Growing any kind of business requires a step into the digital world nowadays. Companies need websites, social media presences, and an understanding of this new era of digitally-grown children.
You might think a real estate rental business is an exception, but it’s not. The following will explore some of the ways social media networks and platforms can help you grow and maintain your rental business.
Of course, that giant elephant that walked into the room back in December 2020 is still here. Not everyone is comfortable traveling to another city.
Not everyone is comfortable attending an open house. Not everyone is comfortable attending individual tours of homes.
Reach out to a local videographer (real estate videographers exist) and get a stunning video tour of the rental unit filmed and uploaded.
You can also use applications like Zoom, FaceTime, and Facebook Video Call to walk potential tenants through the unit, answering any questions they may have.
High rates of renting and buying sight unseen are occurring right now. Make sure you’re giving your properties a chance to compete in the new virtual market by getting videos made and opening yourself up to remote tours.
Join The Facebook Real Estate Groups in Your Area
As more and more people become dependent on social media applications to get through their daily activities, things like searching for a place to live or trying to find a new employee are moving to social media platforms.
In particular, Facebook is your new best friend in two regards. First, almost every city and town have a Facebook group dedicated to people needing a place to rent or people offering a place to rent.
You’d be surprised how fast you can have a place booked when you utilize these groups (especially if you’ve followed the above step and got some snazzy videos of the property).
Second, before you buy a property you mean to rent out in a new area, search for a local of that area Facebook group.
This will give you a much better idea of the neighborhood and the type of headaches you’re in for. The local Facebook pages will talk about the tent city in the park.
It will talk about that group of teens that thinks it’s hilarious to steal everyone’s garbage bins. It will mention that one house that always has a dog off-leash that runs away.
These sorts of posts and conversations will help better prepare you for the things you and your tenants are going to have to deal with.
Check Out Property Management Companies
Social networks do cause a lot of mayhem, but they also provide some of the best feedback on pretty much everything there is to have feedback on.
When you’re looking for a property management company, you can visit their site and business review sites and read through the reviews other landlords and tenants have given the company.
Always begin by searching for property management teams in your area. This means, for instance, if you’re in Austin, you’re going to search for: Austin property management. Take some time to peruse the reviews on the companies that come up.
It is crucial when you’re reading reviews that you put on your objectivity hat. If a review is poetically glowing and raving, or if a review is bitterly enraged, you might want to look into some of the other things that these people have reviewed.
There’s a chance you’re simply seeing the internal monologue of someone who is always negative and miserable or someone who skips around like they’re a character in the happy part of a Disney movie.
Read each review carefully and critically. You can also ask property management teams to speak to some of their other clients.
Tips, Tricks, And Advice
One of the more wonderful parts of social media is how it connects us with people we otherwise would never have met or heard from.
There are real estate gurus sharing their experiences and advice for free online.
There’s no need to pay for an online course (most of them are scams that present their real money-making venture in the final lecture titled: start an online course).
The information you need is online for free. Yes, it might take a bit more time to gather all the different pieces you need from different sources, but there are literally thousands of people who have done what you’re now trying to do (grow a real estate business) who are vlogging, blogging, posting, and sharing their journey.
Pay special attention to the videos titled: Things I Wish I Knew Before Buying My First Rental Property. Other people’s mistakes are a fountain of knowledge.
Background Check Potential Tenants
If someone posts something publicly online, it means anyone else with an internet connection can look at it. Give a few of the more popular social networks a search for your potential tenant’s name and see what comes up.
This can help give you an idea of whether a person is a right fit for your property and their neighbors or not.
Bolstering The Reputation of Your Neighborhood
Does your neighborhood boast a low crime rate? Are there great schools in the area? Is it a hub of young students and working professionals with lots of cafes and social gathering places?
Social media platforms are a fantastic place to raise clout, and you can use this to your neighborhood’s advantage.
Sharing photos of your neighborhood and writing articles about the benefits of living there, the parks, the recreational activities, the museums, the cafes, the river, the schools, the quality of life, etc.
can help draw people’s attention to your area and might even help you keep your occupancy rate right where you want it.
Keep Up to Date on The Regulations
Landlords need to meet certain legal criteria. Their units need to meet specific standards, and their leases and other contracts need to be formatted a certain way. Laws regarding owning and renting out a property do change from time to time. Subscribing to local news and real estate news channels and platforms can help you stay on top of changes and react quickly and efficiently.
The above tips should make it clear that there are several ways to utilize social media networks and digital platforms to help grow your real estate business.
Of course, there are as many ways to use social media as there are people in this world; there are probably countless uses not mentioned above, so feel free to experiment.