So you’ve bought a property in Spain. Well, this is a commendable and potentially profitable decision. This country attracts tourists all year round – here beach holidays are ideally combined with opportunities for spiritual enrichment, plus shopping, fashion, football, Ibiza clubs and the volcanoes of the Canary Islands. However, how do you get your potential tenants to know about your great offer and start earning a return on your investment? As with any type of business, you need a marketing plan. And in this article we will show you how to draw up a marketing plan for renting your home in Spain.
Research the Competitive Offers
So the first thing to do is look at what your competitors are doing. Just remember that it is necessary to compare objects from the same category. That is, if you bought an apartment in a quiet area of Barcelona, it would not be wise to compare it to a penthouse near the sea.
A competent analysis of the competition in your niche will allow you to get the first insights into your future real estate strategy. Analyze the property marketing channels your competitors are using.
- Do they have a website or just a Booking profile?
- Do they use social media?
- What is their monthly rental cost, are there any unique features?
- What additional services do they offer, what is their cost?
And so on. The more you learn about your competitors, the easier it will be for you to develop your unique offer, hit the target with the price and consistently attract tenants.
Analyze Your Audience
Now let’s talk about your tenants. The next question you need to answer is who is your target client? An analysis of your property can provide a direct answer to this question. The overall level of your property is a direct indicator of the total earnings of your target tenants.
For example, it is unlikely that students will be able to rent a house by the sea – most likely, they will rent a modest apartment, dividing its cost among several people, or they will rent a bed in a hostel.. Also, analyzing their interests and expectations from a vacation in Spain will be helpful in developing your marketing strategy.
For example, a large house can be a good choice for a large group of people looking to have fun and parties, while a modest apartment is more likely to be used by tourists as just a place to sleep. Once you understand the expectations of your tenants, you can give them what they need, thereby adding value to your offer and property.
Take Seasonality into Account
The peculiarities of holidays in Spain differ depending on the season. The period from mid-April to mid-October is considered a high season, as the temperature of the water and air is ideal for a beach holiday on the coast of the Mediterranean Sea and the Atlantic Ocean. The off-season offers to discover another Spain – the Spain of museums, excursions, traditional festivals, fashion and football.
Most likely, your home will be in demand all year round. However, keep in mind that seasonal prices are always slightly lower than high season prices. Do not forget about this moment when you draw up your financial plan. In the off-season, small discounts are common among landlords. Moreover, many tourists deliberately choose the low season to save some money.
Thus, your target audience can change from season to season. For example, if during the high season you can offer your accommodation to people with high income, then in the off-season, mid-level tourists can also be your target audience. And of course, this will have an impact on the marketing channels you use.
Create Some Content Around Your Property
Once you’ve identified your target audience, analyzed your competitors’ offerings, and mapped out a seasonally adjusted financial plan, it’s time to create some content about your property. There are many tricks that professional real estate agents use to attract the attention of potential buyers and tenants through advertising copy.
For example, there are words that automatically downgrade the value of your proposal, such as cosmetic, affordable, profitable, economical, and so on. And there are words that make your home even more attractive. For example, these are words, eco, luxury, sea villa, unique, smart. What’s more, these words work the same whether you use them on your website, Booking profile, or social media.
The choice of words is important. And if you feel like an investor and not like a writer, you may Pick the Writer on the Writing Judge custom writing service review and he/she will come up with an appealing advertising text for your property.
Develop Outreach Strategies
Now with a thorough audience analysis plus marketing content, you can meet your potential tenants where they expect to meet you. Of course, you need to choose the right meeting place, plus create separate real estate marketing strategies for each marketing channel you use. For instance,
- Millennials are more likely to search for the best deals using social media. Facebook and Instagram are your best bets to let them know about your offer.
- Young and thrifty students will monitor Booking and other marketplaces to compare all offers and choose the best match for price and quality.
- The luxury segment of users uses specialized sites like The Top Villas or My Premium Europe.
Have a Backup Plan
The recent coronavirus pandemic has had a strong impact on the real estate market, and an even greater impact on the tourism market. Spain has become one of the main epicenters of the disease. The prospects for the development of Spanish tourism are still unclear, plus the Spanish border remains closed to citizens of many other countries.
This indicates an even greater need for the most thorough analysis of the market and your target audience, as the pool of potential tenants has become much narrower than before.
Also, it would be prudent to have a backup plan. What will you do if the epidemiological situation worsens again? If you own a private home or villa, you may be able to rent it out to local people who seek maximum isolation and social distance.
It is not that hard to find potential tenants for your property in Spain or any other country. However, there is an even smarter approach to this issue. Start looking for tenants even before buying, research the market thoroughly, and then you can rent out your home almost immediately after purchase and begin to recoup your investment.