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VOLUME VI5 Ways Realtors Can Secure Lease ListingsBy Nikki Davidson It's a fast-paced rental market, and many Realtors are hunting for the best new lease listings in their area. Finding them before it's too late won't be an easy task.
The National Association of REALTORS (NAR) reports this fierce field has grown larger and more competitive. Florida Realtors had a 6.21% increase between May 2021 to May 2022, and Texas Realtors weren’t far behind with a 6.04% increase. With more options for landlords and tenants, Realtors will have to think outside the box to land a quality lease listing this year.
Here are five ways to generate leads that often fly under the radar.
1. Pick the Right Social Media Strategy Realtors understand that a digital presence is beneficial for expanding their potential client database, but simply building a website isn't enough to help them stand out anymore. Realtors must focus on the best way to directly reach prospective tenants. How? Social media marketing.
According to data from the Pew Research Center, demographics will vary on popular social media platforms like Snapchat and TikTok versus YouTube, the latter of which has anywhere from 49% of seniors (ages 65 and up) to 82–95% of users between the ages of 18-64. The 18-29 crowd is a huge fan of Snapchat (65%), along with Instagram (71%) and TikTok (48%).
Facebook, on the other hand, has at least 50% of seniors and 70-78% of users between the ages of 18-64. The latter option may be the safest bet for marketing toward a more inclusive rental clientele.
Realtors can grab their attention by producing content that answers common rental questions about available properties. Marketing and sales platform HubSpot reports that 85% of marketers ranked short-form videos as the most effective type of social media content in 2022.
A video with basic pointers and a call to action to get more in-depth tips could send the perfect client right into a Realtor's inbox before the rental listing even goes public.
2. Prospect Relocation Renters and Property Owners According to a relocation survey conducted by moving service Allied Van Lines, 11% of people move due to a transfer within an existing company. Another 7% move to relocate their business or because their job moved to a new facility.
Realtors should keep track of employers in the market who frequently facilitate employee transfers. Forming a connection with Human Resources specialists at these companies could supply a Realtor with a steady stream of leads who will soon need some place to live or are soon moving out of a coveted rental. It might even lead them to clients who own a home and want help renting it out for t he first time.
Active-duty military families are often ideal relocation clients as they are typically transferred to new positions every two to three years. According to the Military Family Lifestyle 2021 Survey conducted by Blue Star Families, nearly half of all active-duty military families experienced a Permanent Change of Station move within the past year. Some of these families don't wish to sell their homes but need someone local to help show the property to interested tenants while they live in another place.
3. Stay in the Farming Area One method to get more lease listings is to become the go-to Realtor in a specific farming zone. An effective farming strategy entails selecting one particular neighborhood and concentrating specifically within that area to get consistent business.
A prosperous farming tactic starts with picking the right location. If a Realtor wants to focus on acquiring lease listings, it’s essential to work within an area with a large amount of rental housing and high turnover. Realtors can also pick a more specific niche to farm in larger cities, such as employees or students who attend a nearby university who may want to live in a location close to campus.
Realtors should become well-connected and engaged with that community. They might attend local events to get to know the area stakeholders. They could also join neighborhood social media groups, as newcomers will often seek rental recommendations, which gives the Realtor the chance to quickly connect a potential tenant to a landlord with an available unit.
4. Do a Postcard Mailing to a Multi-Unit or University Forty-one percent of Americans look forward to checking their mailboxes, according to a Gallup poll. People are most excited to receive a letter or card from someone they know. On the other hand, sentiments are mostly negative when it comes to receiving bills and letters from businesses, especially advertising fliers. Those are at risk of ending up in a junk mail pile.
So should Realtors take a less ecofriendly marketing tactic anyway? There are upsides. Postcard mailings are a simple way to reach a broad group of people in a specific area, some of which may be thinking about renting their own units or moving to another rental but don’t know who to contact. Also, postcards are cheaper and less labor-intensive than a handwritten letter. Additionally, they’re less intrusive than door knocking while still getting a Realtor’s name out to a wider clientele base.
5. Follow Up On Expired and Withdrawn Home Sale Listings Sometimes properties listed for sale on Multiple Listing Service don't sell before their expiration date. These cases can become an excellent opportunity for Realtors to find a new rental lead. The U.S. Department of Housing and Urban Development reports that the inventory of existing homes for sale reached a record low at the start of 2022.
Viable properties typically don't stay on the market for long. If a property hasn't sold yet, it may be because the person who owns it is attempting a For Sale By Owner and doesn’t realize it may be more suitable as a rental.
Realtors may convince property owners to consider classifying it as a rental if they offer perks like discounted listing services. That initial cut could end up paying off if there's potential for the property owner to become a long-term client, or they can provide a glowing review.
These five methods can also grow a Realtor's client database, which provides many benefits beyond rental listings. According to NAR's data, 68% of home sellers found their agents through referrals by friends and family, meaning a Realtor's hard work with renters could translate into future home sales earnings.