Find terrific tenants (and keep them) with these digital marketing strategies

COVID-19 has sent the rental market into freefall. Rental prices in Canada’s major cities are dipping to new lows and vacancy rates have never been higher.

If you’re a landlord, you know that a vacant property is the worst case scenario. Every day that unit sits empty is another hit to your bank account and that “For Rent” sign in the window just won’t cut it anymore.

You need to maximize your rental reach utilizing a mixture of digital tools.

Here’s five digital marketing strategies to help you start generating that income as quickly as possible.

BUILD A WEBSITE

You want to be the very first result people get on Google when they search rentals in a particular city and a professional-looking website is essential to make this happen. Be sure to include cost, available units, floor plans, amenities, and positive reviews. Upsell all the amazing features of your property. Highlight special technology. Is there a keyless entry? A smart thermostat? Security system? Maximize your SEO by mentioning particular aesthetic features including hardwood floors, big backyard, high ceilings, skylights, jacuzzi tub or a finished basement.

LIST EVERYWHERE!

List your properties on as many rental sites as you can. Harness the power of the big names including ViewIt, Zillow, Facebook, Padmapper and Condo.ca to make sure you can be seen everywhere that renters are looking. Be sure to include a link to your professional looking website so you always have that extra layer of professionalism to attract potential tenants.

EMBRACE SOCIAL MEDIA

You can’t escape its influence. You need to use social media to promote your pad. Facebook is probably your main stop, but you want people to be able to see other social media content when they search for you including Instagram, Twitter and even TikTok. Try thinking of a hashtag existing tenants can use to represent your space. It will help you get to know your tenants and build a sense of community. When people have a sense of community about a place, they will probably work harder to take care of it.

USE A TARGETED MARKETING STRATEGY

From announcements about garbage day to requesting access to a unit for some routine maintenance, try to find out which platforms your tenants prefer to communicate through. Some people probably still prefer a classic phone call or text message, but a whole new generation wants to use Facebook Messenger and WhatsAPP. Putting in the effort to tailor communications to your tenants’ specific needs will show respect and ultimately improve your relationship.

OFFER UP SWAG AND DISCOUNTS

The rental market in big cities across Canada is ultra-competitive right now with the average monthly rent falling fast. Try generating interest with incentives like a discount on the first few months rent or even a nice new TV that comes with the unit. You could even offer up these incentives to your other current tenants so they can help you recruit. It’s better to spend a few hundred bucks right now then lose thousands over the span of a few months while your unit sits empty.

Don’t let the stress of renting property get to you. Use these tips to find your next tenant and keep enjoying the financial rewards of being a landlord.

Hear the whole podcast on how to find your next tenant. Check it out here.