Believe it or not, social media is a valuable marketing tool for real estate businesses. Many landlords, property managers, and real estate agents use it for marketing their businesses and attracting more customers. If you haven’t been using social media to promote your rental properties, you’re likely missing out on a variety of benefits.
Let’s take a closer look at five ways social media marketing can help you grow your rental property business.
1. Social Media Brings You to Where Your Customers Are
While social media seems to be dominated by teens and twenty-somethings, many young adults and middle-aged Americans are active on various platforms. In fact, a 2018 Pew Research Center survey revealed that about 80 percent of 25 to 49-year-olds use Facebook. Additionally, 55 percent of 25 to 26-year-olds and 40 percent of 30 to 49-year-olds reported that they use Instagram.
In other words, your customers are on social media. Therefore, through proper use of social media marketing, you can effectively place your business in front of the people who make up your target audience.
Our advice? Research social media demographics to see which platforms your target audience uses. It’s more effective to concentrate your marketing efforts on two or three platforms with relevant prospects than to use a shotgun approach over numerous outlets.
2. Users are Drawn to Video Content
If it’s engagement and conversions that you’re looking for, then video is the way to go. One survey showed that after watching branded social media videos, 64 percent of viewers made a purchase. Plus, social video generates 12 times more shares than text and images combined.
Video content is prevalent on virtually every social media platform – and users are responding well to it. Rental property owners can take advantage of this effective tool by creating videos of properties and their amenities. For example, if you own an apartment complex, consider filming video walk-throughs of a few units with different floor plans.
3. Customer Service Gets Up Close and Personal
Using your social media account as a customer service tool allows you to personalize and streamline your communication. Many people like the personal attention they get from a company that uses its profiles to interact with customers. In fact, a 2016 study revealed that 57 percent of customers said they would rather use digital media to contact a company as opposed to using voice-based customer service.
To ensure that you’re providing the best customer service possible, it’s important to monitor your social media accounts and respond quickly to any messages. You can even set office hours and inform your customers that someone is available during that specific timeframe. This will give them an idea of when to expect a response.
If you don’t have time to manage your social media accounts, consider hiring a property management company to do it for you.
4. A Picture is Worth a Thousand Words
Images quickly capture the attention of potential customers. In fact, the 2018 Sprout Social Index reported that 58 percent of consumers prefer visual-first content (including graphics, images, and produced video). Not only are images eye-catching, but they also provide a more in-depth look at the products or services you are offering. By posting photos of your rental properties, potential tenants can easily determine whether or not the residence is a good fit.
Photos are typically the first thing renters see when searching for homes or apartments. Therefore, you can’t simply snap a photo on your smartphone and post it online. You’ll want to make sure your imagery is high-quality and looks professional.
5. Social Media is a Word-of-Mouth Marketing Goldmine
It’s no secret that word-of-mouth marketing is an effective strategy for many companies. According to a Nielsen report, 92 percent of people trust recommendations from their friends and family over any other type of marketing.
With this in mind, it’s important to use social media to market your rental properties in an easily shareable way. Posting high-quality content and engaging current and potential tenants in online conversations are two simple ways to get people talking about your business. Of course, you’ll also need to provide the best possible tenant experience if you want to increase your word-of-mouth marketing.
The Bottom Line – Consistency is Key
Social media can be a beneficial tool for landlords and real estate investors, but you must be diligent and consistent in order to reap the rewards. With the right strategy, you can reach your target audience in a whole new way.
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