Rental Property Management Tips > Finding Your Demographic
In our last two posts, we focused on some best practices for rental property managers to uphold as well as how to find quality tenants. In this installment, we’ll discuss how you can find your niche demographic to tailor your marketing efforts and boost your business. As your first line of defense, ensure you carry a Delaware Property Management Insurance policy to curb your financial risk should something go awry.
Find your target audience.
Find out who the renters are in your area. Find out their age group, income, the jobs they keep, and more. Evaluate what type of neighborhood your rental property is in. Is it swanky? Quiet? Next to bars and restaurants? The local scenery plays a big role in who lives in your dwelling, so start your homework.
You can collect data about your previous renters and who they are based on your past records. Who rented from you in the past? What were they like? How old were they? Were they in school, young professionals, or established families? Putting these pieces together can help identify your niche.
Zero in on one area.
In a large city, such as New York, you can take that to an extreme. Real estate broker David Michonski, CIPS, of Coldwell Banker Hunt Kennedy in Manhattan, has salespeople who are the expert on a particular condo building—”knowing every seller in that building, knowing the color of the dog’s eyes, knowing the children’s names,” he says. “Every seller wants to know one thing: ‘What have you ever sold that’s like my property?’” says Realtor.
You don’t need to take it to the extreme, but it pays to get to know the people in your rental neighborhoods and establish yourself as a trusted property manager. Word of mouth goes a long way.
About IFS Insurance
At IFS Insurance, we specialize in protecting various types of property managers throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions include General Liability, Errors & Omissions, Tenant Discrimination Coverage, Property Coverage, and more. We are committed to excellence and a personalized approach to insurance. For more information about our products, we invite you to contact us today at (800) 598-0420.