America's housing vacancy rate reached 10.1% in the fourth quarter of 2023. If your investment properties are sitting vacant, it could affect your bottom line. Instead, invest in leasing management strategies to market your properties.
With a plan in place, you can lower costs, improve your occupancy rate, and boost your ROI. Read on for the tips you need to start filling vacancies!
Hire a Property Management Company
To save time and money, consider hiring a property management company. They can manage your lease portfolio using state-of-the-art technology and proven strategies.
Choose a long-established business and an experienced property management team. There are over 296,200 property management businesses in the country. Avoid newer businesses that lack efficient processes.
A full-service property management company can help with:
- Marketing
- Evictions
- Tenant screening
- Rent collection
- Inspections
- Maintenance
- Accounting and reporting
They can improve your bottom line by encouraging tenants to renew their leases. Generating more lease renewals will allow you to avoid long-term vacancies. You'll save money and valuable time if you keep great tenants you already trust.
Choose a company that offers tenant screening services. About 15% of American households (six million) are behind on rent. Tenant screening will ensure you choose reliable renters who will pay on time.
Confirm that the company offers legal assistance. Their expertise will help you mitigate risk and lower costs associated with fines.
Improve Tenant-Landlord Relations
Happy tenants are more likely to stay and renew their leases. Make an effort to improve your tenant-landlord relations. A longer real estate lifecycle will benefit your bottom line.
Give tenants an easy way to reach you. For example, you can provide them with access to an online tenant portal. Tenants can use the portal to request maintenance, ask questions, and pay rent.
Automate rent payments and late fees. You won't have to go door-to-door to collect payments.
Maintain Your Investment Properties
Invest in routine inspections and property maintenance. You're more likely to attract renters if you own beautiful investment properties.
Allow tenants to send maintenance requests online. Your property manager can streamline these requests. They'll hire trustworthy, experienced contractors at competitive prices to improve your bottom line.
Keeping up with maintenance projects can help you avoid more expensive repairs later. You can also avoid legal issues by offering renters a habitable place to stay.
Consider Your Real Estate Lifecycle
Use your online portal to send renters a 90-day notice when their lease is about to end. Give them a chance to consider their options or negotiate.
To retain renters, consider offering incentives, property upgrades, and flexible leasing options. Renters will stay if they recognize you care about their needs and living experiences.
Better Occupancy Rates With Leasing Management
Improving your occupancy rate can increase your earning potential and bottom line. Use these leasing management strategies to market and fill vacancies. Otherwise, outsource to an experienced property management company.
PMI Cuyahoga Valley RAL has offered the highest quality property management services for over 20 years. We use the latest technology and award-winning strategies to ensure owners maximize their profitability.
Need help with your lease portfolio? Contact us to request our leasing management services.
