If you have a vacant property, it doesn't take long before the nerves begin to appear. Each unsuccessful property tour can leave you with worry, biting your nails as you watch another month go by without that income you had expected.
However, you don't need to sit back and watch this unfold. Even in a market dip, there is a lot you can do to attract the perfect tenant to your property. Here are creative rental leasing strategies to try today.
Property Leasing Boulder: Seasonal Promotions
You may find it easier to lease your property at certain times of the year when demand peaks. So, when you are trying to rent your property at a quiet time of year, think about running a promotion to help secure a tenant.
For example, you could offer a discount on the deposit or on the first month's rent to attract tenants who are ready to move in.
Flexible Lease Terms
Tenants often worry about being locked into a lease, especially if they face an uncertain future, such as a job move. You can ease this stress by offering unusually flexible lease terms to help you stand out from other rental properties. That could be a shorter lease or one that doesn't require a huge notice period.
Creative Leasing Boulder: Eco-Friendly Living
Nowadays, people are taking steps to reduce their carbon footprint and live more eco-friendly lives. So you can take advantage of this trend and offer it as an incentive. For example, maybe you could entice tenants with an energy-saving upgrade like a new efficient HVAC unit or solar panels. This also comes with the bonus of helping your tenant save money on their bills.
Offer a Pet-Friendly Property
Many properties don't allow pets, and by having a pet-friendly policy, you will reduce your competition for a tenant. That can mean leasing your property sooner. If you are going to have a pet-friendly home, have clear rules in your policy to help protect the property and ensure you ask for an extra pet deposit to cover the risk of damage.
Rental Management Boulder: Design Co-Living Spaces
Rent prices are rising, and some tenants worry about the affordability of a home. For younger tenants, the option of co-living can be a great choice. It saves money, and it's also a chance to be part of a social space. If you opt for this route, focus on target markets where it's likely to appeal, like college students and young professionals.
Create Memorable Tours
When showing protective tenants around your property, create a memorable and impressive experience that will help you stand out from other properties.
Add warm scents to the room and fresh flowers to the entrance hall, and serve refreshments for guests. Give out high-quality printed brochures with pictures and floor plans that visitors can take away and review.
Creative Rental Leasing Strategies to Attract a Tenant
Don't make the mistake of listing your property online and waiting for a phone call. Smart property investors go one step further, and these creative rental leasing strategies are the perfect start.
Our full-service property management at PMI Flatirons Group offers everything you need for a successful, stress-free real estate career. Discover more about our services in Boulder, Colorado, here.
