Updated January 12, 2022
Whether you decide to invest in Detroit properties that are single-family property or a multi-family unit, you need professional marketing services for your Detroit investments. Conducting such marketing involves extending your reach beyond your typical circle of contacts, especially if your goal is growth.
The right partnership with a Detroit property management company, when it comes to this kind of marketing, can not only expand your prospects pool but open up new opportunities for investors as well!
This brief guide will discuss what professional property marketing is and why investors must do this — especially if they're managing a large trust portfolio. How far you take your real estate investing business depends on how well and how often you market your properties.
Your Marketing Duties as an Investor
If you lack a dedicated team to manage this, one of your most significant roles as an investor is that of a marketer. Before you can begin marketing properties in your portfolio—whether it's your own or part of a conglomerate—you must first understand what professional marketing services would do in your stead.
Successful property marketing involves:
- Implementing innovative marketing ideas. This means coming up with new and exciting ways to get your properties in front of the right people.
- Edging out the nearby competition to attract applicants. This is staying ahead of the competition by finding ways to differentiate yourself from other rental properties.
- Pricing your rental properties correctly and getting your properties seen.
Investing in properties means you also have to be skilled at positioning your company's 'brand' on the map. That involves developing and dominating a niche in the Motor City with your Detroit rental properties! That's what your marketing is all about.
Why Do Investors Need Property Marketing?
One way to think about marketing is to look at the triggers that make you want to do or buy something. Think about the last product you purchased:
- Did you decide to buy the product on a whim, or did you see advertising for it first?
- Where was that advertising? Was it on the web or radio? Perhaps you saw an ad on television.
- The product's packaging also contributed to your buying decision—whether a car or a box of cereal.
Now, break that down into your marketing efforts. Advertising and marketing are essential tools for any business. In the case of Detroit rental properties, it is imperative to make sure that potential renters know what is available. If people don't know about your properties, they won't move on them. Investors need property marketing to help prospective applicants enter the buyer's journey for their rental properties. Yes, it applies to renters, too!
Good advertising and marketing will help you gain traction for your Detroit rental properties by getting the word out to as many people as possible. Ensure that your advertising and marketing efforts target the right audience and send the right message.
Keep in mind the needs and wants of potential renters, and make sure that your advertising and marketing efforts fit the needs of your target audience. For example, if your potential renters are mothers with young children, you might want your advertisement to include some child-friendly amenities in an ad for your Detroit properties.
That journey should take your potential renters from learning about your business (in this case, your portfolio) to deciding on using your services ('purchasing' a lease on your rental property).
- Most people begin looking for a rental one to two months before their current lease expires because they've already decided to make a move.
- This timeframe is accelerated compared to the typical home buying experience, so your marketing needs to be aggressive and reflective of the pace at which prospective renters are looking for their next home.
Essentially, your marketing is designed to capture the attention of these prospects and direct them towards your superior rental properties. Professional marketing leads to better cash-on-cash returns, so consider the following strategies when prepping your Detroit investments.
Professional Marketing Strategies
Your marketing plan should reflect that, while you're in the property investment business, your goal is also to build relationships; as an investor and a property owner. You can do that by applying the following techniques to your property marketing strategy:
- Focus on high-quality visuals. Professional real estate photos engage potential renters on a different level than text alone. They can bookmark, download, and share imagery without scrolling through text.
- Your listings must be mobile-friendly. Many of your potential residents access rental listings via smartphones or tablets and share them in kind. Wherever you choose to post listings for your Detroit investments must be mobile-friendly!
- You should be posting on high-traffic sites. You're essentially setting your marketing dollars on fire if you're not listing your properties where your prospects will see your listings. Investigate the top sites where renters are seeking rentals, and focus there.
- Get it show-ready. It's critical to make sure your rental property is in excellent working order before putting it up for rent. Suppose the rental property has previously been rented. In that case, you may have to have it professionally cleaned, repaint portions of the interior, clean or replace flooring or fixtures, or update certain aspects of the unit to compete in today's rental market.
- Determine the correct market rental rate. Rental costs can fluctuate significantly depending on the supply and demand in a specific market. Work with an experienced property management company that can guide you in finding the perfect monthly rent rate for your area. You don't want to go too high and price yourself out of the market. While obtaining top dollar can improve your return on investment (ROI), it might take longer to rent, resulting in longer vacancy times and, ultimately, a lower return.
To maximize your cash-on-cash returns, identify your target audience, develop a marketing budget, differentiate your business from the rest, and create an action plan.
Creating a Property Marketing Action Plan
Developing a property marketing plan is worthless unless you make it actionable. Creating this action plan helps you execute your marketing plan successfully while sticking to a specific timeline. As you move through this action plan, ask yourself:
- What's working?
- What isn't working?
- Where can I improve my plan?
You already know your goals, target audience, and how much you can afford to spend on marketing. By setting a schedule and making sure you follow through with your plans, you're less likely to see things fizzle out after a few months.
A well-developed and actionable marketing plan is key to a successful property business, ensuring that all aspects of your plan are achievable.
Partner With a Property Management Team to Up Your Marketing Game
If you want to make sure your Detroit investments are paying off, it's crucial to have a professional property marketing strategy in place. By following these tips, you'll be well on your way to maximizing your return on investment from your rental properties!
It isn't uncommon for investors of your scale to completely defer the effort of leasing and marketing your Detroit investments to a professional. If your focus is growth, turn to Own It Detroit Property Management!
You need best-in-class service provided by transparent, seasoned, and professional investors when you manage a professional portfolio — whether for yourself or a trust.
We can access both on-market and off-market opportunities for investors: we have the infrastructure and skills you need to grow large portfolios professionally! Turn your marketing and leasing needs over to us, and watch your cash-on-cash returns grow!