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If you're trying to improve your real estate portfolio, managing rental units can help you grow your income. On average, individual landlords raked in approximately $46,000 in income in 2019.
You'll multiply your real estate investing potential when you have the help of a professional property management company that can assist you. These pros can assist you with some creative campaigns that will help you minimize vacancies and maximize profits.
These tips will help you get the most from your rental leasing endeavors.
Use Specials and Discounts
Everyone loves a good deal. You'll attract more tenants when you have some specials and discounts that entice them.
Consider offering a month or two of free rent to draw in more potential renters. You can allow them to forego paying rent during those months, or prorate the amount of rent they pay throughout the year to reflect the new amount.
You can also offer discounts on monthly rent, waiving fees, and a variety of other promotions. Taking an income property from a project to an enterprise takes some time and dedication. Using these specials and discounts will help you keep people in the building so that you can grow your revenue.
Consider Flexible Leasing Terms
Flexible leasing terms also give you a chance to get more residents. Instead of going with the typical annual lease, consider strategies like month-to-month, 3-month leases, 6-month leases, or leasing terms that are longer than a year.
When your terms are more flexible you'll attract different types of tenants. This allows you to widen your net and attract renters that you otherwise wouldn't get.
Allow Early Move-Ins
For you, this is a property investment, but for others, it's a new home. People are excited about this type of life change, so consider offering early move-ins so that they don't have to wait.
With these early move-ins, people can keep their move-in date set in stone, while essentially getting a few free days to start the process early.
Offer a Smaller Deposit
Finally, make sure that you also consider charging a smaller deposit when registering new tenants. Many property owners attempt to draw in new people by charging less for rent, but offering a smaller deposit can be every bit as enticing.
This is helpful since many owners charge as many as one to three months in rent for the deposit.
Put your head together with a property manager that can do the math for you and figure out what deposit amounts make sense. They can also set you up with the property owner resources that you need to get the most from your rental property.
Rental Leasing 101
Handling your rental leasing can improve your real estate investing more than almost anything else. Do your due diligence and apply these tips so that you're always doing what's best for your rental property needs.
PMI Profit Realty can assist you when you're trying to do what's right for all your real estate endeavors. To learn more about us, get in touch online or call 210.504.4410.
