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The rental vacancy rate in the Reno-Sparks area is almost 9%. If your vacancy rate has increased, you could lose thousands of dollars a month for one unit. Before that happens, develop a leasing management strategy.
Use these effective rental leasing techniques to maximize your occupancy rate. With these landlord tips, you can improve your ROI in no time!
Enhance the Property
You won't attract new renters to your properties if they're crumbling. Invest in routine inspections and property maintenance. Maintaining the property can help you avoid more costly repairs later.
Choose property upgrades that make the rental more attractive. For example:
- Open floor plans
- Energy-saving appliances
- Energy-efficient windows
- Outdoor spaces
- Smarthome technology
- Security measures
- Fresh coats of paint
- New flooring
Mention these new features and amenities in your online rental listings. You'll appear for more searches and gain a competitive advantage.
Consider talking to your current renters. Ask what upgrades they would like to see. Meeting their needs and exceeding their expectations can improve your retention rate.
Invest in Digital Marketing
After enhancing the property, hire a real estate photographer. The images and video footage they gather can strengthen your digital marketing strategy.
Develop an omnichannel digital marketing strategy that includes:
- Content creation
- Referral marketing
- Search engine optimization
- Paid advertising
- Email marketing
- Social media marketing
End each piece of content with a call to action encouraging people to schedule a tour. Use location-specific keywords to appeal to Reno renters.
If you need help developing a digital marketing strategy, partner with a property management company. Their proven tactics can save you time and money.
Encourage Renewals
Give your existing renter a 90-day notice when their lease is about to end. Effective leasing management can encourage more renewals.
Consider offering renters incentives if they decide to stay. For example, a gift card at a local restaurant or discount on next month's rent.
Some of your renters may want to negotiate for a lower rental rate. Rushing to increase the rate could scare off current and new renters. Complete a rental valuation and set competitive rates.
Remain flexible. For example, you can offer a different leasing duration (such as a monthly option).
Hire a Property Management Company
Consider outsourcing this process to an experienced property management company. Their leasing service could save you time and money. Their effective strategies can boost your occupancy rate.
Talk to each company about how they improved a client's occupancy rate in the past. What strategies did they use to market vacant listings? Consider how they retain renters and compare each company's retention rate.
Develop Your Rental Leasing Strategy
A thorough rental leasing strategy can boost your occupancy rate and with it, your profitability. Use these effective leasing management tips to get started. Otherwise, outsource to an experienced property manager!
Our team at Dickson Realty can unlock your property's potential. Our family-driven business has over 20 years of experience serving the community. We use a transparent approach while eliminating the constant run around.
Discover how we can maximize your earning potential. Contact us today to request our leasing service.
