How would you evaluate your ability to attract and keep new tenants or residents in 2016? How about in these first few months of 2017? Whatever the answer, we could all use a chance to evaluate our own strategies and tactics, particularly considering how important it is to find new renters for a property manager of any kind.
Improve Your Methods of Finding New Renters
Not only do you want to be able to attract people to your property, but, ideally, you want to do so without breaking the bank. If budgeting is not your strong point, or if you simply want some fresh ideas for drawing in new people in the new year, then consider some of these tips and see how they might work for you.
As we have often restated, technology, the internet, and social media are some of a property manager’s greatest assets. There are a number of things that you can accomplish over a computer or handheld device, including listing your property in order to attract attention and connecting to those who currently rent from you. In a case of trying to draw in more renters, you can make sure that the most popular listing sites include your information. Not only that, but it should highlight all your most attractive features and display a number of high-quality photos of all parts of the building.
Something you may not have considered is your ability to “use your LinkedIn page to connect with other professionals… who can send referrals your way.” If you have connections like that, then you would be remiss to not take advantage of them. You never know who they might know, or who might be searching for a new apartment or office space.
Another way to help in your finding new renters is to ‘enlist’ the help of those who are already renting from you. If you have some way of determining everyone’s levels of satisfaction, then you could track down the happiest people and incentivize them to seek out friends, family, or acquaintances who might be interested in joining you. Make sure to reward those who are able to sign on other people, since they are doing a part of your job for you and will appreciate the reinforcement! “Also encourage your tenants to write a favorable review or testimonial for your rental property management company that they or you can post on your website or social network pages.”
If you are a part of a property management team, then you have more people (resources) for finding new renters. Someone could reach out to local newsletters and papers, whether online or in hard copy, with blog posts from your management company. This is a great way to get your name out while also showing the population that you know what you’re talking about so that you assert yourself as an industry expert. If you have the budget for it, then you could host some kind of event on the property in order to let those who aren’t currently renting from you take a look at what they’re missing out on.
How are your promotional efforts? If your property is the only place with physical ads, or if your website and social media are the only spaces with your electronic ads, then you need to consider branching out. Think about your target audience and where they might frequent. If it’s a nearby grocery store, gym, or cafe, then create some visually-appealing, eye-catching signs and flyers that you can set up in those locations.
You don’t have to test out all of these efforts in order to be successful. Finding new renters is a process, and though it may involve some time spent finding out which method is right for your property, you’ll manage. While you’re planning events, drafting fliers, and updating your online listings, Budgetrac Property Management Software can take care of daily tasks, reduce operating costs, and store all your lease information in one, secure location. Whatever the job at hand, Budegtrac is up to the challenge!