Imagine your stunning South Bend rental property sitting vacant all year. How much money would you lose? Unfortunately, this issue is becoming more common as the rental vacancy rate continues to rise.
Learning how to attract a new tenant and retain the ones you have can boost your occupancy rate. Not sure where to get started? Read on for the rental leasing strategies you need for success!
Invest in Maintenance
Don't delay completing maintenance projects. Instead, schedule routine inspections to confirm your properties are in good shape. Keeping up with maintenance will make your rental property more attractive.
If you're struggling to track requests, hire a property management company. They'll schedule routine inspections and maintenance projects. Look for a company that uses state-of-the-art technology, such as a tenant portal.
Renters can submit their requests from the portal, allowing you to remain organized. You can track projects to ensure they're completed in a timely manner.
The best property manager will vet local contractors and gather competitive bids. They'll help you choose reliable professionals at the best prices.
Update Your Marketing Strategy
Digital marketing can make finding a new tenant easy and stress-free. Use multiple digital marketing strategies, including:
- Video marketing
- Email marketing
- Content marketing
- Search engine optimization (SEO)
- Paid advertising
- Social media marketing
Appearing on multiple platforms will ensure your properties generate more online visibility. Use local SEO to attract relevant traffic to each property.
Consider a Flexible Leasing Agreement
Offer your new tenant a flexible leasing agreement. Allow them to choose between a:
- Monthly lease
- One-year lease
- Two-year lease
Remaining flexible can help you attract a larger pool of potential tenants. You'll gain a competitive advantage if other landlords are only offering one-year leasing options.
If you want to retain your existing tenants, don't rush to increase your rental rate. About 25% of renters are successfully negotiating lower prices. Remaining open to negotiations can boost your renewal rate.
Offer Discounts and Incentives
Vacant properties can leave you without a source of income. They'll also become expensive if you have to pay for HOA fees and taxes. It's better to offer a discount or cash incentive than to leave it vacant.
Consider offering a new tenant a complimentary first month of rent for free. You can also offer cash gifts or a gift card to a local restaurant. These same incentives could encourage renewals.
Hire a Property Management Company
Instead of developing your leasing strategy alone, outsource. Hire a property management company that can cover:
- Evictions
- Marketing
- Tenant screening
- Maintenance and inspections
- Rent collection
- Accounting and reporting
Their proven strategies will save you time and money. Leverage their expertise and landlord advice to maximize your owner profitability.
Strengthen Your Rental Leasing Strategy
Don't waste time developing your rental leasing strategy alone. Instead, hire a property management company. An experienced property manager can ensure your success.
PMI Michiana has 20 years of experience in the real estate management industry. We use state-of-the-art technology and award-winning strategies to maximize each landlord's earning potential.
Don't leave your rental properties vacant. Contact us today to update your leasing strategy.
