According to Rate.com, Ashburn, VA, has a rental vacancy rate of 3.9%. While it may not seem that bad, it is if your rental is part of that statistic.
Remember: The longer your property sits empty, the more potential income you lose. At the same time, you'd have to shell out money for its mortgage, property taxes, and utilities.
If your property has been empty for some time, it's time to revisit and revamp your property marketing strategies. The experts at PMI Loudon have shared real estate marketing tactics to boost property visibility and tenant applications, so read on.
Use Descriptive Language on Listings
According to a CNN article, today's average screen attention span is 47 seconds. With such a short time to capture your audience's attention, you must be concise and factual when creating your property listings.
So, one of the most crucial marketing-related real estate rental strategies is to use language that quickly but best describes your property. Using these terms in the property listing's title is especially critical.
For example, you can say, "Pet-friendly luxury 4-BR rental home in Ashburn, VA, with Sugarloaf Mountain views." It takes two seconds to read that sentence, but it already says loads about the property.
Expand Your Market to Pet Owners
Let's expound on the first adjective of the example above, "pet-friendly."
The rental property market isn't as inclusive to renters with pets. As News 5 Cleveland pointed out, a previous study revealed that 72% of non-rural renters reported pet-friendly housing being hard to find. Some renters even had to give up their pets because of this issue.
So, why not make and market your property as pet-welcoming? Finding tenants can be much easier if you do so. Plus, because they know the difficulty of securing pet-friendly housing, they'll likely agree to renew their lease, and you can enjoy higher tenant retention and occupancy rates.
Market Your Rental With a Move-in Special
Rental move-in specials are temporary promotions that attract more prospective tenants. The more applicants you receive, the better because you'll have more options, which means increased chances of finding the best fit. It can also help you find quality tenants sooner, lowering vacancy rates and periods.
Examples of rental move-in specials are one-time sizeable or smaller but staggered discounts for a 12-month lease. For instance, you can offer one month of free rent, 50% off for the first month, or 5% off for the first ten months. While they'll initially lower your profits, they can be worth it since you'll secure and collect rent in the long run once tenants agree to their terms.
Property Marketing Done Right
Marketing your property with better listings, implementing a pet-friendly policy, and offering a move-in special can help boost its visibility and traction. So, if your rental in Ashburn, VA, has sat empty for weeks, it's time to implement these strategies. Better yet, consider having PMI Loudoun handle all your property marketing and management tasks.
As a full-service real estate asset management company, we'll make your property shine and secure quality tenants. We'll also manage them on your behalf and ensure your property stays in top condition by providing maintenance oversight.
So, speak with us today! We look forward to discussing how we can help boost your rental profits through a free property consultation.
