With the recent developments in San Antonio, it's more important than ever to attract quality tenants to your property. Buyers have more choice in where they live, so you need to ensure your property marketing is up to snuff.
Want to know how you can improve your property marketing strategy to make money on your rental property? Here are some things you can do today to fill your vacancies quickly.
Offer Move-in Specials
Few things will entice tenants more than free money. Move-in specials aren't anything new. They've been used for decades to book properties quickly with new tenants.
A popular move-in special is free rent for one to two months. Since it costs a lot of money to move, this can be a huge relief for potential tenants who want to move somewhere new.
You can also offer things like a reduced security deposit or free pet rent. Many Americans don't want to pay extra to have their furry friends accompany them to their new homes.
Work With a Property Management Company
No one can manage your property advertising and marketing better than a property management company. They can craft your rental listings, handle things like leases, and even assist with rent collection.
In addition, property managers have market knowledge about the San Antonio real estate landscape. They will be able to give you advice on how much to charge so you can get more tenants but still make a profit.
Incentivize Lease Renewals
The best way to save money as a landlord is to keep your tenants and raise the rent at a reasonable rate. You will save money on repairs, reimbursing security deposits, and specials.
It also costs money when your unit remains empty as you're looking for new tenants. You can include lower rates in the lease agreement if your tenants sign for a multiyear period, rather than a standard 12-month renewal.
Widen Your Tenant Pool
In a landlord's market, you can afford to be picky. However, when housing supply increases, you will need to look at different demographics to find tenants.
For instance, you may ease up on your income requirements to rent out one of your units. You can simply ask prospective tenants to prove that they can afford the rent.
You can also change your pet policy if you feel comfortable. Allowing pets will attract many tenants who may have a tough time finding a rental property for their cats and dogs.
Learn These Property Marketing Tips Today
If you're unsure how to go about property marketing in a challenging real estate market, you don't have to wonder any longer. Use these tips to ensure you always have tenants in your rental units so you don't lose out on income.
Do you need help with your property management strategy in the San Antonio area? PMI Navigate is here for you.
With decades of market knowledge and experience, we can bring your property from a simple unit to a premiere rental. Reach out to us today to see what we can do for you.
