How many of your beautiful investment properties are currently sitting vacant? On average, rental properties sit vacant for 32 days. Without the right rental leasing strategies, however, it could be longer.
Here are the best strategies for landlords who want to decrease their vacancy rates. With these leasing strategies, you can maximize your profits and reduce the stress of long-term vacancies. Attract new tenants today.
Enhance the Investment Property
You only have seven seconds to make a strong first impression. Within those seven seconds, renters will decide whether they like your investment property. Wowing potential tenants will encourage them to explore the property further.
Enhance your investment property by updating the curb appeal. Invest in landscaping services, exterior lighting, and a fresh coat of paint.
Renters will see a visually appealing property. You can lure them in to increase the chances of gaining new tenants.
Enhance the property's interior with upgrades that will increase the property value. These include:
- Fresh paint
- New appliances
- Smart home technology
- New floors
Make these upgrades before hiring a professional photographer. Have them capture stunning images of the property for your listing. Choose a photographer who can create a virtual or video tour.
Potential renters won't have to schedule an in-person tour. They can explore the listing from their phone or laptop. Providing this ease and convenience will help you focus your attention on people who are serious about the property.
Start Tenant Retention Early
Start your tenant retention efforts early in the leasing cycle. Nurture tenants the moment they move in. Provide them with multiple ways to reach out when they need help.
When their lease is about to end, provide a 90-day notice. An early notice will give you time to find new tenants if necessary.
Offer Competitive Rates
Work with an experienced property management company to create a market analysis. They can help you set competitive rental rates.
If you set the price too high, you'll scare away future renters. Setting a competitive price will help you entice tenants.
Consider offering incentives (like a month of free rent) to encourage more applicants. Screen tenants to find renters you want to keep long-term.
Improve Tenant Experiences
Offer your existing renters the best possible living experiences. Use state-of-the-art technology to streamline maintenance requests, rent collection, and more. Tenants will want to stay if they love having you as their landlord.
Negotiate the Leasing Terms
You can increase your tenant retention rate by remaining flexible. Remain willing to negotiate each tenant's lease terms.
Some tenants may ask for cheaper rent, while others may ask for a monthly or two-year lease agreement. Negotiate to find a compromise that works for all parties.
Get Help With These Rental Leasing Strategies
Applying the right rental leasing strategies can help boost your occupancy rate. Your ROI will rise, allowing you to thrive in a competitive market.
You don't have to apply these leasing strategies alone. Consider partnering with an experienced property management company.
PMI DFW Properties offers the highest quality of property management services using state-of-the-art technology. Leverage our 20 years of industry experience and expertise.
We can make property management more manageable! Contact us today for help with your leasing strategy.