This is the last blog post in our series where we share key findings from the 2011 “By Owner” Corporate Housing Report, an annual survey sponsored by CHBO to better understand the “by owner” rental marketplace. The latest report was released in January 2012 based on 2011 trends.
The key to annual rental revenue success is high occupancy, which can only be achieved with quick turnover between tenants and effectively lining up the new tenant before the previous one departs.
That’s where marketing plays a significant role.
Getting a property rented is about having the right property at the right price and being able to connect with the right tenant. There is never one, perfect place to find a renter, and as the economy and business trends change, where you find those tenants will also change.
Marketing is about creating the correct formula to connect with individuals and businesses on a local, national and international basis. (Tip: Before you even look at new places to market your property, it is essential to take the time to make sure your property listing is accurate and well-worded, and you have fabulous photos to make it easy to rent your property sight unseen.) Read This! How to write a property listing that gets READ!
The 2011 “By Owner” survey found that most marketing spend decreased between 2010 and 2011, which may be a result of tighter spending overall. The majority of reponsents (62.9%) say they spent less than $500 in 2011 to market their rental property.
However, we don’t believe spend tells a full picture of one’s marketing satisfaction. We asked our respondents how satisfied they were with their marketing efforts. Here’s what they said:
- 53.7% say they “need a few more tenants”
- 40.1% say their property is “always rented”
- 6.2% say “help, I can’t get it rented”
We believe there would be greater satisfaction levels if marketing efforts increased – a trend we’ll be watching in the years to come.You can see a full breakdown of these stats and more by downloading the full report at 2011 chbo report.