Have you ever had a nightmare come true? Like your Orlando rental property sitting on the market, vacant, and losing money as each day goes by. As most Orlando property owners face this situation at one point or another, experiencing it for the first time can feel pretty scary. That’s why I’m here to help!
While Orlando rental properties were able to market themselves during the COVID-19 rental demand spike, the market has since cooled down leading to a shift in demand, higher vacancy rates, and an increased need for rental property marketing. Although short-term vacancies between tenants are normal and expected, it is essential to take the steps to prevent months of vacancy and lost rental income.
If you are experiencing an increased vacancy rate, it is important that you shift your rental processes to meet the expectations of renters and the nature of the market. To increase tenant interest and rental income profits, here are 5 marketing strategies to combat rental property vacancies in Orlando, Florida.
1) Professional Rental Property Photos and Videos
Your property’s first impression can either leave a lasting impression, or no impression at all. Think about it this way—people looking for a rental property online scroll through hundreds of property listings filtered to their needs, judging each property on the way it looks. The photos and videos of your property strongly affect how potential tenants perceive it and what living there might be like.
Your online listing tells the story of your property. The listing should include clear photographs of all aspects of your rental property, including:
- Exterior (front and back)
- Entryway
- Living room
- Dining room
- Kitchen
- All bedrooms
- All bathrooms
- Closets
- Offices
- Garage
- Laundry room
- Entertainment / extra rooms
- Backyard
- Patio or balcony if applicable
Including all aspects of your property will give potential applicants a better look into your unit, allowing them to identify whether or not they can see themselves living there. Property listings with few photos often perform poorly and portray a lack of care from the property owner or manager. The more you can show the better.
While the quantity of photographs is important, the quality is just as important. Poor quality or dark photographs will not present your property to its fullest potential. Grainy or dark photographs can alter the visual appearance of your property and drive potential applicants away. At my Orlando property management company, we work with professional photographers to ensure high quality and accurate photographs. I highly recommend hiring a professional photographer or using professional equipment — details as small as the angle or lighting can make a significant difference in the outcome of the photos.
In addition to photos, high quality video tours and drone footage increase the desirability of your home. At The Listing Real Estate Management, we offer our clients a premium marketing package including professional photos, video tours, and drone footage to ensure the property is presented in the most professional way.
2) Orlando Rental Move-In Specials
With the competitive and ever-changing nature of the Orlando rental market, move-in specials have become increasingly popular and even anticipated by renters. Orlando is expected to see 11,000 new rental units added to the market by the end of 2024, and with new units often comes enticing move-in specials and incentives that make it hard for Orlando renters to say no.
A move-in special acts as one of the best marketing tactics for your rental property because not only does it attract renters, but it also helps avoid the significant expense of a vacancy. Whether your property is a new build or 100 years old, a move-in special gives your property a competitive advantage amongst others in the area that provide no financial incentive. The most common move-in specials are free or discounted months of rent, a discounted or waived security deposit, and a waived application fee.
Some Orlando property owners are hesitant to implement move-in specials because they don’t want to lose out on rental or security deposit income, however, the reality is that a vacancy costs significantly more than a discount on rent or a waived security deposit.
3) Detailed and Accurate Listing Descriptions
According to a study done by Apartments.com, 99% of renters want to see unit-specific information in the property listing. With information so easily accessible online, renters expect much more than just the address and number of bedrooms and bathrooms. A listing description should provide potential applicants with all information regarding your property. From the square footage of your unit to strict community regulations, and everything in between, your listing description must portray the full picture of your property’s features and amenities.
It is essential that you incorporate all aspects of your property in the listing so that it does not get overlooked or filtered out. Online rental platforms allow prospective renters to apply specific filters to their property search — only properties matching that criteria will appear in the search results. For example, a potential renter may specify that they want a property with central air conditioning. If you have not specified that your property has central air conditioning, your property may not appear in their search result, therefore missing out on the potential of attracting that renter.
Your listing description should include:
- Location
- Size (sqft.)
- Bedrooms and bathrooms
- Condition
- Date available and lease length
- Utilities information
- Parking
- AC / heating information
- Additional fees
- Smoking restrictions
- Community or HOA amenities
- Unique rules or regulations
In addition, your listing should specify what is included in the rent, and what makes the property appealing. My pro tip is to think of something your property offers that other properties might not have and use it as a selling point. Whether it’s included lawn care, a community gym, or brand new granite countertops, it’s essential to highlight unique and attractive features in your listing.
4) Advertise Your Orlando Rental Property on Social Media
According to a recent study, 5.22 billion, or 63.8 percent of the world’s population uses social media. Social media is one of the most powerful marketing tools available to us. Outlets like Facebook, YouTube, Instagram, etc. can be used to reach a significant amount of people based on their needs and interests.
In addition to listing your property on rental websites, posting your property on social media is a beneficial tactic to reach a specific group of people, in this case potential Orlando tenants. Through search engine optimization (SEO) research and honing in on tactics to reach the target audience, Orlando rental property owners have the opportunity to advertise their properties to an audience of potential rental property tenants.
All social media platforms differ in their features and capabilities and can be used in various ways. For example, Facebook is a platform that allows users to join groups based on their interests. There is an abundance of groups dedicated to finding and renting properties. A simple search of “Orlando properties for rent” will bring you directly to an audience of people searching for what you have: an Orlando rental property.
In addition to Facebook, I highly recommend posting your property video tour on Youtube, and professional photographs on Instagram. Posting on YouTube allows property owners to showcase their property through guided virtual tours. Instagram allows property owners to share professional photos and videos and reach a large audience through the use of location specific hashtags and location tagging features.
Although social media is a beneficial tool for marketing your Orlando rental property, it should be used in addition to listing your property across the hundreds of rental websites.
Click on the following to take a look at our social media channels for some inspiration!
5) Hire an Orlando Property Management Company
Hiring an Orlando property management company is the most efficient way to maximize your rental property marketing and ensure short vacancy periods. As an Orlando property management company, The Listing Real Estate Management has a proven track record of effective marketing tactics that lead to decreased vacancy rates and expenses, in addition to increased tenant retention. On average our homes lease in UNDER 30 DAYS.
At The Listing, we handle all aspects of rental property marketing for our Orlando rental property owners. Our professional property managers and marketing team take the stress out of increased marketing efforts to remove your property from the Orlando rental market. Our premium marketing package includes everything you need to ensure your property is marketed across hundreds of channels, reaching thousands of potential occupants.
Our premium marketing package includes:
✅Full 4k virtual walk through video tour
✅Exterior drone footage
✅Professional photos
✅Premium marketing
✅Your property listing across 250+ rental websites
If you want to maximize the success of your rental property by decreasing vacancy periods and increasing tenant interest, contact us today at The Listing Real Estate Management, your boutique Orlando property manager!
Copyright © 2017-2024, The Listing Real Estate Management. All Rights Reserved.
