More than 44 million people in the United States are renters. There are plenty of great opportunities for property owners and real estate investors as long as you know how to maximize your property marketing efforts.
The first step in improving your online presence, increasing your leads, and reaching those ideal applicants is to identify your target audience.
Not sure where to start? Begin with these simple but effective tips.
Look at Your Renter History
Begin by looking at the demographics of your current and past renters. Search for trends such as the following:
- Age group
- Income level
- Types of properties
- Are they first-time renters?
- Are they pet owners?
The location of your property can affect the types of applicants you receive. For instance, being near a college campus likely means you'll hear from many students. If you live near a park, you may get a larger number of active adults or retirees looking for a nice view away from the hustle and bustle.
Pinpoint Key Details
When defining your target market, there are certain factors you need to consider. Understanding these pieces of data will help you visualize the tenant you're trying to reach.
Factors to consider include:
- Rental history
- Financial situation
- Credit score
- Hobbies and interests
- Marital and family status
Remember that it's your goal to find patterns and determine who the renters are in your area. You're not creating a picture of who you want to rent to, other than wanting responsible tenants that pay their rent on time. It's key to avoid discrimination.
A property marketing service can help you find trends in the data, which allows you to hone your strategy.
Understand How Your Target Demographic Behaves
When it comes to property marketing, you must think about the target market in terms of how they conduct their search. The way that Baby Boomers look for a place to call home differs from how a Millennial searches.
For instance, many Millennials rely on mobile devices to conduct searches. Apps are the go-to option for browsing properties for rent. The younger generations also seek out features such as virtual tours and digital floor plans.
A lack of an online presence and failure to keep up with the latest marketing trends can result in lower occupancy rates.
Baby Boomers might drive around to look for rental signs, ask friends and family, check the classifieds, call leasing offices, etc.
Knowing how your target market behaves means you can develop your marketing strategy around those behaviors and focus your efforts.
If you need help, turning to a full-service property management company is one of the best decisions you can make. You'll have marketing professionals on your side that know the market inside and out.
Make Property Marketing Easier
Any successful business needs to understand its target market. To maximize your investment's potential, you must understand your target market demographics. The right property marketing services ensure you attract tenants quicker, fill vacancies, and make the most of your Florida real estate properties.
If you're ready to take that next step, contact us at Gulf Coast Property Management to find out how we can assist you with your marketing efforts.