In today’s digital age, young prospective tenants value social media more and more. By ensuring your property or rental group has an optimal presence on the web, you’ll enhance your credibility and draw in more potential tenants. This, in turn, will help reduce turnover rates and costs. Here, we’ll discuss a few key ways social media marketing can help rental property owners.
1. Sharing Photos of Your Property
Let’s start with the most obvious solution: photos. People today are busy; they don’t want to waste their time visiting properties that they would never live in if they don’t check the boxes on their wishlist. The easiest way to ensure efficient rental-property hunting is to provide as many high-quality photos as you can. While it’s important not to waste potential renters’ time, you also don’t want to spend hours showing your property to people who will automatically walk away once they see the inside. Photos are beneficial to both parties. They not only allow you to showcase exactly what you’re bringing to the table but give prospective tenants the ability to decide if they want to schedule a viewing.
Photos are also the best way you can encourage people to share your property with friends and relatives who might be looking for a new rental. Let’s say someone’s best friend is overwhelmed with the apartment search and enlists the assistance of someone she trusts to help her dig through potential options. Voila! She comes across your photos on Instagram, shares them with her friend, and the lease is signed. Okay, maybe it doesn’t always work quite that easily, but pictures do lay the foundation for free advertising on social media.
2. Using Live Video at Your Property
Video ups the shareability ante and provides the prospective tenant with almost life-like views of what it would be like to live in your property. If “73% of home sellers would choose a real estate agent who uses video to sell their property over one who does not,” the same holds true for property owners who are looking to rent their spaces. After all, the transactions are similar: in both cases, you’re trying to attract an audience, bring in qualified deals, and get signatures on the final paperwork.
Video traffic has reportedly increased by 5000% since 2009, particularly on mobile devices. People want to feel like they’re in the moment with the content companies are providing. As someone who’s looking to gain tenants, the best thing you can do for yourself is showcase your property with an optimized video that can easily make its rounds on social media.
3. Incorporating a Chatbot to Field Prospective Tenants’ Questions
You can’t be around to answer every potential tenants’ questions all the time, but artificial intelligence (AI) can! Thanks to chatbot technology, you can provide possible renters with:
- Rapid answers because chatbots don’t eat, sleep, or take vacations.
- Answers to frequently asked questions, so live agents don’t even need to come into the picture.
- Minimal wait times since chatbots can handle a high volume of inquiries simultaneously.
- Few errors in responses because the answers to FAQs are already programmed into the AI.
- Increased customer engagement because people want to feel like the person (or bot) on the other side of the screen is conversing with them. Today’s technology enables chatbots to respond immediately and provide a little friendly banter during the process.
- Proactive customer interactions, which provide you or your sales team with the information you need when qualified leads get past the initial inquiry phase of rental unit shopping.
Chatbots have become business leaders’ best friends, and they’ve presented the world with an entirely new idea of “social media.” As a property owner, you are running your own small business. Doesn’t it only make sense to invest in the types of tools that’ll help you elevate your renters’ experiences to the next level?
4. Enhancing Your Reputation Through Social Engagement
If you think nobody’s paying attention to the way you interact with people on social media, you’re sadly mistaken. People are always watching how companies interact with their customers. As a landlord, the same idea applies. If someone gives you a bad review or calls you out on Twitter, respond to them (calmly and professionally). The way you interact with people online will lay the foundation for other renters’ expectations. If you appear difficult to work with, you might scare off some excellent renters who aren’t willing to give their hard-earned money to a bad landlord. On the other hand, if you respond kindly and politely to all inquiries (both positive and negative), people will likely react to the way you engage with your tenants. If reputation management is something you just don’t have time for, you can hire a property manager to monitor this for you. They will not only help to respond to the good reviews but help you manage any bad ones as well.
5. Generate New Leads
Qualified leads are the bottom line of any successful business. Social media can bring people right to your front door (or inbox, as the case may be). Whether you choose to go with a pay-per-click platform, or you put time into the everyday social media grind, you’re sure to gain recognition and fill your vacancies faster if you’re on the social sphere.
Are you an investment property owner who’s discovered the keys to success using social media marketing? We’d love to hear your thoughts in the comments section below!
Patrick Freeze is the President of Bay Management Group, which manages about 4,000 units in the Mid-Atlantic Region. The company is overseeing more than $700 million worth of real estate as of October 1st, 2018.