As real estate investors, you still have to learn how to sell. Leasing a property is selling. Hopefully, you have a property manager doing this for you but it helps if you're aware of the things they have to do to maximize your property's income and overall performance.
Potential tenants look for things to make them feel comfortable. They want to feel secured. They want to know they got a good deal. In order to speed up the process so they can move in your property as oppose to your competing properties nearby, you have to show them why your property is the best. How do you that, you ask?
10 things you can do now to appeal their senses and get your property leased fast.
Is your rental rate fair compared to properties nearby? Is it too expensive? Or maybe too cheap. Find that balance to make the tenant feel they're getting more out of their money.
Is your rental term fair? Being flexible in this matter helps the tenant decide if it's you they want to rent from. For example, some tenants prefer 6 months, but right now you're just offering the standard 1 year lease. Try giving them the 6 months but add the incentive of a discount if they signed on to a year.
#3 Free Rent (& Other Stuff)
Are you the only one not giving away free rent for the first month? Are you the only one not giving away free cable included in the units? If so, you might have a problem here. Free attracts a crowd. Just be selective on what you give away for free. The larger pool of tenants you can pick from, the faster you can lease out your properties, maximizing its performance.
#4 Tenant Improvements
Do you notice how real estate investors fix up a property AFTER a tenant moves out? They should be making improvements to its current tenants. This speaks value, HUGE value to the current tenants and future tenants. They will see how they will be treated when they actually live there.
This might be hard to change but make sure the potential tenant knows what they are looking for. It is up to you to guide them to the right unit or property, whether it is a unit with a large living room, one with a good view, or one with big closet. Everyone has different needs and wants. Find out what they like out of a property's layout and guide them to the one the closest fits.
#6 Quality of Building
Just like how people don't like eating in a dirty, run down restaurant, nobody likes to live in a building with chipping paint and damaged exteriors. Always make a point to be presentable. The quality of your building will reflect the quality of your tenants. And the more quality of tenants, the faster you can lease, and the more you can charge. How's that sound?
#7 Parking Type
Do your properties have enough parking spaces to accommodate for tenants and guests? Is the parking near their apartment unit, or too far? Make life easier for your future tenants.
#8 Amenities (On Site and Off Site)
Some buildings have shopping, banking, restaurants, dry cleaners, and other perks next to it. These conveniences do matter. Tenants don't just look at the property itself but its surroundings.
Do you have a property that is easy to access to? I've seen properties where it feels like a maze to locate stuff. I had my head spinning trying to figure out how to get out of the complex. Having a property that is simple to get around and that is accessible makes tenants feel at ease
# 10 Having subsidy programs
Does your property accept section 8 tenants? Or any other subsidies for rental payments. Being able to offer assistance programs in your properties helps tenants make that decision to go with your property PLUS that is a guaranteed payment with state or local assisted programs.