Owning a rental property can be a daunting task for someone who is not prepared. There are nearly 17 million people in California who rent their homes. However, there is a lot of competition to fulfill this demand.
If you are a property owner that is having a hard time filling vacancies quickly, you may need to come up with a different rental leasing strategy.
What can you do to get a lease rental agreement faster? These are some of our biggest tips.
One of the first things that you should do if you are having trouble filling vacancies is to hire a professional photographer. This person can take quality photos and post them online for the world to see.
This does make a big difference considering that properties with professional photos get 61% more views online compared to those that do not.
Professional photos have a better chance of fulfilling the fantasy of someone picturing themselves living in that home. Photographers can take certain factors into account such as camera equipment, lighting, camera angles, clutter, and more.
Have the best photos of your property possible to get the biggest return on investment.
Flexible Lease Terms
Another thing you may want to consider is offering more flexible lease terms. One of the biggest factors here is how long you require tenants to sign a lease.
Some property owners may want leases that last at least a year to increase stability for their property. However, other owners may be willing to offer shorter leases in exchange for maximizing profit.
You may need to sit down and review your current situation. If you are noticing too many vacancies, you may need to allow more flexible lease terms to satisfy the needs of some tenants.
Many out there are not willing to commit to leases for more than a year. Give them an option for a shorter lease as a trial period or as a chance to fill the gap.
Then, there are certain policies that you may have in place that are controversial. One of the biggest ones tends to be the pet policy.
For many people looking for an apartment, this can be a deal breaker considering there are tens of millions of people in the country with pets. If you currently do not allow pets, see if there is a way that you can make your property more accommodating to pets.
If you do this, you are likely to see a wider tenant audience. Plus, you can charge an extra fee to have pets on the property.
Get Help With Rental Leasing
These are two things that you can do to try to improve your vacancy rate. Hire a professional photographer to get the best photos possible of your property to advertise to potential tenants. Then, review your current lease terms and see if there is room for some flexibility to attract a wider audience.
Do you need help with property management and rental leasing? Message us here to see how we can help you.