Decrease Vacancy With Creative Leasing Strategies

Decrease Vacancy With Creative Leasing Strategies

As a new landlord, what's one of the biggest challenges you're facing? If finding tenants is a struggle, your vacancy rate will rise. You'll start losing money if you don't develop a rental leasing strategy.

The vacancy rate in the US is already over 6%. You're competing with hundreds of other landlords in Charleston, SC!

Read on for the tips you need to start finding tenants and boosting your occupancy rate. Improve your ROI with these strategies today.

Start Finding Tenants Online

To start finding tenants, develop a digital marketing strategy. Clean and stage your rental property before hiring a photographer. A professional can capture your property in the best light.

Share videos, photos, and virtual tours of the property to entice new renters. Use these images to update your online rental listing. Eye-catching imagery will help the property stand out.

Optimize the listing for search engine optimization (SEO). About 68% of all online experiences start with a search. When someone looks for Charleston rentals, your listing could appear.

Expand your reach online using omnichannel marketing strategies. These include:

  • Blog posts/articles
  • SEO
  • Social media marketing
  • Content marketing
  • Video marketing
  • Email marketing
  • Paid advertising

If your campaigns aren't attracting new tenants, work with a professional. Their real estate marketing services can help you generate more applicants.

Once you start receiving applications, invest in tenant screening and tenant placement services. A professional will ensure you choose reliable renters. You can avoid the headache of late rent payments or property damage.

Offer Great Experiences

Offer your tenants the best possible living experiences. Happy tenants are more likely to renew their leases.

Talk to your current renters about their needs. They may request:

  • Access to an online tenant portal
  • Energy-efficient appliances
  • Security measures
  • Better parking
  • Upgrades
  • Shared outdoor spaces
  • Open floor plans
  • Move-in ready units
  • Energy-efficient windows

Talking to your renters will help you choose the upgrades they want. For example, 90% of homebuyers prefer homes with energy-efficient features. Your renters likely want the same!

Increase Tenancy Agreement Renewals

Improve your occupancy rate by retaining the great tenants you already have. Encourage each tenant to renew when their tenancy agreement is about to end.

Try incentivizing renewals with:

  • Gift cards to local stores
  • A discount on rent
  • Free internet

Instead of increasing their rent rate, try to find a compromise. If renters stay, you won't have to worry about vacancies.

Hire a Property Manager

Streamline these tasks by hiring a property management company. They can help you work more efficiently.

Their marketing and tenant screening services will make finding tenants a breeze. Your property manager can also handle maintenance, inspections, evictions, and other stressful situations. With their help, you can succeed as a new landlord.

Apply These Rental Leasing Tips

A strong rental leasing strategy will save you time and money. Use these tips to start finding and retaining tenants. Otherwise, outsource!

Adams Properties powered by PMI uses state-of-the-art technology to offer clients high-quality services. We can maximize your owner profitability while taking the stress of property management off your shoulders.

Trust our 20 years of industry experience and award-winning services. Contact us today for help with your rental leasing strategy.