a Property Supervisor, who will be their point of contact. Building this kind of relationship can go a long way.
Wrapping Up
In marketing, the details make all the difference. One photo you choose to include on an ad for a vacant apartment might be the one that convinces a prospective tenant to come walk the unit, and then they might live there for ten years. So give each unique property its due consideration before you advertise it for rent, as no two are the same.
