Are your Fayetteville, NC real estate properties empty as you search for interested renters? You're not alone in the struggle to reduce your vacancy rate! The rental vacancy rate is rising across the nation.
A detailed rental leasing strategy can help you attract and keep Fayetteville renters. You can generate more income as you reach full occupancy.
Not sure where to start? Read on for the leasing strategies you need today!
Invest in Tenant Screening
You can save time and money by retaining great renters. Otherwise, you'll waste resources on marketing, cleaning, and background checks. To find renters worth retaining, develop a tenant screening strategy.
When evaluating applicants, consider:
- Criminal background checks
- Credit scores
- Eviction histories
- Rental histories
- References
- Employment verification
Confirm that all applicants can pay on time. A record number of Americans can't afford rent. Talk to the applicant's previous landlord to confirm they didn't upset neighbors or engage in criminal activity.
Evicting a tenant could cost you thousands in legal fees. Instead, allow a property management company to screen multiple applicants at once.
Provide Great Customer Service
Your current tenants won't want to renew their leases if they don't think you're a reliable landlord. From the moment tenants move in, provide great customer service.
Use an online tenant portal to make it easier for tenants to reach you. This will allow you to consolidate your messages. You can avoid stretching yourself thin between calls, texts, and emails.
Tenants can use the portal to automate rent payments, submit maintenance requests, and contact you. Make sure to respond promptly and professionally to show tenants you care.
If your lease renewal process is complicated and time-consuming, renters won't bother. Digitize this process to make life easier for yourself and your tenants.
Send tenants a 90-day notice before their lease ends. You'll have time to market available listings if tenants decide to leave.
Offer Flexible Terms
Offer new and existing tenants flexible leasing options. This includes:
- One-year
- Two-year
- Monthly
- Lease-to-own
- Short-term
Providing flexible options will help you appeal to a broader audience. Otherwise, Fayetteville renters will look for rentals that meet their needs.
Implement Incentives
Offer attractive incentives to encourage renters to apply or renew their leases. These can include:
- Security deposit reductions
- Move-in specials
- Cleaning services
- Gift cards
You can offer new tenants property upgrades, including new appliances, floors, or energy-efficient windows. Talk to your renters to determine what they want or need.
Hire a Property Management Company
Instead of applying these rental management tips alone, outsource. Partner with a full-service property management company. Their services will help you improve tenant satisfaction rates.
With their help, you can apply effective leasing strategies to find and retain tenants.
Simplify Your Rental Leasing Strategy
A strong rental leasing strategy can boost your occupancy rate. You won't have to worry about vacant units affecting your profitability. Apply these real estate leasing strategies today!
Unlock the secrets of effective property management with PMI All American. We're part of a nationwide franchise that's perfecting the industry.
Trust our state-of-the-art resources, 20 years of industry experience, and award-winning services. Contact us now for a free rental analysis.
