When the marketplace is tough, vacancies can be an uncomfortable reality. But as a property owner, you want to get the most from your investment. You'll need to be savvy with property marketing to elevate your space above the competition and keep it occupied.
Keep reading to learn the best tips to attract tenants in a tough market!
Target Your Ideal Tenants
Property marketing efforts should reflect the tone and style of the tenants you want to attract. For instance, if you're in a city, target young professionals with sleek graphics and modern amenities, like rooftop decks. Promote your walkability factor and nearby bike lanes.
If you're in an outdoorsy area, you'll need to appeal to people who like to hike, jog, or kayak. Brochures and social media posts that promote your proximity to state parks or Florida beaches will find an audience.
Update Your Property
When it comes to attracting tenants, how your property looks matters. If it's looking overgrown or rundown, potential tenants might question whether you will be prompt with maintenance requests. And they could question the condition of the individual units.
Mow grass and trim hedges regularly. And stay on top of cosmetic issues like peeling paint or aging roofs. These will be the first things future tenants notice.
Inside your property's units, update appliances and carpets to keep your space fresh. And with new kitchen countertops and fixtures, you'll put forth a competitive property.
Determine a Rental Pricing Strategy
Your rental pricing strategy should include researching comparable properties. Make sure your rates are not significantly higher or lower than those of the competition.
Offer incentives to lure good tenants. Consider bundling in a free covered parking spot if they sign a one-year lease. Or provide a free month of utilities or internet service.
You don't want to turn away potentially reliable tenants because they think you're beyond their budget. If anything, it's better to bend a little with your monthly price to secure a longer lease.
Make Tenant Screening Easier
A robust tenant search is critical to keeping your property occupied. You'll need to have open houses, offer tours, and use online resources to promote your space. You'll need to be equally attentive to tenant screening once someone decides to apply.
Prospective tenants might turn their attention elsewhere if you have a long and cumbersome application process. Yes, vetting someone's financial status and background is important. But you don't want the process to be longer than it should.
Keep applicants engaged by talking about your conveniences. Perhaps you use an online portal for maintenance requests and rent payments. These perks will help applicants see that efficiency matters to you.
Prioritize Better Property Marketing
Ultimately, property marketing needs to be focused and professional to attract reliable tenants. Offer competitive rental rates and incentives. And don't overlook the value of keeping your property updated.
At Northeast Florida Realty, Inc., we have over two decades of property management experience. You can trust us to help you maximize your return on investment. Contact us today to learn more!
