Around 63% of renters are considering alternatives to renewing their leases, which shows landlords must figure out new ways to keep tenants.
Brainstorming creative leasing strategies is key to protecting your profits and slashing your property's vacancy rates. But if you've never dealt with this before, you likely won't have a plan in place.
Sounds like your situation? Don't worry, you've come to the right place. Here are five creative rental leasing strategies to help you.
1. Effectively Market Your Property
Owners who want occupancy improvement in Springfield MO should effectively market their property. Make sure you create an eye-catching listing complete with professional photos, as well as a caption describing the property's best qualities. It's wise to work with a property management company because they know how to attract quality tenants quickly.
2. Screen Tenants
Another way to reduce rental vacancies is by choosing a tenant you want to keep.
Once you've attracted enough tenants, property management in Springfield MO will conduct a thorough background check, looking through past criminal convictions, credit scores, and rental histories, including previous evictions. Although you can't predict future actions, it gives you an idea of whether the tenant is trustworthy enough.
3. Offer Flexible Lease Terms
One of the top tenant retention tips is to offer flexible lease terms. You could, for example, offer month-to-month agreements or shorter six-month leases to attract a wider tenant pool. Many applicants may not want to commit to a full year, so this is a great way to slash the vacancy rate.
4. Prioritize Strong Tenant Relationships
Maintaining a good working relationship with your tenants is far easier than looking for new ones. Regularly check in with residents, and if they have any issues, correct them quickly. Not only does it show you care, but tenants are more likely to renew leases on properties they're comfortable with.
5. Offer Incentives
Out of all the effective leasing strategies out there, this is the most creative.
A common one is offering a reduced deposit instead of discounted rent. Many tenants worry about the upfront cost of moving and less about getting the full deposit months or, ideally, years later. However, a reduced security deposit accomplishes the same goal while the property owner still gets the first month of rent.
Another example is to add value to your property or services. If you don't have the budget to remodel the kitchen or upgrade appliances, offer tenants valuable services. This could include a regular cleaning service or landscaping as it makes your property a more attractive place to live.
Our Top Creative Rental Leasing Strategies
Now that you're familiar with creative rental leasing strategies, it's time to pick one for your investment. Marketing your property and offering flexible lease terms are two effective ways to keep your rental occupied and the money coming in.
At Hunter Property Management, we have years of experience working with real estate owners in Springfield, MO. Thanks to our expertise, we make sure tenants are happy with rentals, giving landlords peace of mind.
If you're interested, we'd love to hear from you. Contact us here to chat with a team member.
