The US rental vacancy rate is 6.6%, compared to 6.4% last year. How many of your El Paso, TX rentals are sitting empty? A high vacancy rate will cause your profitability to plummet.
Before that happens, apply these property marketing tips to attract tenants in today's tough market. With these tips, you can stand out and increase occupancy. Find great tenants today!
Research the Rental Market
Before developing your marketing campaigns, research El Paso's rental market. Compare your property to others in the area. What amenities or features does your property lack?
This information will help you make informed improvements to the property. Review each property's online listing as well. Pay attention to the information provided and language before updating your own listing.
Complete a rental analysis before developing your pricing strategy. If you need help gathering this information, hire a property management company. Their local expertise can give you a competitive advantage.
Update the Property
Schedule routine inspections and complete property maintenance tasks on an ongoing process. Neglecting the property can make it less desirable to potential renters.
Instead, choose inexpensive upgrades that can enhance the property. These include:
- Energy efficient windows
- New kitchen appliances
- Hardwood floors
- New backsplash
- Fresh coats of paint
- New kitchen cabinets
- Smart home technology
Remember to research El Paso's rental market. Recognize which upgrades that local renters want to appeal to your target audience.
Capture Stunning Visuals
Hire a landscaping company to enhance the property's exterior. The property's curb appeal will make or break the first impression you leave on renters.
After making these upgrades, hire a real estate photographer. High-quality images can make the property more attractive. Ask if they can also create virtual or video tours.
Offer Competitive Rental Prices
Use your rental analysis to develop your pricing strategy. Offer competitive rental prices to make the property more appealing.
Setting the price too high will deter renters on a specific budget. Setting it too low can hurt your profitability. If you need help, consult a property manager.
Upgrade the Listing
Use your online listing to encourage more renters to submit applications. An optimized listing should include:
- An engaging headline
- A detailed description
- The number of beds/baths
- Square footage
- Stunning visuals
- Your contact information
- A call to action
Use location-specific keywords to appear for online searches. Share your listing using social media to generate more traffic.
Attract Tenants Online
Use digital marketing strategies to direct more renters to your listing. These include email and social media marketing.
Share video content on social media to boost engagement. Add hashtags to your captions to reach local renters.
Hire a Property Management Company
You don't have to develop your marketing strategy alone. Instead, outsource. Hire a property management company.
Their services can increase your online visibility. They can even offer tenant screening to ensure you select reliable renters.
Develop Your Property Marketing Strategy
A thorough property marketing strategy will help you stand out in El Paso's tough rental market. Use these effective tips to develop your campaigns. Otherwise, consult an industry expert.
The real estate management team at PMI El Paso has 20 years of industry experience. Trust our effective marketing strategies, expertise, and state-of-the-art software. Contact us today to develop your marketing strategy.
