As you find new tenants, work on repairs, field questions, and move tenants out – all part of managing a property – you’ll be interacting with people every step of the way. As property management is about managing people as much as the properties, it only makes sense to incorporate social media into your business strategy.
Here are a few ways that social media can help grow your rental property business.
1. Easy Advertising
Before social media, landlords relied on costly newspaper ads, signage, and other cumbersome ways of spreading the word about vacancies. Today’s property owners are using social media to get the job done. Not only is it inexpensive, but you’ll be able to reach more people than ever before. Sites like Facebook and Pinterest allow you to post photos and videos, have conversations with prospective tenants, and engage with the community as a whole. All of these activities will not only raise awareness of your property, but they will also boost your reputation, too.
Speaking of your reputation, building a name for yourself in the community is one of the best ways to make sure your vacancy rates stay low and problems remain minimal. Social media makes it easy to interact with other businesses in the area, learn about local events you can sponsor or participate in, and build relationships with people. Online groups, forums, and sites like LinkedIn can also connect you with other property owners who can be a valuable resource when you’re looking for advice about your business.
3. Stay On-Trend
From knowing which neutral colors to paint your apartment units during a turnover to understanding which property amenities tenants are really seeking, social media is one of the best places to do a little recon to make sure you’re up to date on market trends. Or, you can come right out and ask your friends and followers using a Facebook or Twitter poll and have direct answers fast!
4. Streamline Communications
Prospective tenants often ask a handful of questions for each home they are considering. Answering these questions in a timely manner is critical, but it can also be time-consuming. Chatbots can act as a virtual assistant who fields questions, provides basic information, schedules viewings, and does a primary tenant screening so you can focus on face-to-face interactions where your time is better spent. Chatbot software can be integrated with Facebook Messenger for one-stop communications with prospective tenants.
5. Go Live!
No matter how well-staged your photos and videos are, nothing is more convincing than a live video feed. Not only will all your friends and followers receive a notification when you’ve gone live – which is a good attention draw – but often your videos will then show up in the feeds of those viewers so their friends and family can watch, too. Try doing a live tour, sponsoring a giveaway with live results, or hosting an open house with periodic live check-ins with the crowd.
When managing people, being social is the most important factor. When you’re ready to grow your real estate investment company, social media offers the tools you need to get results quickly and efficiently.