The rental vacancy rate in North Carolina is over 6% (close to the national average of 6.1%). As your vacancy rates increase, you'll lose thousands of dollars a month. Before that happens, apply these leasing strategies.
With these tips, you can fill your Greenville real estate investment properties with reliable tenants. As your occupancy rate increases, your ROI will, too! Ensure your success in today's real estate market.
Enhance the Rental Property
Make your rental properties more enticing to future renters. You only have one-tenth of a second to make a lasting impression. Enhance the property's curb appeal with:
- A well-kept lawn
- Colorful flowers
- A fresh coat of paint
- New siding
- Energy-efficient windows
Once you impress potential renters with the property's exterior, upgrade the interior. Choose upgrades that will enhance the property value.
Research nearby Greenville real estate listings. What do those rental properties offer that yours lack? Try to go above and beyond the competition to give yourself an advantage.
Consider:
- Open floor plans
- New kitchen appliances
- Smarthome technology
- Outdoor spaces
- Security measures
- New floors
Once you complete these upgrades, hire a real estate photographer. Stunning photos and virtual tours will help the listing stand out online.
Invest in Digital Marketing
Ensure people can find your real estate listings by leveraging digital marketing. Create an omnichannel property marketing strategy to generate more online visibility. For example:
- Paid advertising
- Social media marketing
- Search engine optimization
- Email marketing
- Referral marketing
Consider hiring a property management company. Their proven strategies will save you time and money.
Offer Renewal Incentives
Improve your occupancy rate by asking your existing renters to stay. Determine what they need to consider renewing their lease. They may request:
- Property upgrades
- Different leasing options
- Monetary incentives
You can incentivize them with gift cards to local shops or restaurants. Consider leasing options like a monthly or two-month lease cycle.
When a tenant's lease is about to end, send a 90-day notice. Allow them to review their options or negotiate their renewal.
Ask your existing renters to help you find new tenants. Develop a tenant referral program. Reward your tenants for each referral with a gift card or other incentive.
Hire a Rental Property Management Company
You don't have to apply these leasing strategies alone. Consider working with an experienced property management company. Leverage their proven strategies to attract new tenants and retain existing ones.
Choose a full-service property management company. Their services may include:
- Maintenance and repairs
- Evictions
- Tenant screening
- Marketing
Their services could improve tenant satisfaction rates. Keeping tenants happy can lead to more lease renewals.
Develop Your Rental Leasing Strategy Today
A strong rental leasing strategy can help boost your occupancy rate and earning potential. Use these investment strategies to attract and retain renters. Otherwise, consider outsourcing to an experienced property management company.
Our team at Flagship Realty Group offers a seamless blend of customer-centricity and adept management strategies. We cater our services to each client's distinct needs.
Rely on our extensive industry experience and real estate prowess. Contact us today to develop your rental leasing strategy.
