Know Your Philadelphia Market: The Importance of Identifying Your Target Audience in Property Marketing

January 11, 2024 TCSMgmt

Know Your Philadelphia Market: The Importance of Identifying Your Target Audience in Property Marketing

Know Your Philadelphia Market: The Importance of Identifying Your Target Audience in Property Marketing - Article Banner

When it comes to marketing your Philadelphia rental property, one of the most essential things to consider is your target audience. Who is meant to see your listing? Obviously, you want to reach people who are interested in renting a property. In order to reach well-qualified residents who are a good match for your home, you need to understand the market. This should shape how you present your property to potential renters. 

Identifying your target audience must be at the forefront of your marketing strategy. By doing this, you’ll be able to tailor your marketing message to your audience, ultimately increasing your chances of success. You can’t reach that audience if you don’t have a keen understanding of the Philadelphia rental market. 

This is an excellent reason to work with a professional property manager. We are especially equipped to deliver effective marketing results because we do know the market. We spend a lot of time and invest a lot of resources in examining the latest analytics, following the property management insights we collect, and analyzing the data that we collect about current market trends, existing rental values, and the preferences and demands of the tenants who are currently looking for homes

Let’s explore the importance of identifying both your local market and the target audience within that market when you begin to list and advertise your rental property

Customized Rental Property Marketing for Philadelphia Homes

One of the main reasons it’s so important to identify your target audience is that you have a better chance of tailoring your marketing tactics to reach the right people. For instance, if your target audience is millennials, then you will need to use marketing channels that are popular among this age group such as social media platforms like Instagram or TikTok. By doing so, you will increase your chances of reaching your target audience and generating more leads.

But marketing to millennials doesn’t make sense if there’s not a large population of millennials in your market. You need to know the demographic makeup of your community, and you need to know who is going to be most interested in your specific property within that market. Are you renting out a single-family home with several bedrooms and a large, fenced backyard? You’ll likely be renting to a family with children or pets. Make sure you mention the yard and the fence in your listing. Show pictures. This is how you reach your target audience. 

Understanding Your Target Audience’s Needs and Problems 

Perhaps you want to target an audience of renters who are looking for a safer neighborhood than where they’re currently living, and they’re prioritizing security features. In that case, you’ll want your marketing to focus on the fact that your property is in a gated community or has a video doorbell. 

Maybe you want to capitalize on remote workers and people who work from home. Your marketing plan should include the smart home tech upgrades that you’ve made to your property. Show off your built-in bookcases or the extra bedroom or den that can be used as a home office. 

When you identify your target audience, you can develop tailored content that addresses your target audience’s specific needs and concerns. Maybe you’re renting a condo in a 55+ community, so your target audience is retirees looking for a low-maintenance home. You’ll want to speak to the fact that landscaping and snow removal is included in your rental. 

This type of targeted marketing can help you generate more leads and, ultimately, increase your bottom line.

Knowing Your Audience Increases Conversion Rates

Identifying your target audience enables you to fine-tune your marketing strategy and content to your audience’s specific needs. By doing so, you are more likely to generate leads that convert into customers. In fact, according to a study by Hubspot, targeted campaigns experience a 14.6% increase in conversion rates compared to non-targeted campaigns.

This attention to detail can also save time and money by focusing on the marketing channels that are most effective for your audience. For example, if your target audience is older, emails may be more effective than text messages or social media. By focusing on the marketing channels that work best for your target audience, you can avoid wasting resources on the marketing that isn’t likely to generate results.

It’s also important to know that identifying your target audience can help you stand out in a crowded Philadelphia rental market. By speaking directly to your target audience and addressing their specific needs and concerns, you are more likely to resonate with them, ultimately increasing your chances of attracting prospective tenants to showings and encouraging applications. 

Remain Mindful of Fair Housing

Marketing your PropertyWhile you want to identify your target audience, you want to remain inclusive in your marketing. You cannot specifically say, for example, that you’re looking for a tenant with children. Unless there are age restrictions in the community, you cannot say that your rental would be perfect for a retiree. 

Marketing language cannot discriminate against any of the protected classes. Get to know the fair housing laws and if you’re in doubt, run your listing by a Philadelphia property manager or an attorney who understands landlord and tenant law. 

Identifying your target audience is a crucial component of property marketing, and it can help you rent out your property faster and more effectively. By understanding who your target audience is and tailoring your messaging to their needs, you can increase your chances of generating leads and getting your property rented for the most money and to the best qualified tenant. Additionally, identifying your target audience can save you time and money, help you stand out in a crowded market, and ultimately increase your bottom line. 

Not sure you know the market well enough to identify who your ideal tenants are? We can help. Contact our team at TCS Management. 

TCS Management is a full-service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, Nashville, Tennessee and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.

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