How Much Should You Really Spend Marketing Your Rental Property?

If you’re thinking of renting out your property and want to find quality tenants quickly, a solid marketing strategy is one of the most important aspects of the endeavour. The real estate market is highly competitive and it’s essential to ensure your property stands out from the pack.

You want to work with a real estate agent who will help you throw a wide marketing net to lure in potential renters. Marketing costs can vary depending on the area and the agency you’re working with. It’s best to ask your agent for a breakdown of the costs for your property marketing campaign.

The Goal of Marketing

It may seem obvious, but the point of a quality marketing strategy is to expose your property to as many relevant people and spending as little as possible. The less time your rental property spends sitting idly on the market, the better. Marketing should be strategic in nature, so that your property is viewed by the right relevant demographics who are genuinely interested in and looking for that type of property.

Often, spending a little more on marketing your property can save you more in the long run as you can avoid the risk of having to pay ongoing mortgage payments and other expenses without revenue coming in and wasting money on ineffective advertising.

How is Marketing Costed?

The cost of marketing a property is rarely set in stone, with each agency managing marketing costs differently. Sometimes costs are negotiable and you can pick specific services as they suit you. In other cases, an agency offers a costed package where they have special deals with suppliers such as photographers, newspapers and advertising websites.

Some agents will simply incorporate advertising fees into their commission costs and manage the marketing process themselves. It’s a good idea to ask them for a breakdown of the marketing strategy so you know precisely where your advertising dollars are being invested.

What Do Marketing Costs Cover?

Once again, what the marketing strategy covers is dependent on the agency’s approach. Most will market through their own database and website as well as using online real estate portals, social media and print advertising.

At Hayeswinckle Property Management, we use widely used real estate portals along with listing rental properties on our own website. These include:

● Realestate.com.au
● Domain.com.au
● Rent.com.au, and
● Rentfind.com.au

Like most agencies, we utilise social media marketing campaigns on Facebook and Instagram. We also advertise in the Geelong Advertiser on a Saturday signboard. For $299, we offer all of these services along with professional photographs and copy, which can be used in the long term to promote the property in the best possible light.

Keep in mind that while other agencies can offer lower prices, this often comes at the cost of a rental property marketing plan that isn’t as effective. Like most situations, it’s far better to invest in quality.

Marketing Your Rental Property in Geelong

If you’re a landlord who wants to find quality tenants for your rental property in Geelong, speak to the local experts. At Hayeswinckle, we use our understanding of the local community to achieve the best possible results for our clients. Get in touch with our team today.