Tally up the amount it takes to own a rental property. Now, consider the cost of those units being empty.
Your expenses add up quickly. That's why you need a rental leasing strategy that fills vacancies quickly. Long-term tenants are even better.
Here are a few ways to rent out South New Jersey real estate quickly and retain great tenants.
Start Attracting Tenants With Better Marketing
If your rental properties are sitting on the market too long, you may have a marketing problem. Don't be afraid to start a new marketing campaign from scratch.
First, consider working with a property management company that handles everything from listing to tenant procurement. Processes like tenant screening aren't often seen as "marketing," but they are. You should also describe your ideal tenant in your real estate descriptions.
You also need a property manager with the following marketing experience:
- Social Media
- PPC (pay-per-click)
- Real estate photography
- Marketing automation
- Email marketing
- Copywriting
The more listings you can acquire from top real estate sites the better. For example, PMI Property Service uses software that posts your listing on top sites like Trulia, ensuring your vacancies are seen by as many people as possible.
Property managers optimize marketing strategies with targeted emails to interest leads, PPC ads on Google, and compelling photos.
Boost Curb Appeal For Your Investment Property
An important marketing strategy that shouldn't go unnoticed is curb appeal. This strategy is vital for capturing picture-perfect real estate images. Exterior issues like broken driveway pavement, dead trees, and crumbling paint can drive away potential leads.
These issues also speak to the importance of working with a property management company that has strong vendor relationships with local services.
Invest In Better Property Maintenance
The previous point of curb appeal brings up another important discussion on property maintenance. This part is often a deciding factor for lease renewals.
Many loyal tenants move out when their property maintenance requests are routinely ignored. Being unattentive to property repairs creates health and safety hazards. You should also inspect your properties for damages and outdated HVAC and plumbing systems before marketing to leads.
If communication is the problem, it's time to integrate a digital platform.
For example, PMI Property Service has user-friendly login portals for tenants and maintenance requests. Tenants can also view the status of their requests and easily get in touch with property managers.
Create a Rental Leasing Reward System
Are you rewarding your best tenants for being clean, respectful, quiet, and responsible?
Now is the time to seriously consider adding in free home upgrades with lease renewals. Gather feedback about what your tenants want. This is a great opportunity to gift long-term tenants with new microwaves, kitchen counters, and washers and dryers.
Start Fresh With New Leasing Strategies
Are you ready to take a new approach to rental leasing?
Work with a property manager who has marketing experience, invest in property maintenance, and reward your best tenants to generate more lease renewals.
PMI Property Service wants to help you fill vacancies (and keep them filled.) Browse our leasing services or contact us today to speak to us directly.
