Over 10 million Americans own rental properties.
Renting out your property in the Orlando area can be a great way to earn extra income. One way to be a successful landlord is to use rental leasing strategies that will help you attract and keep quality tenants.
A leasing strategy is a set of guidelines and procedures that you follow when leasing your property. These strategies ensure you are making the most money from your rental property by minimizing costs and maximizing profit.
If you are wondering how to decrease a vacancy with creative leasing strategies, this short and simple guide is for you.
Screen Tenants Thoroughly
You can't afford to rent your Orlando area property to just anyone. You need to screen tenants thoroughly and make sure they are the best fit for your home.
This includes checking their credit score, criminal history, employment status, and rental history.
Look at any past landlord references the prospective tenant gives you. If they have a good rental history, it can show the type of tenant they will be.
Offer Flexible Lease Terms
A long-term lease can be a good thing for both you and the tenant. It allows your tenant to settle into the Orlando area property and feel comfortable. It also gives you a reliable source of income.
However, if you offer a variety of lease terms, you can be more flexible with the property potential and your income. You can avoid the financial burden of taking on a tenant for the long term. You can also change rental prices based on changes in market conditions.
Waive Application Fees
Application fees can be a money-making opportunity for you. But if you waive application fees, you can attract more tenants to your property.
You're also creating a positive experience for the tenant, which will increase their likelihood of signing a lease. You can waive application fees either for all tenants or for a certain class of tenants.
For example, you can offer a free application to any military veteran who applies for your property. Or you can waive the fee for current college students who apply.
Get Creative With Amenities
You're probably already offering a laundry room and parking on your Orlando area property. However, you can get creative with amenities to attract new tenants.
For example, offer a package of free cable for a month or two when tenants sign their leases.
Or offer a tenant $200 to spend on furniture for their apartment. Having a variety of amenities on-site will help keep your vacancy rates low and your property more desirable.
Rental Leasing: Meet Your Vacancy Rate Goal
As a landlord, you want to keep your Orlando area rental property full. This will ensure that you're earning revenue from all of your units.
By implementing the above rental leasing ideas, you can help keep your vacancy rates low. Once you reach a point where you have no vacancies, it will be easy to maintain a full property long-term.
SunnySide Properties is a property management company that can take care of all aspects of your rental property business. Contact us today to learn how we can help!
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