Tennessee now has a 6.7% rental vacancy rate (above the US average). Without a rental leasing strategy, your properties could sit vacant for months. You'll lose thousands of dollars if you don't find renters fast.
Read on for the tips you need to find and keep renters in your rental property. With these tips, you can improve your occupancy rate. Boost your ROI today!
Invest in Marketing
Before developing a rental property marketing strategy, inspect the property. Enhance the curb appeal to boost its leasing potential. You can:
- Add exterior lighting
- Paint the exterior
- Update the siding
- Hire landscapers
People develop first impressions in one-tenth of a second. A stunning exterior will impress potential renters.
Improve the property's interior with professional staging services. The property will look immaculate and lived in. Potential renters will start imagining their lives in that space.
After making these improvements, hire a professional real estate photographer. Gather photos and videos for your marketing strategy. Consider creating a virtual tour to ensure the listing stands out online.
Use a mix of strategies, including social media marketing and paid advertising. Digital marketing will increase the listing's online visibility. As more people see the property, you'll generate more applications.
Screen Applicants
Having a high vacancy rate could pressure you into filling vacancies as soon as possible. Don't. You could select renters who pay late, damage the property, or cause stress.
Instead, invest in tenant screening services. Comprehensive reports should include:
- Eviction histories
- Rental histories
- Employment verification
- Credit checks
- References
Choose a reliable renter who has a history of paying rent on time. You'll want to retain these renters long-term. Increasing lease renewals will improve your occupancy rate.
Communicate With Tenants
Renters will get frustrated if they can't reach you. They may decide to move out once their lease ends. Before that happens, streamline tenant communications.
Provide renters with access to an online portal. They can pay rent, request maintenance, and send messages.
Maintain Your Rental Property
Keep your property investment in the best shape by investing in routine inspections. You can pay for smaller repairs instead of major renovations. A beautiful, well-kept property is more likely to attract renters.
Offer Incentives and Upgrades
Attract new renters and retain your existing ones by upgrading the property. Improve the property value with:
- Smarthome technology
- New flooring
- New kitchen appliances
- Energy efficient windows
Encourage your existing renters to stay by offering incentives. You can offer a rent discount, gift card, or cash gift.
Hire a Property Manager
Improve your tenant's living experience by hiring a property manager. A full-service property management company will cover:
- Marketing
- Tenant screening
- Evictions
- Rent collection
- Maintenance and repairs
Their services can boost tenant satisfaction rates. You can retain tenants and generate positive reviews or referrals. This will attract new tenants, maximizing your rental income.
Develop a Rental Leasing Strategy
A strong rental leasing strategy can help you find and retain tenants. You can boost your occupancy rate and ROI. Become a successful landlord with these proven strategies.
Our team at PMI Eagles has 20 years of property management experience. We can maximize your profitability with award-winning strategies and state-of-the-art technology. Contact us today to develop your leasing strategy.
