The rental vacancy rate in Tennessee has reached 6.7% (making it higher than the national average). Without a strong rental leasing strategy, your property rental could sit vacant for months. As it sits vacant, you'll continue losing profits.
Instead, use these rental management tips to enhance your leasing strategy. With these tips, you can attract new renters and retain the ones you have!
Improve the Curb Appeal
You only have seven seconds to make a strong first impression. Make them count by captivating renters with your stunning property.
Improve the property's curb appeal by investing in:
- A fresh coat of paint
- Exterior lighting
- Landscaping
Keep the property well-maintained to lure renters in. You'll increase your chances of a successful lease.
Research other property rentals in the area. What amenities and unique features do they offer that your property doesn't? Consider making upgrades to enhance the value of your property.
Offer Competitive Rates
While researching other Nashville rental properties, note their rental rates. Consider offering competitive rates as part of your leasing strategy.
Remain flexible about your property rental leasing options. Before renters sign a tenancy agreement, talk to them. Would they prefer a monthly, one-year, or two-year agreement?
Keeping these options available will increase your tenant pool. If renters decide to sign on for a two-year lease, your retention rate will improve.
Leverage Online Advertising
Attract new tenants by investing in online advertising. Use Facebook and Google Ads to create local, targeted campaigns.
Add stunning photos of the property to encourage traffic. Write a strong call to action urging people to contact you for a tour.
Strengthen Tenant Relations
Retain your current renters by investing time in landlord-tenant relations. Use an online tenant portal to communicate with your renters. Let them know you're available to offer help.
Keep up with maintenance. Neglecting routine maintenance will show renters you don't care about their living conditions and needs.
When a tenancy agreement is about to lapse, contact your renter. Ask if they're willing to renew their lease. Remain willing to negotiate to retain great renters.
Offer Discounts and Incentives
Offer new and current tenants a discount or incentive. For example, you can offer one month off rent.
For existing tenants, consider offering property upgrades or free cleaning services. Talk to your renters to determine what they need.
Hire a Property Manager
If you're struggling to improve your rental management strategy, ask for help! Hire an experienced property manager. Their proven techniques can save you time and money.
Choose a full-service property management company. Their range of services will help you operate more efficiently.
Use Effective Rental Leasing Strategies
Creating an effective rental leasing strategy will boost your ROI. Use these tips to get started.
Otherwise, hire an experienced property manager. They'll help you find and retain tenants long-term.
PMI Music City has 20 years of experience ensuring property owners maximize their earning potential. We can handle everything from your leasing strategy to marketing.
Leverage our years of experience and state-of-the-art technology. Contact us today to enhance your rental management strategy.
