In a competitive housing market, rental apartments find it hard to generate consistent revenue. Property owners all too often find themselves having to deal with vacant units, which leaves them competing for tenants. In neighborhoods where there is a burst of new residential units, the challenge of retaining tenants becomes another challenge altogether. So, how can a property owner manage to stay ahead in cutthroat market? Here are a few tips that have proven to work when used well.
Beating the Competition to Fill Vacant Units
Whether you are trying to get tenants to occupy newly constructed units or rentals that have been around for a while, there are a few ways to beat the competition. Here are a few suggestions that might help.
- Sell the best features of your property: Have you decided to offer extra amenities to your tenants? Does your property reside in a great location? Whatever sets your rental units apart from the rest, ensure to brag about it in the advertisements.
- Give your property a facelift: Are you worried about losing tenants to new apartment communities in the surrounding area? If so, why not give your property a facelift. Even something as small as a paint job, pruning trees or mowing overgrown grass can make your property more appealing to tenants.
- Communicate fast and effectively: If you do not respond quickly to potential tenants when they call or send emails, you will lose them to the competition. In case you are a busy property owner and find it hard to communicate fast and effectively with tenants, consider hiring a property management firm. An experienced real estate company can answer enquires in a timely manner when you are engaged in other commitments.
Provide competitive rental rates: When property owners charge high rental rates, they give tenants a reason to start searching for cheaper alternatives. Setting low rental fees just to attract tenants is not good for business either. If you want to attract new tenants and not lose them to your competitors, get to know the average rental rates for various units in your area. This will help you to provide tenants with reasonable and competitive rates.
Tips for Retaining Tenants
In order to retain tenants, property owners need to keep tenants happy. Here are a few ways to achieve this goal.
Keep the property clean and well maintained: No one likes living in an old, neglected tenement. Every one prefers a neat and clean place. If the living conditions in your rental property are poor, tenants will start looking for better places to live. Avoid such scenarios by keeping your property clean and well maintained.
Focus on customer satisfaction: Another way to keep good tenants is by meeting all their needs. If some of the renters make proposals, request for repair issues or complain about rowdy neighbors, deal with such issues promptly. This can improve tenant retention since renters feel appreciated.
By following the tips shared above, you will be able to beat the competition in any residential rental market.
Samantha Cameron is a rental apartment owner based in the UK. She loves to share useful tips about real estate. Samantha invites you to check out this website of James Gibb’s Residential Factors, the property management company she hires to administrate her rental units.