You shouldn't have any trouble renting out your investment property. After all, the demand for single-family rentals has grown by 30% over the last three years. Unfortunately, the rental vacancy rate has also grown.
Use these creative rental leasing strategies to attract and retain renters. With these tips, you can increase your occupancy rate to generate passive income. Remain competitive in today's real estate market today!
Talk to Your Tenants
Your current renters may decide to move out if you're not meeting their needs. Remain available to answer questions. Consolidate communications using an online tenant portal.
Tenants can submit maintenance requests, rent payments, and messages using this software. You can automate responses and track maintenance tasks. Automate rent payments to save time.
Complete maintenance projects as soon as possible. Otherwise, tenants may decide to move out early or take legal action.
If the property deteriorates, you may struggle to attract future renters. Instead, schedule routine inspections. Regular maintenance can help you avoid more expensive repairs later.
Maintaining the property will show renters you care about their living experiences. Happy renters may renew their leases. Your occupancy rate and earning potential will increase.
Try to go above and beyond. Ask renters what they want in a rental property. They may request:
- Open floor plans
- Energy-efficient windows
- Smarthome technology
- Security measures
- Upgrades
- New kitchen appliances
- More parking spaces
Choose upgrades that will enhance the property's value. Offering upgrades could encourage more renters to renew their leases. You'll gain a competitive advantage in the Cleveland, GA real estate market.
Market the Rental Property
Include digital marketing in your leasing strategy. Digital marketing will ensure your listing appears in front of local renters. If people can't find the listing, the property will remain vacant.
Develop a comprehensive strategy that includes:
- Optimizing the listing
- Professional photography
- Virtual or video tours
- Social media marketing
- Email marketing
- Search engine optimization
- Paid advertising
Nearly 90% of real estate agents use Facebook to market listings. You can, too! Share engaging video tours to show off your rental property.
Incentive Renewals
Improve your occupancy rate by encouraging renewals. Offer incentives like:
- Upgrades
- Rent discounts
- Gift cards
Don't forget to talk to your tenants. Provide them with a 90 notice when their lease is about to end. If they decide to move out, you'll have ample time to market the listing.
Hire a Property Management Company
Ensure your success by partnering with a property management company. Their services can save you time and money.
Leverage their expertise to market listings, screen tenants, and set competitive rates. With their help, you can generate passive income without experiencing landlord stress.
Establish Your Rental Leasing Strategy
A strong rental leasing strategy can improve your occupancy rate and ROI. Use these tips to attract and retain renters. Otherwise, outsource to a Cleveland property management company.
Look no further for help with your rental properties! Our team at PMI Mountain Gateway has 20 years of industry experience.
We'll use proven strategies and state-of-the-art technology to maximize your earning potential. Contact us today to plan your leasing strategy!
