RealPage Market Analytics listed Dallas as the nation's fifth-largest apartment market. There are over 696,000 existing units. The city has added more apartments to its existing base than any other in the country in the last decade.
It's difficult to be heard in a market like that. You've got a megaphone, shouting about how great your property is, but so does everyone else.
Read on for the best rental property marketing tips to attract tenants in a tough Dallas market.
Choose Competitive Rates
Property marketing requires a plan, and the first step is pricing.
What are the other properties in your area going for? What's the supply and demand like? Make sure to do your homework in this area. You'll find a rate that'll let you have an easier time attracting Dallas tenants without missing out on potential income.
Create Compelling Listings
Use clear, compelling text when listing your properties. Highlight the most compelling amenities residents want to see, such as:
- Pools
- Parking garages
- Laundry rooms
- Fitness centers
- Smart home technology
- Pet-friendly spaces
Remember that when you're marketing rental properties, you're also marketing the nearby area. Talk about the best places to go and what to do in the neighborhood.
Use professional photos or videos. Put your listing on all the major sites once it's complete.
Use Other Property Marketing Methods
Listings can be the start of your marketing efforts but don't stop there. Expand your online presence by adding:
- Floor plans
- 4K photos
- Videos
- Property websites
Traditional marketing methods can also help you stand out in the Dallas rental market. Use paid ads. Stick a sign outside. Take out a newspaper ad.
Don't Skip Screening
Don't make the mistake of thinking marketing is only about getting as many applicants as possible. It's also about sorting through them to find the best ones.
Set strong tenant screening criteria. Make sure to look into their:
- Credit score
- Employment status
- Rental history
This helps you sort through the Dallas rental market to find responsible applicants who'll pay rent on time and obey the rules. Doing it correctly also protects you from potential legal repercussions.
Provide Excellent Experiences
Word of mouth is still one of the most effective forms of property marketing. Focus on providing the best possible experience and the word will get around.
Respond to their inquiries quickly. Ask for feedback about what you could be doing better.
You should also solicit reviews. 93% of regular consumers admit they affect their purchase decisions. They're almost twice as likely to buy based on reviews than discount offers.
Offer Incentives
Even the best tenant attraction strategies may not yield results right away. That's when you have to sweeten the pot.
Incentives are a powerful way to fight against tough rental markets. A few options include:
- Flexible lease terms
- Rental discounts
- Move-in specials
- Reduced security deposits
Know Where to Find Dallas Property Management
Property marketing in a tight market requires competitive pricing, detailed listings and advertisements, positive renter experiences, careful screening, and enticing incentives.
PMI Alliance is a Dallas property management that specializes in community association management. Our expert team has more than 20 years of experience and is available whenever you need them.
Don't let your community be underserved by your property management company. Contact us for the service and attention you deserve today.
