California was ranked dead last on a list grading states in the US with the most vacant housing. If some of your investment properties are sitting vacant, you could struggle to find available renters. A long-term vacancy could drain money from your accounts.
Instead, use these rental leasing tips to attract more tenants to your rental properties. With these tips, you can maximize your earning potential as a real estate investor. Draw more people to your property listing and boost your occupancy rate today!
Update Your Property Marketing
The first step 47% of people take when looking for available properties is to check online. Update your property marketing strategy to appear in front of these prospective renters. Start by refreshing your property listing.
An eye-catching listing should include:
- High-quality images
- An intriguing title
- A detailed description
- Amenities
- Utility information
Consider hiring a professional photographer or property management company. Professional services can help your property listing stand out.
Create an omnichannel marketing strategy that includes paid ads, social media marketing, and search engine optimization (SEO). Using multiple strategies can help attract more tenants to your listing.
Allow Flexible Leasing Options
Stand out from other properties in California by offering flexible leasing terms. Offering multiple options can help you attract more applicants.
Instead of limiting yourself to annual leases, write a lease for a:
- Monthly rental basis
- Three-month term
- Six-month term
- Two-year term
Each option will help you attract different tenants with different needs. Once you start attracting applicants, develop a screening strategy. Tenant screening will ensure you find renters you can trust with your investment properties.
Offer Discounts to Attract More Tenants
Use discounts and incentives to attract more tenants. Offer discounts for new renters and renters who are renewing their leases.
For example, maybe you offer new tenants a discount off their first month of rent. Offer the same discount if existing tenants decide to stay for another year.
Gather feedback from your existing renters. Determine what incentives or offers will encourage them to stay for another year. For example, they may request updates to the property.
Hire a Property Management Company
Consider hiring an experienced property management company. They'll know of effective strategies you can use to attract new tenants. Use their leasing management strategies to retain the great renters you already have.
Their services will allow you to offer renters better living experiences. For example, a full-service property management company can handle maintenance requests. Your renters will know they can rely on you when they need help.
Discover Creative Rental Leasing Options
These creative rental leasing options will help you attract more tenants this year. With these tips, you can increase or even maximize your occupancy rate. Remember, you don't have to apply these strategies alone.
Instead, consider hiring an experienced property management company. Look no further than PMI Central Valley. Our property managers have nearly 20 years of experience helping real estate investors succeed.
We can help you maximize your occupancy rate and earning potential. Contact us today to discover creative strategies you can use to attract more renters.
