Did you know that there are about 754 thousand renter households in Colorado? With so many people renting, it's important to understand how you can make the most of your rental property.
Rental leasing is one of the most popular housing strategies, but designing good leasing strategies as an investor is challenging. How can you improve your real estate investment and provide housing for people who prefer renting over purchasing?
If you're looking to improve your rental property, we're here to help. Read on for a quick overview of how to fill your rental property with a creative leasing strategy.
What Is A Leasing Strategy?
To start, what is a leasing strategy?
As the name suggests, your leasing strategy is your approach to designing your lease. Your strategy includes, but is not limited to:
- The cost of leasing or renting
- Your plan of maintenance
- Your marketing strategy
- Tenant outreach and management plans
Overall, your strategy will fully encompass your management plan. As such, it's often a good idea to partner with a property manager to make the most of your plans.
Ways to Improve Your Lease
Now that we know more about leasing strategies, how can you improve your plan? Here are some quick ways to improve your leasing strategy and cut down on vacancies.
Better Curb Appeal
For any rental property, the curb appeal is a crucial first impression. Your property's curb appeal is what it looks like when standing in front of it, put simply.
Make the appearance of your property a top priority. Doing so can help you pull in tenants that would be turned away from a less-maintained property.
Improve the Interior
You shouldn't leave your work at the door. Improving the interior of your property is a great leasing strategy.
Having an inspection will help you see anything that needs renovation or improvement. Afterward, completing these renovations will raise the value of your property.
You also can use these renovations as a selling point for your property. Drawing in more tenants with a recently refurbished property will help you keep your vacancies down.
Competitive Pricing
The leasing market is highly competitive, and matching your competition can be a make-or-break issue. If your property is leased at a significantly higher price than your competitors, you may find it hard to draw in tenants.
Keep your eye on the market and always fairly value your property. Be ready to negotiate new rents and rates when leases are up to provide a fair and competitive price to your tenants.
Making the Most of Your Rental Leasing Plan
Rental leasing is becoming increasingly common, and knowing how to make the most of your plan is vital for any investor. Invest in your property, perform regular upkeep, and provide renters with a fair price to keep your vacancies low.
At PMI Parker, we're a locally-owned and independently-operated company with two decades of experience under our belt. We provide prompt, professional service to our property owners and their tenants. Contact us today to see how we can help your property grow.
