The rental vacancy rate in America is over 6%. If your rentals are vacant while competitors are attracting tenants, reevaluate your strategy. Otherwise, you'll lose potential revenue.
Instead, use these rental leasing tips to attract and retain great tenants. Applying these creative leasing strategies can improve your occupancy and ROI. Make a change for the better today.
Invest in Tenant Screening
Don't select renters without thoroughly screening your applicants. Otherwise, you may choose troublesome tenants. They may fail to pay rent on time, damage your property, or cause neighbor complaints.
Though 90% of landlords rely on tenant screening reports to select renters, these reports aren't always up-to-date. Instead of using a do-it-yourself platform, hire a property management company. Outsourcing this process will ensure you gather more accurate information, including:
- Criminal background checks
- Credit scores
- References
- Credit scores
- Employment verification
- Eviction histories
Some landlords only consider whether renters can pay rent on time. However, choosing a troublesome renter can add to your workload. It could also lead to unexpected expenses.
Develop a Property Marketing Strategy
Avoid long-term vacancies by developing ongoing property marketing campaigns. Use a mix of strategies to maximize your reach. Effective property marketing strategies include:
- Search engine optimization
- Paid advertising
- Email marketing
- Content and video marketing
- Social media marketing
The best property manager will optimize your property listings to generate more interest in your rentals. They can upgrade the property, use staging services, and create virtual tours.
Offer an Incentive
Develop a strategy to encourage existing tenants to renew their leases. This can improve your occupancy rate. You'll also save money on tenant screening and marketing.
Consider offering incentives to encourage renters to renew. For example:
- Leasing concessions
- Discounted rental rates
- Early payment discounts
- Property upgrades
- Cash incentives
Start fostering connections with renters the moment they move in. Use an online portal to keep communicating. Open communication will show renters that you are prioritizing their needs.
If you struggle to keep up with inquiries, hire a property manager. They can engage renters on your behalf. This can lead to higher satisfaction rates and more renewals.
Keep Up With Maintenance
Don't let your beautiful Jacksonville investment property fall apart. Instead, schedule regular inspections and complete maintenance. Spot minor issues and make the necessary repairs before costs increase.
Allow tenants to send their requests using an online portal. You can track maintenance and confirm projects are done without delay. This can improve tenant satisfaction rates.
Hire a Property Management Company
Partnering with a property management company can help you find and retain great renters. They can remain available to tenants when you can't.
Choose a full-service property management company. Their range of services will help you operate more efficiently. You can discover new ways to maximize your ROI.
Build Your Rental Leasing Strategy Today
A detailed rental leasing strategy will boost your occupancy rate and returns. Use these effective strategies to find and retain renters. Remember, you can always ask for help.
Our team at Roundtable Property Management can meet your needs as a landlord. We'll tailor our services to offer the highest level of care.
Rely on our deep industry knowledge, ongoing education, and proven strategies. Contact us today for a free rental analysis!
