The increase in living costs and property market values has become a great cause of why people are looking for rentals in new locations based on their budget and specific needs. The real estate market is competitive. As a renter, you’ll need to set budget-friendly prices and add perks to your property to stand out among competitors. All the maintenance problems should be well managed so that it increases tenant retention. Here are the 7 best strategies to retain residents and showcase the value of your rental property.
1. Show Off Specials and Move-In Deals
By showing off specials and move-in deals, your rental will more likely to get rented. Make sure to highlight them to your prospects and residents. Using marketing on social media, listing, and implementing advertisements, you can easily make your property shareable among interested people.
Price is one of the most considered factors for the tenants. Showing reduced rent prices on your listing can work wonders to add value to your property immediately. Word of price deals spreads quickly if it’s leasing season with high demand among specific audiences.
Be sure to tell your onsite staff to share specials, promotions, or referral programs, via word of mouth while on-site tours of tenants.
2. Showcase Money-Saving Amenities
Amenities are considered additional luxuries and conveniences that make a property more attractive and valuable. Amenities are helpful; however, you also need to focus on how much your tenants can save on other expenses. Having access to onsite amenities not only provides convenience to residents but can also reduce additional expenses each month.
For example, having an onsite gym in a multifamily complex eliminates the need to pay for a monthly gym membership elsewhere. Moreover, community areas and pools also allow residents to host gatherings and organize social events while avoiding the costs of going out. You can also foster creative ideas of using shared spaces and resources including pet grooming, barbecues, yoga, pool parties, and more.
3. Improve the Appearance of the Front of the Property
The front of the resident is often underestimated by the renters. People often tend to make their buying decision within a few seconds and ignoring the front of the property could leave a bad first impression on your tenants. Therefore, make sure to improve or even the appearance of the front of the property best as possible.
You can do simple aesthetic improvements such as window shutters, painting the front door, mowing the lawn, hedging any bushes or trees, or mailbox replacement.
4. Quality Advertising
Putting a sign in the yard often doesn’t work when renting a property. As a result, you’ll get fewer prospects translating into less demand which consequently same supply and lower price.
Therefore, you’ll need to implement more successful strategies such as digital marketing, social media, or another online listing. Furthermore, make sure to add high-quality pictures of your rental property and all the required details.
5. Be Ready to Respond to Pricing Questions
Budget and price are the most essential factors for the tenants. You can increase the value of your rental property by clearly mentioning pricing details and handling all the questions related to it.
Ensure that your entire team is well aware of the policies and the best ways of approaching conversations on rent and price increases. Handling residents’ budget demands is not critical for securing leads, but for reputation management as well.
Tenants will often mention rates while writing property reviews which leaves you the opportunity to respond to these reviews and address questions for fair pricing and portray to prospects that you care about these matters and the residents.
6. Use Branding to Raise the Value of Your Rental Property
When it comes to increased rental costs and tight budgets, tenants often wonder if your property is worth the cost. For any added fees or higher rates, tenants will be evaluating if your property is really worth it.
Therefore, branding is important to raise the perceived value of the property. Adding brand value to every detail of your property brings great results to convince prospects that your property is more than worth it.
7. Don’t Start Your Price Too Low
With low occupancy, you can’t raise your rent. But if your occupancy is around 90 to 95 percent, then it would be good to increase the rent.
With houses, though, it’s much harder to know what to rent a place for since there’s only one of them.
My recommendation is to approach renting in a way that you can fix a property priced too high, but it’s hard to fix one priced too low. But if you set the price too high, you’ll know quickly it’s too expensive because you aren’t getting any calls.
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