It's no secret that the rental market is going through a rough time. People are spending more than 30% of their income on rent, and only two out of three American households actually own a home.
It's a tough market for sure, and one that's not just difficult for tenants. Landlords as well are struggling to find high-quality tenants to fill their properties. What options does one have for property marketing when it's a dog-eat-dog world out there?
Join us as we take a look at tips for property management that will get you more tenants.
Competitive Pricing
Rent prices have been skyrocketing in the past couple of years. The median rent price recently surpassed the $2,000 threshold, although, thankfully, the year increase stalled at only 0.5%. Long story short, renting is prohibitively expensive for the average tenant.
The solution for you? Charge less than your competition. Pricing your rent at even $50 less than the guy down the street makes your offering a lot more enticing.
Offer a Tenant Incentive
Think about the incentive that would drive a tenant to choose your apartment over any other. Do you offer something that other landlords do not? Think about if you have a rent payment grace period, if you've renovated the place, or if you allow pets.
Find a way to make your apartment better than the competition, not just in price. There's a lot you can offer to make your property pop for those on the hunt.
Get a Better Rental Listing
In the current year, the way people search for apartments has changed. If you're struggling to find tenants, then it may be time to hire a property management company. Gone are the days when people would circle the neighborhood and collect fliers from homes for sale.
First, you need to post your listing to more places. Just having it in the newspaper won't cut it. You need to put it on Craigslist, Facebook Marketplace, Zillow, and other local ad boards that people use most.
You might also consider having a social media presence. Many property management companies advertise their listings on Instagram or Twitter.
Give Better Amenities
Sometimes having a good price and some incentive like allowing pets isn't enough. Tenants are tired of landlords who do only the bare minimum and give them nothing. Consider providing amenities that will make your place a cut above the competition.
For example, you might offer free Internet or free pool access. You might give them free parking, or at least cut down the prices of these options. Just having extra, uncommon amenities - even if you charge for them - is better than nothing at all.
Find Property Marketing with Aksarben
You need to think outside the box with your property marketing efforts to survive in the current market. Landlords need to be prepared to offer competitive pricing, unique tenant incentives, better rental listings, and amenities. Taking the time to include these things sets you apart from the pack.
Aksarben Property Management offers comprehensive services at affordable management and commission prices. We reduce your headache as it concerns all the tedious day-to-day landlord responsibilities. Get started with our standard property management agreement here.
