Did you know that 35% of households live in rental properties? Further research shows that rental rates increased by 31% over the last 10 years.
Rental leasing seems to be increasingly active. Maintaining your property well will give you an upper hand in decreasing vacancies.
Lack of proper maintenance and timely repairs leads to deteriorating conditions in your house. Leasing out such a property could be an uphill task. Sadly, persistent vacancies go a long way in adversely affecting your mortgage payment plan.
Creative leasing strategies get you the attention of the many people looking for rental property. Are you a real estate investor in Denver, CO? These strategies will be useful to you in decreasing vacancies for your properties.
Keeping Tenants for Long-Term
Finding good tenants could be challenging, but when you finally have one, it's more helpful to keep them. A good tenant abides by your rules and regulations and pays rent on time.
Renewing a rental lease agreement for your tenants saves you from the stress of hiring a new one. Create an excellent move-in experience for your tenants to have long-term rental leases.
Offering incentives to tenants is another creative way to keep them on your property. Incentives such as parking benefits have the power to increase your renewal rates.
Further, you must clarify all the application fees one must pay to promote transparency. Avoid hiding any fees to prevent friction with your tenants during payment. Such situations could lead to them vacating your premises.
Deposit Reductions
A reduction in the security deposit will go a long way for a tenant looking for cheaper services. Special promotions such as offering paid utilities help to attract tenants.
Rewarding existing tenants by not adding rent from time to time will prevent them from vacating in search of better deals.
Young people looking for a rental lease could be scared away by high amounts of security deposits. Offering half of the security deposit in the first month is much more friendly to them.
According to these Baltimore City property managers, another essential thing to do is refund security deposits when the tenant is moving out. It will appear in your past tenants' reviews and ratings. That increases the chances of attracting new tenants.
Market Your Property
Create awareness of your property's availability through advertising. Mention the local treasures surrounding your property to increase its attractiveness.
Taking good pictures of the property is another way to attract customers. Take pictures in the landscape for a wider view and avoid blurry images.
Most people will judge your property by how well they look in the pictures. Be sure to pick pictures that highlight the property best.
Driving traffic to your listing will help you market your property. Strategically placing yard signs on streets that have heavy traffic could be effective.
Though not popular, newspaper ads could be effective for people who read the Sunday paper. Social media and friends' recommendations also help in leasing rentals.
Increase Rental Leasing Rates With Mavi Unlimited
One of the best investment decisions a homeowner can make is to hire a property manager.
A good property manager will put all the above strategies into practice.
Rental leasing can be a handful, from finding a tenant to screening them and following up on payments.
Are you a Denver, CO resident who needs property management services? Mavi Unlimited is the answer you've been looking for. Contact us now for professional and efficient services.