The rental vacancy rate in the US is now over 6%. How many of your Blacksburg, VA rentals are empty? Without creative leasing strategies, they could remain vacant, costing you thousands in earnings each month.
Before that happens, apply these rental leasing solutions. With these tips, you can start finding tenants and maximizing occupancy rates. Reach your full earning potential today!
Improve the Property
Blacksburg renters won't give your rental property a second glance if it's falling apart. People develop a lasting impression within one-tenth of a second. That's how long you have to impress potential renters.
To make a strong first impression, improve the property inside and out. Improving the curb appeal will boost the property's perceived value. You can also add:
- New floors
- Fresh paint
- New siding
- Smart home technology
- Energy efficient windows
Consider hiring a professional staging company. This will help potential renters imagine their lives in the property.
Hire a professional real estate photographer to gather photo and video footage. You can use these images to improve your digital marketing strategy.
Start Finding Tenants Online
Use digital marketing to start finding tenants online. Effective property marketing strategies include:
- Content marketing
- Search engine optimization
- Paid advertising
- Social media marketing
- Email marketing
Engage your audience by appealing to their needs and interests. What are they looking for in local rentals? Consider your target audience to personalize your marketing materials.
For example, perhaps you want to reach families. Mention family-friendly events, attractions, and restaurants nearby.
Optimize your online listing to appear for more searches. Directing more people to your listing can lead to more applications.
Renew Rental Agreements
Retain the great renters you already have to improve your occupancy rate. You can generate more lease renewals by offering incentives. These include:
- Rent discounts
- Flexible leasing terms
- Gift cards to local restaurants
- Add-on utilities
Talk to your renters to determine their needs. Meeting and exceeding their expectations can boost satisfaction rates.
Make their lives easier by offering access to an online portal. Tenants can pay rent, submit maintenance requests, and review their lease online. This will save you and your tenants time.
Offer Flexible Leasing Terms
Appeal to a broader audience of renters by offering flexible leasing terms. For example, you can offer a monthly, one-year, or two-year option. Otherwise, remain willing to negotiate to meet each renter's distinct needs.
Hire a Property Management Company
Instead of applying these residential leasing tips alone, partner with a property management company. A full-service company can handle maintenance, marketing, and tenant screening on your behalf. Relying on their services will save you time and money.
Leverage These Rental Leasing Strategies
These rental leasing strategies can reduce vacancies and maximize your profitability. Remember, you don't have to apply these strategies alone. If you need help finding tenants, outsource.
Our team at PMI Commonwealth is recognized among multiple industries for our strong track record of success. We even have the prestigious awards to prove it.
The experience and trust we've gained worldwide are reflected in our award-winning services. Contact us now for a free rental analysis to maximize your earning potential.
