In 2023, the number of households that are renters occupied reached 44.1 million.
While investors are in a good position right now, that might not always be the case. The housing market can change very quickly and unexpectedly.
As a real estate investor and property owner, you must know how to attract tenants even in a tough market.
Having these tips and information about the benefits of property management will help prepare you for the future and reduce the risk of vacancies.
Competitive Pricing
When the market is down, it's in your best interest to price your rental rates competitively. Doing research and talking to professionals can help you determine the best price.
High-Quality Listing
You'll also want to market your listing properly and showcase its best features. Even in a tough market, people want to live somewhere safe and high-quality.
You can use professional photos to attract people. Be sure to include any amenities as well. Think about what your property has that others in the area don't.
Property Management and Maintenance
Another way to fill a vacancy is to work with a property management team. They'll have resources that you don't and will know exactly how to market your property.
They'll run a tenant background check and tenant screening on everyone. This will ensure you're still leasing to a good renter.
Maintenance is another important aspect. A well-maintained house will be more appealing to potential renters. Keeping up with the landscaping and the whole appearance can be challenging, but that's where a full-service property management company can help.
Flexible Lease Terms
While it may not be ideal to offer flexible lease terms, it can be very beneficial in a tough housing market.
Potential tenants will appreciate the flexibility, especially if they're unsure about their future plans. Not many landlords offer this option, which can help you stand out.
Responsive Communication
Everyone appreciates good communication. It shows your potential tenants that you value their time and appreciate them.
If you don't respond in a timely manner to a potential tenant inquiry, they may move on and continue their search somewhere else. Setting up a tenant portal is an easy way to stay on top of messages.
Tenant Incentives
Offering incentives is a great way to attract tenants. There are a variety of different ones you can offer.
You can offer one month free, a discount on utilities, or a move-in discount.
Winning Strategies for Attracting Tenants in a Tough Market
It's important that you keep your tenants in mind. When times are tough or the market is really competitive, it can be hard to secure high-quality tenants. However, the tips above will make the process a little easier.
No matter what the market looks like, our property management team can help you.
Check out our contact page and send us a general inquiry message. We are available to answer any questions you may have about our services.
