May 11, 2020
How to Quickly Find a Great Tenant for Your Luxury Rental
When you own a luxury property that you are ready to rent to a tenant, it’s essential that you know the best strategies for getting the word out there and attracting the best tenants to the home. Tenants in the luxury market tend to respond differently to marketing and advertising compared with other segments of the market, and understanding what your audience wants is key to finding the perfect tenant for your property in the shortest amount of time. Whether you are looking to find a long-term tenant to live in your property for years to come or are marketing it as a short-term rental home, here are some tips to keep in mind to help you get the results that you want.
Work with a Professional Company
Property management companies are there to not only help you find the right tenants for your rental but also to help you with the ongoing management of the home. A good property management company should be experienced with luxury rentals and have a solid understanding of the market that you are targeting. Find a company that will take care of all the finer details for you such as making sure that the property is decorated, safe to live in, and that all ongoing repairs and maintenance are taken care of, along with handling the marketing side of things at the beginning. Bay Property Management Group is an experienced property management company that will quickly help you find a tenant for your luxury property and foster a strong ongoing relationship with them. You can find out more about Bay Management Group here.
Using VR for Marketing
Marketing a luxury rental property is different in several different ways, thanks to the unique needs of the luxury market. You need to make sure to be involved and engage with potential tenants on a level that everybody is comfortable with. 3D interactive virtual reality tours are a popular emerging marketing strategy for luxury properties; they allow potential tenants to take a tour and walk through the property from the comfort of their current home, giving them the chance to make an informed decision regarding whether or not to go a step further and visit the property in person. Paired with high-resolution images taken by a professional and drone photography and videography, these marketing strategies will help you focus your attention only on those tenants who are genuinely interested and showcase your luxury property in a unique way.
Social Media Advertising
Social media advertising is becoming increasingly common for marketing luxury properties, as it allows you to show up in the social feeds of your target audience. The best social platforms on which to reach a luxury community are Instagram, Facebook, and YouTube. The ads created for these three platforms tend to be highly visual, which allows you to show off your luxuriously designed interiors and all the highly desirable amenities available in your property. And, Facebook, YouTube, and Instagram offer highly targeted advertising options that allow you to really zero in on the behaviours and interests of people in the luxury market.
Hosting an event is another fantastic way to market your luxury property and is a firm favourite with many property management companies. An open house event can attract people who may not have scheduled a viewing at your property otherwise and bring in new potential tenants. For an open house event, you want to keep the property as clutter-free as possible while still making it welcoming and luxurious. If you’re offering a property that is readily decorated and furnished for a tenant to move in, an interior designer can help you choose a colour palette and carefully select and place furniture to create the most appeal to potential tenants. Champagne and canapés will also definitely appeal to a luxury audience when attending your open house event. You may also want to consider advertising your event on social media or sending out exclusive email invitations to potential tenants who have previously expressed an interest in your property.
Marketing a luxury property involves really understanding your audience and giving them what they want. Working with an experienced property management company and using marketing strategies proven to work well with a luxury audience is essential for finding the right tenants quickly.