For any landlord, marketing is key when it comes to maximising interest from prospective tenants.
If you have taken the decision to rent out a property or our selling to sell a house in Birmingham, appointing the right agent to market it in the right way, at the right time and to the right audience will help to set you on the path to success.
Most reputable agents will be well-versed in marketing properties, using their in-depth knowledge of the local market combined with a range of strategies to get rental opportunities noticed by as many prospects as possible.
From utilising local networks to listing your property on Rightmove, your agent should have a comprehensive array of marketing tools at their disposal to help ensure your property is leased by a reputable tenant as quickly as possible, in line with local market rates.
With competent marketing a high priority on your ‘must-have’ list for your letting agent, we have created this guide to the key considerations when it comes to marketing a property.
This guide will look at:
- The importance of knowing your target market
- What tenants look for in a rented property
- Setting your price
- Marketing tools to consider
Whether handling your marketing yourself or entrusting it to an experienced letting agent, by giving careful thought to each of the above aspects you will be in a better position to formulate an appropriate marketing campaign and maximise your return on investment.
Our guide to successful marketing campaigns for landlords
The importance of knowing your target market
The first step in any successful marketing strategy is to know your audience. Having a solid understanding of your prospective tenants, their wants, their must-haves and their price points will help you ensure your property’s offering resonates well.
There will be a range of factors determining your target market, such as:
- Location – Understanding whether your property is in the student district, an area popular with families or in a ‘desirable’ postcode will help you determine what type of tenant you should be targeting.
- Availability – The more properties you are competing against within your catchment area, the wider you will have to cast your net in terms of marketing to secure your tenant.
- Property Standard and Rental Income – The standard of your property will determine your price point and, generally speaking, your target market.
Other factors you should consider when identifying the persona(s) of your prospective tenants include the ongoing expenses you might incur, such as the payment of any fees, taxes and annual costs. Understanding these costs in line with your desired rental yield will help you fully understand which audiences to market your property to.
Another consideration is whether you are looking for long-term tenancies or a continuous series of short-term tenancies. Are you seeking professionals, students, families or benefit claimants? Each has positives and negatives, and each again will impact your marketing activities. Knowing your long-term aims and understanding your own desired levels of involvement in terms of day-to-day property management as the landlord, will help to guide your decision-making process.
What are tenants looking for?
As much as there are different types of rental properties, there are also different types of tenants. Once you have fully considered the persona(s) of your prospective tenants you can begin to understand their priorities for accommodation.
For example, families with young children are likely to want useful outdoor space, whilst short-term tenants (e.g. students) won’t prioritise this to the same extent. Students and professionals will be likely to want reliable and fast broadband speed, and those who do not drive may prioritise proximity to public transport links.
Thinking about your target market in terms of employment, age or gender may help you to further narrow down the persona(s) you are looking for which will help you to refine your marketing in terms of where and how you promote your property.
Setting your price
Inevitably we have already touched on price points and maximising your return on investment, but it’s important not to get carried away and set your prices too high.
A rental cost out of line with other similar properties nearby will leave yours alienated. Whoever your target audience, they will do their research and will understand the price brackets for the area they are looking at. If you set yours too high your property could remain empty for longer than necessary. A key factor to consider at this time is availability – if there are a wealth of similar properties available then ensuring you are in line with their price points is vital. If yours is the only property available within a certain radius, you may have flexibility to charge more.
Whilst it’s tempting though to maximise your business profits, setting your rents as high as possible can have its drawbacks – after all an empty property is not profitable! If you are looking for continuous lettings, whether a churn of short-term or more long-term, setting a fair price in line with the local market will put you in a strong position to compete.
Take advantage of marketing tools
The internet is by far the most fertile ground for marketing your rental property. Today’s tenants will turn almost immediately to platforms such as Rightmove and Zoopla, and to the websites of trusted local agents, for the latest details of available properties.
Websites and property portals have the capacity to display a wealth of rich media, from property photos to virtual tours, video content and images from platforms like Google Earth.
It is worth investing the time or money to ensure that the content you are using to market your property portrays it in the very best light. Low-resolution, cluttered images will do nothing to boost your prospects and may even turn prospective tenants off.
High-quality images and video can be used to show off all of the positives of your property, whether that’s a fantastic garden, family kitchen, stunning view or a modern bathroom.
You will need to consider the wording of your listing to effectively communicate your key messages in the right order. You can also use the listing to highlight any of the unique selling points of your property, from period features through to a Jacuzzi bath, for example.
Finally, testimonials and reviews from previous tenants will help to reinforce the credentials of the property and also of you as a landlord.
The internet will help you to reach the widest possible audience and by using reputable and trusted platforms you will help to optimise your listing for search engines, giving you the best opportunity to find your next tenant.
No matter what the property, there will always be positives to convey to prospective tenants. Understanding your target audience so you can communicate the right messages to them is key, and how you get the message across is vitally important. As we said at the start, it’s all about getting the right message across to the right audience in the right way.
We know this isn’t easy. We have spent time fine-tuning the marketing process, effectively combining our years of experience with our enviable industry reputation, using an array of tried and tested online platforms to get properties noticed.
At Henley Charles we can manage the marketing and advertising of your property so you don’t have to. Our professional and knowledgeable team has a thorough understanding of the area and property market in real-time, and will have a clear understanding of your audience, the costs involved and the best marketing tools to use.
Contact us today in Erdington or Handsworth to find out more.