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2018; a new year and a new start, which means it's a great time to start reviewing your marketing strategies that you use for your properties. With new trends and innovations coming out every year, it is always a good idea to catch up and explore the top real estate marketing trends for 2018 to help you find new ideas to stay ahead of the competition.
Some marketing techniques have been trending for some time such as using high quality photos and publicising unique selling points of a property. However, it is always a good idea to review the latest strategies that could impact your appeal to a tenant you want to get. As the years go by, more and more people are having higher expectations and demands when it comes to searching for a property that fits them. Make sure to stay on top of these trends if you want to avoid an idle property. These are the seven top marketing trends in 2018 that are impacting the current real estate market and therefore, impacting tenants expectations.
The newest marketing methods can micro-target a specific tenant demographic base. If you’re marketing a property close to a college campus, for example, you might want to focus on college students. If your property is near a school, then focus on marketing to a family with children. Constantly ask yourself where your property is positioned and who your likely target would be. Do you want to focus on senior citizens because of proximity to walkable, parks? or do you focus on business people because of proximity to the CBD and office buildings. You can choose these and other demographic targets, depending on the marketing niches for the property.
2. Adoption of technology by self-managers
With tenants planning to rent properties on the rise, more and more landlords are looking for ways to simplify the overall renting process through technology and closing the communication gap between landlord and tenant.
Integrating technology makes rental management simple and efficient, by giving landlords access to the relevant information at their fingertips such as payment history, maintenance logs and a history of all communications with tenants. All of this information can be digitised and catalogued using current technology.
Managing your property using innovative technologies not only creates a unique selling point, but can also make the renting experience much better for you and your tenants.
2. Online communications
Landlords who manage fewer than four properties may not have online communication systems for their properties, other than email. If that describes you, it’s smart to go digital with as much as you can. Use services like Kitt to post your listings, get the best rent offer and accept applications online. Consider texting your tenants along with emailing, as younger generations like millennials will be more inclined to text questions. Also, think about using a system that lets tenants request maintenance and repairs online. Kitt can provides these services to your tenant.
4. Virtual reality tours and three-dimensional and
Having great quality images has been the pinnacle part of real estate marketing for a long time. With new innovative tech trends coming out each year such as virtual reality, tenants have come to expect a ton of good photos that showcase every inch of the property and that includes the cupboards. That’s going to continue, augmented by newer technology. Video tours, images in 3D, and virtual reality are going to become increasingly popular, especially with the millenials.
Video tours can appeal to tenants more than static images. It is possible to get a sense of walking inside the house and seeing it in person. It has shown that having virtual reality videos hikes real-world requests as much as 30 percents.
5. Room for pets
Kiwis own more pets per household than anywhere else in the world, apart from the United States.
The New Zealand Companion Animal Council's report Companion Animals in New Zealand 2016 updates research originally released in 2011 - and shows about 64 per cent of New Zealand households are home to at least one pet with an estimated 4.6 million pets outnumbering their owners.
As a landlord it is understandable that you may not want pets on your property given the difficulties they present for maintaining and cleaning. But increasingly, you may also miss out on opportunities of on-boarding possible perfect tenants if you ban pets. Pets are particularly popular with millennials. It’s worth reconsidering your pet policy in the new year to attract the broadest range and demographic potential tenants.
6. Share content
Since online information such as images and applications helps you stay on top of the market and attract good tenants, don’t forget the maxim, “Content is king.” What does that mean for you, exactly? Well, it means that many tenants expect helpful information and advice when they are looking at rentals online.
It’s become commonplace to see blogs giving advice on everything from how much total income one should spend on rent to whether to get tenants insurance. Giving your potential tenants helpful content will improve their experiences and make them more likely to rent from you. Send tenants links to helpful, tenant-focused articles on TPA.org.nz and Kitt.io.
7. Multiple marketing channels
It’s crucial to market across multiple channels your prospective tenants could find your properties on Trademe, Facebook or even Instagram. Make sure you keep track of what has worked for you in the past, and don't be afraid to adopt new channels.
If you're currently looking for new tenants in 2018, it’s a good idea to review the most recent real estate marketing trends, including the long-term ones. Incorporating these eight ideas will help you to optimize your marketing outreach.
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