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Did you know that as of 2021, the U.S. Census Bureau counted almost 20 million rental properties nationwide, with 48.2 million individual units? The market for rentals is teeming with options, which can make it tough to help your property stand out from the crowd.
One short-term property management strategy that can help is the right marketing. Marketing to your target audience makes it easier to focus your messaging and attract the right renters. If you're not sure why this matters or how to get to know your audience, read on for some key tips.
The Power of Focused Marketing
When you're trying to get more vacation rental bookings, it's tempting to cast a wide net. Acting like a jack of all trades, even if your property seems ideal for any short-term tenant, doesn't do you any favors with your marketing efforts.
With a finite supply of time, money, and effort, you can't market yourself everywhere! Worse, you may end up spending valuable marketing dollars on strategies that don't make an impact. Marketing to the wrong audience makes your tactics less likely to land.
Instead, pinpointing your target audience can help you identify the marketing strategies with the best ROI, attracting the right potential renters. It also makes crafting your messaging easier, helps you find more leads, and connects you with the people most likely to rent out your property. It can even position you as an expert in a geographic area or with a certain group of people.
Harnessing Your Target Audience
How do you define your target audience? There are a few steps to identifying your ideal renter and harnessing that knowledge in your marketing strategies:
Identify Your Ideal Renter
To narrow down your target audience, ask yourself a few key questions.
- Who are your past renters?
- What are their typical demographics?
- What do they want out of your short-term rental?
- What problems do you solve for your renters?
- Who is your desired renter?
- What draws renters to your property?
With answers to these questions, it's time to do some research. Reviewing market statistics, reading through your transaction history, and talking with industry peers and experts can help.
Use Your Knowledge
With your ideal renter in mind, rental marketing can become a breeze.
Start by tailoring all of your messaging and marketing to your ideal renter's interests.
Use SEO in your listings, especially on your blog or website, and tailor all keywords to your audience. Optimized listings are more likely to get found by the right renters online.
Consider your ideal renter's demographics and online preferences to list your property on the right platforms, from Airbnb to Hotwire. Don't forget to share on their preferred social media sites as well! Engage with your audience there by answering questions, sharing testimonials, going live, and making posts that help them reach their real estate goals.
You can also connect with influencers that might interest your ideal renter. Influencer marketing is a huge trend for good reason: the word-of-mouth hype can help get your property in front of more eyes.
Try This Short-Term Property Management Tactic
If you don't already know the target audience for your rental property, now is the best time to get started! Keeping your ideal renter in mind is a great way to market your property, avoid vacancy loss, and position yourself as a local expert.
For more short-term property management strategies, don't forget to check out our other blog posts or partner with us! Our experts help San Francisco area property owners manage their real estate portfolio and more. Contact us today for a free rental analysis.
