Did you know more consumers are stepping away from rental properties? As a result, US vacancy rates have reached 6.4%. As your investment property sits vacant, you'll lose money.
Before that happens, consider using these rental leasing strategies. With these tips, you can ensure a successful tenancy and retain tenants. Boost your occupancy rate today!
Start Screening Tenants
To ensure a successful tenancy, focus on finding reliable tenants you want to retain. Develop a tenant screening process before selecting renters. When gathering reports, focus on:
- Criminal background checks
- Credit scores
- Rental histories
- Eviction histories
To save time screening multiple candidates, hire a property manager. They can help you find trustworthy renters.
They'll also adhere to the proper laws and regulations. Compliance will help you avoid fines.
Otherwise, you may select renters who pay late or damage your rental property. These tenants can become a source of landlord stress.
Develop a Property Marketing Strategy
Increase your occupancy rate by marketing your available listings. Develop a multi-channel digital marketing strategy. Online property marketing will help you reach more Merced, CA renters.
These strategies include social media marketing, paid advertising, and content marketing. To show off your properties, hire a professional real estate photographer. People spend 60% of their time checking images and only 20% reading descriptions.
Create virtual and video tours for social media. Listings with videos generate 403% more views than others.
Complete Routine Maintenance
Your current tenants won't want to renew their leases if the property is falling apart around them. Schedule routine inspections to confirm your property is in good shape. Allow tenants to submit maintenance requests online to avoid delays.
Using an online portal will help you review multiple requests simultaneously. You can remain organized and avoid neglecting tenants.
Try finding great contractors in Merced before you need their services. Gather multiple bids from local contractors to determine who offers the best prices.
Renew Lease Agreements
To improve vacancy rates, talk to your tenants 90 days before their lease expires. Outline the specifications of their new lease agreements.
Some renters may want to negotiate their new lease terms. For example, they may ask for property upgrades in exchange for higher rental rates.
Instead of rushing to increase their rent, find a way to compromise. Offer incentives, such as:
- A month of rent free
- A discount on storage space
- Gift cards to stores or restaurants
Outsource Rental Management
Instead of handling rental management alone, outsource. Hire a full-service property management company. Their services can help improve tenant satisfaction rates.
Keeping tenants happy can encourage lease renewals. They'll be more inclined to stay knowing they can trust you.
Improve Your Rental Leasing Strategy Today
A strong rental leasing strategy will boost your occupancy rate. Your earning potential and ROI will rise. Apply these strategies to ensure better, longer tenancies today!
Remember, you don't have to apply these tips alone. Our team at PMI Merced is part of a fast-growing franchise. We've been changing the property management industry for nearly 20 years.
Trust our award-winning strategies, state-of-the-art technology, and experienced team. Contact us today for a free rental analysis.
