Marketing a rental property in Denver is absolutely an art. You need to know your audience. You need to set the right price. And, you need to create an attention-grabbing marketing plan.
Marketing your rental property well allows you to attract quality residents, fill vacancies faster, and maximize your rental income.
Here’s how to paint the perfect picture when you’re marketing your Denver rental property.
Set the Right Rental Price
Pricing is one of the most important factors in marketing your Denver rental property. When you price it too high, you may find that you’re discouraging potential residents from seeing it. Pricing it too low will also hurt – you’re earning less money now and in the long term.
Study the Denver rental market. Gather good data and decide where your property fits among the competing rental homes. You’ll want to conduct a thorough market analysis to determine the current rental rates for similar properties in the area. Plenty of online tools are available, but if you want the most accurate and reliable data, talk to a Denver property manager. We’re gathering insights and analytics all the time to ensure that the properties we’re marketing are priced for profit and to attract the best residents.
Elements of an Artful Marketing Plan
Creating a marketing plan for your Denver rental property involves:
Defining your target audience (likely residents)
Setting your marketing goals
Selecting marketing channels
Creating a marketing message
Be strategic. Some of the most effective marketing channels for rental properties include popular sites (such as Zillow, Trulia, and Craigslist), social media platforms, and on property management websites.
When you’ve created a strategic marketing plan, it’s time to put together a listing.
Help Your Property Stand Out
To attract potential residents, your property needs to stand out from the competition.
Start by investing in high-quality photographs that showcase the best features of your property. You can also create virtual tours and use 360-degree photos to give potential residents a complete view of the property.
You need to combine these photos and videos with a well-written description to bring together an attractive listing that gets attention and motivates people to call to schedule a showing.
Be Responsive with Marketing
Don’t ignore those phone calls and messages that start rolling in once your property is listed on the market. Part of the marketing process is discussing the property, answering questions, and conducting some pre-screening interviews. When someone calls, for example, find out when they’re planning to move. If your property is ready for occupancy now, there’s no sense in moving forward with someone who won’t be ready to move for two or three more months.
Schedule convenient showings. Be responsive to questions or concerns. Provide honest, detailed information. Always follow up. Find out if the prospective residents who saw the home are interested in an application.
Marketing your Denver rental property is an investment in your real estate portfolio. By defining your target audience, setting the right rent price, creating a marketing plan, making your property stand out, and building a positive relationship with your prospective residents, you can limit your vacancy time and maximize your rental income.
With the right marketing strategies and a proactive approach, you can stay ahead of the competition and attract the right residents for your Denver rental property.
We happen to be excellent at rental property marketing. For more detailed tips, contact us at PURE Property Management of Colorado.
