There are almost 20 million rental properties across the U.S., according to reports from the Census Bureau and reported by Pew Research Center. As a landlord, rental leasing is one of your top priorities, as it reduces vacancies and keeps your rental income steady.
With so many rental properties to compete with, it's important to have creative leasing strategies ready to go. Additionally, a professional property manager can help with all aspects of managing your rentals, including leasing.
To reduce vacancy in Virginia Beach, follow this helpful guide.
Increase Curb Appeal
Did you know that 97% of members of the National Association of Realtors (NAR) find curb appeal to be a necessity? If you're looking to secure tenants, then be sure to have a clean exterior free from debris and unused items. This means you should:
- Mow the lawn
- Clean walkways and porches
- Add some exterior lights to keep walkways well-lit at night
- Landscape and add greenery
- Paint the front door for a fresh look
Additionally, power wash your rental property so it looks fresh and inviting.
Work With Professional Property Managers
These skilled and highly trained professionals know how to market your property appropriately, and are adept at handling all aspects of managing a rental. This includes:
- Advertising rentals
- Screening tenants
- Drafting effective rental agreements
- Collecting security deposits and rent
- Handling tenant disputes
- Managing repairs
- Inspecting rental properties
Property managers also use different media outlets to market your property, including social media and local newspapers and magazines to find tenants for your rental.
Since property managers are dedicated to overseeing the success of your rental, their involvement helps keep tenants satisfied. From there, you're more likely to have tenants renew their leases instead of looking for new renters.
Keep Rates Competitive
A property manager in Virginia Beach, VA can analyze current market trends to determine the best price for homes for rent. This means they'll check out competitive rentals to see what features they offer and what their prices are.
You can also keep rates competitive by offering special rates and discounts, working to keep your rental attractive to prospective tenants. If you have an online portal for tenants to pay rent, advertise this as a selling point for your rental property.
Consider Pet-Friendly Rentals
According to the American Veterinary Medical Association (AVMA), close to 60 million American households have dogs and just over 42 million have cats. If you're not offering pet-friendly rental accommodations, you're missing out on an important market.
You can work into your lease that tenants are responsible for paying for any damage incurred by pets. You can also restrict certain dog breeds. But by allowing pets, you're casting a wider net for tenants while also keeping competitive with other local landlords.
Follow These Rental Leasing Tips in Virginia Beach, VA
Rental leasing is one of the most important parts of being a landlord and ensuring your rental has plenty of curb appeal, has competitive rates, and allows certain pets is a great way of finding and keeping tenants.
PMI S. Hampton Roads has everything you need to make your rental property as attractive as possible. Whether you're an owner looking for the best property management around or a renter looking for their next dream home, we can help. Contact us today to learn more.
