How many of your units are currently unoccupied? Without a rental leasing strategy, they'll remain unoccupied while stealing money from your accounts. Before that happens, start using these strategies for property managers.
With these tips, you can reduce your vacancy rate, generate more revenue, and keep valuable tenants. Attract and keep tenants in your Tulsa rental properties today.
Improve Your Relationship With Tenants
Tenants won't want to stay in your Tulsa rental properties if you don't understand their needs. Take the time to get to know your tenants. A strong relationship with tenants can help you make improvements based on their priorities.
Otherwise, rentals will turn to other properties in Tulsa that meet their needs and expectations. Ask your renters what's missing from their rental experience. For example, they may ask for:
- Parking
- Security measures
- Open floor plans
- Shared outdoor spaces
- Upgrades
- Move-in ready units
- An easy-to-use tenant portal
- Energy-saving appliances
Even one of these upgrades could encourage renters to stay. In fact, nine in 10 homebuyers prefer homes with energy-efficient features. You can market the lower energy costs (compared to cheaper units) to attract new renters and keep existing ones.
Use Digital Marketing
Reduce your vacancy rate by marketing your beautiful properties. Before using the rest of these tips, clean and stage each unit. Hire a professional photographer who can capture the property in the best light.
Their photos, videos, or virtual tours can help you draw in new renters. Help more people find your listings with search engine optimization (SEO). SEO will help your listings reach the top of search pages.
You can also use paid advertising or social media marketing. Share high-quality images of your properties to stand out online.
Incentivize Lease Renewal
Incentivize your existing tenants to stay another year. Do you currently offer new renters a month off when they move in? Offer the same to your existing tenants if they agree to a lease renewal.
Otherwise, offer:
- Vouchers/gift cards to local restaurants
- Free internet
- A discount on rent
Remember to talk to your renters! Leverage your relationship with tenants to meet their needs and expectations.
Don't rush to increase a current tenant's rent. Over the past few years, it's been more expensive than ever to rent (even though 35% of households in the US rent properties). Not Increasing the rent could encourage renters to stay.
Hire a Property Manager
Increase tenant satisfaction rates by hiring a property manager. The best property manager will keep your tenants happy. They'll respond to tenant needs in a timely manner (so you don't have to).
If you struggle to respond quickly to tenant inquiries, they could get frustrated. They won't show interest in a lease renewal if they don't think you're a great landlord. A full-service property management company can help you run efficiently and effectively.
Establish Your Rental Leasing Strategy
Don't miss this opportunity to lower your vacancy rate. Instead, establish your rental leasing strategy using these tips. Applying these strategies will help you fill your properties!
Remember, you don't have to apply these tips alone. PMI Green Country has nearly 20 years of industry experience helping landlords like you. Contact us today to discuss your leasing strategy.
