Property Management Blog

3 main factors, that if done correct will result in higher rent, a faster occupancy and better tenants.

System - Friday, January 25, 2019

There are three main factors to consider. First and foremost is the marketing of the home. Number 2 is promotion and last but not least is the asking price of the home. Let's start with marketing. Marketing is one of the three factors because it so important these days, especially when, as a society, we want everything right now and thus have got to be great on the surface when marketing. Marketing gives us the opportunity to accentuate the features of the home that tenants are looking for. Getting video, taking great pictures and even using high tech techniques like 360 virtual tours will only increase the likelihood of finding better tenants. In addition, having great marketing can potentially get you higher rent and/or lower days on market.

Now let's move to the number two factor that needs to be in place to rent your home, promotion. Promoting is how we communicate with tenants and how you are procuring those leads. It's also how we list the properties out into the vast majority through the Internet or other means. We list our homes on 90 plus different websites, plus our own website, in addition we use a tenant procurement software. This software helps us whenever we get a tenant lead to then give them the information that they need, give them similar homes of what they're searching for and to add the ability to follow and get feedback from showings and appointments. This is essential with high volumes of interest. We also have a leasing manager that manages these systems, that way she can have the best promotion possible. We even take it a step further and follow up with each and every completed showing prospect and call them to ask if they have any further questions and if they are going to apply. Essentially, there is no stone left unturned. You may not need to have a software to help you through this however, it is extremely recommended to be proactive like described above with each and every tenant lead. If they're not a good fit while abiding by Fair Housing law, move on.

Last and certainly not lease is the asking price. Setting the price of the property is not an exact science, but we can figure out what a home should rent for by looking at similar homes for rent in the surrounding area. Remember that the other homes for rent are who you are competing against. Therefore, it's extremely important to set the asking rent amount correctly because potential tenants definitely know what a house should rent for, or at least what they're willing to pay for it. The reason price is left to the last factor is if you've got great marketing and great promotion, and the house still isn't renting, it's because it's overpriced. Therefore, resulting in the need to lower the rental price.

These three factors work together to produce the results you need in renting your home. Being proactive on each of these is really how you can save time and money on vacancy and get the best value and tenant for your house.

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