Property management plays a key role in determining the occupancy rates of rental properties. Unfortunately, self-management causes landlords to overlook crucial things that can affect tenant experience and increase tenant turnover. Consequently, a high turnover rate translates into empty units and lost revenue. If you are experiencing high tenant turnover, here are four ways a property manager can boost the occupancy rate and increase your rental income.
Set and Adjust Rental Rates
The real estate industry is incredibly competitive, and landlords should keep up with prevailing market rates. You need to find out what other landlords are charging for similar properties in your area. If your rates are higher than prevailing rates, you will lose out on potential tenants. A property manager can perform extensive market research and align your rental rates with other properties in your neighborhood or city. This makes your units financially attractive to tenants, boosting the occupancy rate.
Market and Advertise the Property
In today's digital age, marketing is the backbone of any business. Since most people shop online for rental units, you need to reach out to potential tenants through digital media. Your property needs a digital presence in the form of a website and social media profiles. You also need to create appealing marketing content that will attract the attention of potential tenants.
Hiring a property manager is the best way to outsource marketing and advertising services. Most managers have access to designers and content creators who can create real estate marketing content. These experts also optimize content for search engines, increasing its visibility to the right audience. Through your website and social media, potential tenants can view vacant units, ask for rental quotations, and schedule property viewings.
Screen and Vet Potential Tenants
Thorough tenant screening reduces the likelihood of late rent payments, property damage, crime, and evictions. It also reduces the risk of renting to rowdy tenants who disrupt the peace and ruin the property's reputation. Property managers conduct extensive screening of potential tenants to ensure that only the best make the cut. They assess crucial factors, such as the tenant's income, employment history, credit score, and criminal record. With fewer instances of evictions, unrest, and property damage, you will realize a lower tenant turnover rate.
Handle Tenant Needs and Concerns
Property managers address tenant needs and concerns in a timely fashion. They handle repairs, inspections, routine and emergency maintenance, and upgrades on time to give the tenant the best experience. When disputes arise among tenants, property managers can mediate the disagreement to ensure satisfactory outcomes. This goes a long way towards promoting harmony and preventing tenancy terminations.
Outsourcing property management allows you to focus on other administrative duties without neglecting your tenants. This can reduce tenant turnover, increase the occupancy rate, and boost your rental yield.
Share8 December 2021
Hello, I am Kelly Nessa. Welcome to my website about marketing for small businesses. The way a company markets itself directly controls how people view that entity. Small businesses that do not aggressively advertise do not acquire as many clients as their competitors. Marketing extends far beyond the mail ads of yesterday, though that form of client acquisition still has its place. Now companies are expected to maintain a strong web presence on social media platforms. In addition, company owners need to own and frequently update a personalized website to win over tech savvy customers. I will discuss all of these modern small business marketing techniques on this site. Please visit my website as much as possible to pick up new techniques for your business. Thanks.