When you've got vacancies, you may not much care about the kind of tenant who moves in next. Empty units may mean less money in your pocket at the end of the month, but that doesn't excuse filling the vacancy with just any old tenant. Ideally, you should have a target demographic you're trying to attract. Marketing campaigns can help with that, but they should target specific groups. One size does not fit all when it comes to real estate marketing, Scott Safadi of Cal Bay Property Management says.
It's important to speak to your target demographics in your advertising. People rarely select a place to live solely upon the home itself. Think about the neighborhood in which your property is located. Are there great schools? Consider marketing to families with young children. Is the neighborhood easily walkable with lots of green space? Consider marketing to dog owners. A community center and library may appeal to older generations. Knowing your strengths can help you effectively communicate why people should live in your rentals.
Of course, targeting seniors is a lot different than marketing to dog owners or young families. While one group may get their real estate listings from Craigslist, another may prefer the newspaper or an app. Once you determine your target demographics, the platform choice will become easy to select.
Keeping your pulse on the changing demographics of the neighborhood can also help you market to the right audience. Know the ratio of renters to owners, the general age groups and who is moving in versus who is moving out. The culture of the neighborhood can help you target future tenants. By focusing on a specific demographic, you can hone in on radio stations and print publications they often read or listen to. Advertise there for best results.
Of course, identical marketing strategies across demographics won't be effective. Instead, try varying the platforms on which you communicate. Don't limit yourself just to Facebook posts promoting your new vacancies. Instead, market at local festivals, in free newspapers and on billboards. The sky is truly the limit, so why not try different platforms on for size?
Ultimately, embracing your role as property matchmaker can help make the marketing process even more exciting. Don't think of your goal as solely filling vacancies. Instead, focus on the satisfaction you'll get by pairing great homes with great tenants. After all, isn't that what it's all about?
- Scott Safadi, Cal Bay Property Management
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