Do you have too many empty units on your hands? Are you looking for a way to make digital tools work to your advantage? We have all the answers in this post. This article takes a deep dive into how to maximize social media to avoid long vacancies.
There are few ways to earn profit other than the rental payment you receive from your tenants regarding real estate. In other words, if you don’t have any, that means your investments aren’t profitable.
In the modern age, professional real estate agents use several tech tools to their advantage, one of which is social media. Thus, if you’re a landlord looking to learn how to conduct market research, create compelling content, and establish your online presence, stick around.
How to Conduct Market Research to Determine Target Audience
1. Analyze the Neighborhood
One of the first things you should do during real estate market research is a neighborhood analysis. It’s one of the best strategies to reduce vacancy. You can garner information about your potential target audience from your property type.
For instance, condos and hostel-like apartments tend to fare better around colleges. The high student population ensures these properties have a lower vacancy rate. On the other hand, if you deal with single-family units, most of your tenants are likely families.
Besides the property itself, its amenities can also inform your target audience. Workers tend to mill around their companies or factories, students around their university, etc. Of course, houses with an excellent walkability score are always attractive to all renters.
2. Consider Your Advantage
Another helpful tip that can help you is to look inward. Many prospective renters will often favor a landlord that’s like-minded.
Thus, you might notice that many of your tenants are in the same age group or have similar interests. So you can lean on your interests and passions to appeal to your target audience.
3. Check Marketing Statistics
If you want the right information, you have to be willing to do some research. Looking for insights into the latest marketing statistics can reveal emerging patterns.
For instance, one of the latest trends is the rise in financially capable millennials looking to leave the nest as young professionals. Since they quickly make up a large percentage of the housing market, it would be best to cater to their needs.
3 Tips for Creating Social Media Content that Gets Noticed
1. Taking Great Photos
Aesthetics matter a lot when it comes to real estate, and ut’s vital to capture your audience’s attention. The best way to go about this task would be to make your posts as visual as possible. However, it’s not enough to take any picture.
Grainy, blurry, or shoddy photos can make your rental look less appealing. If you invest in high-quality and professional images of your house, you’re more likely to receive more traction. You’ll be surprised by how many more leads you’ll gain with a tripod and good lighting.
2. Creating a Video Tour
Besides video, you can also draw more attention with a video tour. One advantage video has over photos is that it gives you more freedom to engage with your social following. With a live tour, you can go over the details of your house without running the risk of being boring.
More viewers are likely to sit through a 3-minute video than read a lengthy caption with the rental’s full description. Additionally, videos are also fair better for SEO, which can help you gain more leads.
If that sounds overwhelming, Bay Property Management Group Montgomery County can help lessen the impact of a potential vacancy by managing the leasing process.
3. Using Hashtags
Another great tip to expand your reach is to use the right hashtags. Too many businesses and creators ignore the power of a proper hashtag and lose tons of leads.
Hashtags help you optimize your post and make it easier for your target audience to locate you.
For example, someone looking for a home in Maryland is likely to try #maryland, #montgomeryrealestate, and #luxuryrealestate in their search.
3 Tips for Managing Your Online Business Presence
1. Send Timely Responses
You won’t get much use out of social media if you don’t respond on time. Most house hunters expect swift replies to their questions and can lose interest when you don’t.
However, that doesn’t mean you have to stay glued to your device. Replying within a 24-hour time frame is still reasonable. Also, it would help if you remained professional in your communication with both good and bad comments.
2. Consistency is Key
Some property owners complain that social media doesn’t work for them, but that’s often because they’re not consistent. To maintain an online following, you have to update your audience with the latest constantly.
There are plenty of creative ways to keep adding content to your page. Besides, it’s also easier to maintain consistency when you limit your online presence to a few apps. Find the ones that work best for you, and stick with them.
3. Run Ads
It would be best if you weren’t shy to put your business out there, so leverage the power of ads. Through Google or Facebook analytics, you can put your vacancies right in front of your target audience.
Sure, organic SEO can take you a long way, but spending money on advertisements can give you a boost.
Knowing how to maximize social media to avoid long vacancy is a crucial skill in our modern world. Savvy landlords are either using these tools or learning the ropes.
Analyzing your rental’s neighborhood, your advantage, and the current market statistics can help you conduct in-depth market research. You can then create a target persona that can inform your marketing strategies with your results.
Helpful tips to ensure your social media content gets noticed include taking great photos, creating a video tour, and using hashtags. While utilizing these strategies, you should also strive to maintain an excellent online presence.
Timely responses, consistency, and ads can help you get more conversions. If these tips seem like a lot to you, feel free to lean on the shoulders of a professional property management company. These experts can relieve the stress and guarantee fewer vacancies.
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Author Bio: Nichole Shahverdi is the Director of Operations for Bay Property Management Group. Prior to taking over marketing, Nichole worked as the Director of Leasing where she worked daily with investors and property owners to market and lease homes throughout Maryland, Pennsylvania, DC and Northern Virginia and ensure maximum ROI on their investments.