Compared to the national rental vacancy rate of 6.4%, Georgia's vacancy rate is 7.8%. If your rental property is sitting vacant, you're losing income. Instead, develop a leasing strategy to find and retain tenants.
Here are a few effective rental leasing tips you can use to fill your empty properties. Maximize your earning potential with these tips today.
Invest in Property Maintenance
An outdated, crumbling property isn't likely to attract renters. Invest in ongoing inspections and routine repairs. A well-maintained property is more likely to attract interested tenants.
Clean and stage the rental property before hiring a photographer. Let a professional capture stunning images of the exterior and interior. You can use these images to strengthen your marketing strategy.
Keep investing in maintenance after renters move in. Complete projects as quickly as possible.
Neglecting to schedule maintenance can upset your renters. When it's time to consider renewing their rental agreement, they may decide to leave. Instead, show renters that you can offer an amazing living experience.
Nurture Relationships
Start nurturing a strong tenant-landlord relationship the moment a new tenant signs their rental agreement. Show tenants that you care about their needs.
Use an online tenant portal to easily communicate with renters. Tenants can use the portal to send maintenance requests and automate rent payments.
When it's time for renters to consider renewing their lease, send them a 90-day notice. Remain willing to negotiate. About 25% of renters are successfully negotiating lower prices when it's time to renew.
Use Digital Marketing
Attract new tenants to your rental property with an omnichannel digital marketing strategy. A comprehensive strategy will allow you to appear on multiple channels. These strategies can include:
- Paid advertising
- Search engine optimization
- Content marketing
- Video marketing
- Email marketing
- Social media marketing
Share stunning images and videos of the property to attract interested renters. Add a compelling call to action to each post to encourage them to schedule a tour.
Enhance your online listing with a thorough description of the property. Target location-specific keywords to appear for relevant searches.
Incentivize Renewals
Incentive your existing tenants to renew their leases with:
- Better parking
- Open floor plans
- Energy-saving appliances
- Security
- Smarthome technology
- Gift cards
- A free month of rent
Talk to your tenants to determine what they want and need. For example, some may ask for a more flexible leasing option. Consider offering monthly or two-month lease agreements.
Hire a Property Manager
If you need help developing your leasing strategy, hire a property management company. Leverage their expertise to reduce vacancies.
A full-service property management company will help you improve tenant relations. Offering better living experiences will encourage more renters to renew.
Develop Your Rental Leasing Strategy
A strong rental leasing strategy can help reduce vacancies. Instead, you can maximize your occupancy rate and earning potential. Use these effective strategies to reduce vacancies today!
Remember, you don't have to apply these tips alone. PMI Cobb can maximize your owner profitability with our award-winning strategies. Rely on our 20 years of industry experience and state-of-the-art resources.
Ready to attract and retain renters? Contact us today to enhance your leasing strategy!
