Owning a Bethesda rental property can be a great investment - as long as you maintain a steady stream of tenants. A high vacancy rate can leave you with a financial burden. And you could even end up needing to sell.
That's where a creative rental leasing strategy can come to the rescue. Keep reading to learn what you need to do to attract tenants!
Remove Fees from the Process
For some types of tenants, application fees are an immediate turn-off. They might question why they need to pay $50 simply to submit their paperwork. As a result, they could see a fee as a money grab and turn their attention elsewhere.
You can increase your tenant pool by waiving application or pet fees. Yes, you may miss out on some instant money without the fees. But in the long run, you can help ensure your properties are full.
Creative promotions can help your property stand out from the crowd in Bethesda. For instance, you can minimize or eliminate security deposits. This can help encourage younger renters to consider your property.
As another option, offer paid utilities. Potential tenants will like the idea of having one less bill to worry about.
Or perhaps consider offering one month off from a rent payment for longtime tenants to show your appreciation. This can help encourage tenants to renew their leases.
Include these promotions on signage and brochures for your property. And, of course, include them in your digital listings and ads.
Provide Better Images
Photographs and videos are what sell properties in listings. This is particularly true for potential tenants living out of state since they rely on digital images.
When you make the effort to take better photos, you can highlight your property's strengths and make it feel more spacious. You can outsource this task to a professional photographer, too. They'll know how to crop compositions, factor in lighting, and stage attractive images.
Further, professional images show that you are a professional property manager. Paired with clear descriptions, good photos can entice potential tenants to move forward with an application.
Show Willingness to Be Flexible
Some potential tenants may skip your property if they see long lease terms. And if the process to end a lease early comes with fees and hassles, they'll be looking at other Bethesda properties.
As a property owner, it's to your advantage to be flexible with lease agreement terms. While you may want to set one year as your minimum, consider trying six-month lease terms. For individuals who are on short-term job assignments or are moving, these shorter terms can be helpful.
Find the Best Rental Leasing Strategy
A good rental leasing strategy can help you decrease your vacancies and boost your income. Waive fees and show some flexibility when it comes to lease terms. And invest effort in photos and videos to make your listings appeal to more potential tenants.
At PMI Capital Region, we bring over 20 years of experience in residential real estate. If you're looking for help with property management, we can work with you to streamline your processes. Contact us today!