When you think about the best way to advertise your Coos Bay rental property, you’re likely thinking about your online listing. This is how most tenants are finding their next rental home; they’re pursuing sites like Zillow, Zumper, HotPads, and Rentals.com.
This is mostly true, and any good marketing strategy will include listing your available property on these sites. You’ll want to include high quality photos, concise but detailed descriptions, and all the information prospective tenants will need to decide whether your property is a good option for them.
While online advertising is a big part of finding a great tenant for your property, there is a secret weapon when it comes to advertising, and it’s one that might surprise you.
We’re talking about word of mouth. It’s inexpensive and it’s effective.
What do we mean by word of mouth? And how, in 2023, when technology is driving almost everything we do, is this a logical way to get your vacant property rented?
Let us explain.
What is Word of Mouth?
You want to generate a buzz about your rental property. If people are talking about it, interest will increase and you’ll find you have more potential tenants calling for information, scheduling showings, and asking for an application.
Word of mouth is simply the sharing of information and experiences. It’s usually part of a natural conversation rather than a specific or targeted marketing campaign. Ideally, with word of mouth advertising, people are talking about your property. Or, they’re talking about you as a landlord. And, of course, they’re speaking positively.
Perhaps one of your colleagues knows someone who is looking for a home. When you have a property for rent, that colleague can mention it to the tenant they know. This leads to a showing, a potential application, and the screening process. If they meet your criteria, you’ve effectively rented a property to someone outside of the usual cycle of online listings.
You’ll need a good reputation in order for word of mouth advertising to work in your favor. Make sure there are good things to be said about you and your property. Negative energy passing through word of mouth channels will only damage your credibility and steer people well away from working with you.
People Trust the People they Know
Here’s why word of mouth advertising is so important.
People are wary of traditional marketing. They don’t like to feel like they’re getting a hard sell when they’re considering a purchase or when they’re considering a rental home. Tenants do trust the people that they know and like. Someone hearing a positive review of a product or service will pay attention, especially when that positive review is coming from someone they know. Friends, co-workers, family members, teachers, and other members of a person’s close network are worth listening to. So, if they hear someone describing a good experience with a landlord, a neighborhood, a community, or a specific property, this is going to make a difference.
A lot of online marketing starts to sound the same. This is especially true when we’re talking about rental homes. Every listing will begin to sound like every other listing, and that’s why word of mouth is often so much better than online selling. Your prospective tenants will be more willing to listen to someone they know.
Leveraging Word of Mouth Advertising for Your Coos Bay Rental Property
Something you’ll love about word of mouth advertising is this: It’s generally free. Those online listings are likely to come with a fee, especially if you want to boost your status on a particular rental platform.
You can make word of mouth advertising work for you in a few key ways.
Understand who your ideal tenant is. This is going to be someone who has a great rental history, no evictions, verifiable income, and a demonstrated responsibility with money and bills and debt. You’re looking for someone who will pay rent on time, take care of your property, and follow the lease agreement. If you know stable, responsible people, it’s not a stretch to believe that they will know other stable, responsible people.
Provide an easy way for people to learn about you and your property when they hear from someone that you have a great home for rent. This might be a website dedicated to the property. Or, it could be a listing that you’ve created for the other marketing channels. It could be a flyer that can be shared electronically. It could even be an album of photos that shows off your property and provides the required information. Make sure you have a social media presence so it’s easy to locate you online.
Finally, ask for introductions. Be willing to talk to people who know people. When you have a home for rent, talk about it. If someone knows a person who is looking for a home, ask for their phone number or email address so you can introduce yourself personally. Or, provide your own contact information so they can get in touch with you. Always be responsive and communicative. Word of mouth won’t help you if you’re unwilling to answer your phone, reply to messages, or set up meetings.
Invest in an Old School Yard Sign
Yard signs may seem unnecessary in 2023, but they can help with your word of mouth advertising. With a yard sign in front of your vacant property, people who are walking or driving through the neighborhood are sure to see it. When they know someone is looking for a rental, they can immediately share the information with that person. They can snap a picture of your home and share the contact information you post on the sign.
Advertising your rental home online is crucial. It’s the best way to reach the largest pool of tenants.
But don’t forget the word of mouth advertising that can be extremely beneficial and ultimately the best path towards getting your property rented quickly to a high quality tenant.
If you’d like to talk about marketing and advertising strategies with a Coos Bay property management expert, we’d be happy to talk with you. Please contact us at Oregon Bay Properties.
