Orlando is one of America's top 10 most competitive rental markets. In 2023, about 12 rental applicants were competing for one vacant unit.
As a rental property owner in Orlando, this is the kind of news you want to hear. However, every real estate market goes through cycles, and there are times when finding tenants becomes a big challenge.
In a tough Orlando market, landlords have to turn to property marketing to make their rentals stand out and attract tenants. Read on for practical strategies you can use to market your rental.
1. Use Popular Rental Websites
Most landlords shy away from listing their properties on popular rental websites - and with good reason. If there isn't a shortage of renters, paying upwards of $5,000 a week to advertise a property on a rental website doesn't make any sense.
However, when renters are few and far between, it's time to warm up to those websites because they have a vast reach. The cost of running the listing might be higher than you're willing to spend, but would you rather risk a property that remains vacant for several months?
There are many popular rental websites, but not all are ideal for you. Dig around and find a website that's most effective in the Orlando rental market.
2. Leverage Word-of-Mouth Marketing
At a time when most renters are hunting for vacant properties online, your eyes are certainly on digital rental property marketing strategies. While that's commendable, you might be overlooking an effective offline strategy: word-of-mouth marketing.
If you've networked with other local landlords and real estate professionals, for example, don't be afraid to share that you have a vacancy with them. They might know someone who's looking for a rental and send them your way.
You can also share the same message with your current tenants if you have a multi-unit building. Your tenants can turn out to be your best word-of-mouth marketing agents, especially if you incentivize them.
3. Host Open Houses
Hosting an open house is a real estate advertising technique that's mostly used by real estate agents selling homes. It's very effective, and you can use it to market your rental property as well.
Renters, just like buyers, want a place they can call home. An open rental house enables renters to envision their lives once they've moved in, which makes it easier for them to make a decision quickly.
Given a choice between two similar units but one is staged, most renters will settle on the one that's been staged.
Use Property Marketing to Attract Tenants
Like every landlord, you want your property to have a high occupancy rate. Unfortunately, there are times when market conditions make it difficult to find tenants. These tips will help you increase your property's visibility, but you need the right expertise to implement them.
That's why you need the Bahia Property Management team in Orlando. As a full-service firm, property marketing is one of our specialties. Our team has the expertise to develop and implement a custom real estate marketing strategy for your property.
Contact us to schedule a consultation.
