A tenant who pays rent on time, keeps up with maintenance and cares about your rental property like it was their own. No, we're not describing a unicorn; the ideal tenant does exist. Once you find them, however, it's hard to let them go.
With a leasing management strategy, you can start retaining these ideal tenants. Reducing vacancy rates will ensure you have an ongoing source of income.
Use these leasing strategies to eliminate vacancies today!
1. Start Screening Tenants
Nine in 10 landlords use some form of tenant screening to learn about applicants. These reports include credit reports, criminal records, and eviction records. Screening tenants can ensure you find reliable tenants you want to keep long-term.
Screening potential renters can help you manage your time and limit vacancies. You can dedicate more attention to serious renters who will take care of your property.
Use these pre-screening points (which adhere to The Fair Housing Laws):
- When is your desired move-in date?
- How many people will occupy the home?
- Do you have any pets?
- Do you consent to a background check?
- Have you been evicted (and if so, why)?
- Do you consent to credit verification?
Once you find ideal renters, outline your housing rules. Finding renters who will adhere to your rules can help you avoid stressful situations in the future.
2. Communicate
Improve your landlord-tenant relationships by communicating with renters. Let them know you care about their needs and concerns. If they have questions or requests, don't make them wait for help.
Being a helpful, responsive landlord can increase renter satisfaction. Your tenants will want to stay, allowing you to avoid vacancies.
Keep tenants happy by responding to maintenance requests quickly. If you don't respond, renters could terminate the lease or take you to court.
When a tenant's lease is about to end, give them a 90-day notice. A 90-day notice will give the renter time to decide if they want to stay. It will also give you a chance to market the property.
3. Use Strategic Property Marketing
If tenants aren't interested in renewing their lease, use digital marketing strategies to reach new applicants. Property marketing strategies include:
- Search engine optimization
- Paid advertising
- Social media marketing
- Referral marketing
Take professional photos that highlight the property's key features. Write a compelling description that appeals to your target audience. Inform renters of nearby amenities (shops, schools, restaurants, etc.).
4. Hire a Property Manager
If you're struggling to reduce your vacancy rates, hire a property management company. An experienced property manager can help you develop a more effective strategy. They can handle each step of the process on your behalf.
Relying on professional services could save you time and money. You can use these tips to simplify your search.
Improve Your Leasing Management
Proper leasing management can help you fill units and avoid vacancies. Finding quality renters can help you avoid stressful situations. Start generating more income with these leasing strategies today!
Remember, hiring a property management company can simplify this process. PMI San Antonio has nearly 20 years of experience in the industry. Contact us to discover how we can start reducing your vacancy rates.
