Have you invested in a rental property in Blue Springs, Missouri? This charming town has seen a growth rate of 0.58% as of the 2022 census.
As a result, you can expect potential tenants to come knocking at your door every now and then. However, with so much competition, it's often a challenge to keep tenants. You might have long periods of vacancies, and this can be a major burden if you've got a mortgage and other related expenses.
How do you decrease these vacancies? We've shared the best creative rental leasing approaches for you to try.
Be Diligent With Property Maintenance
Whenever your property is vacant, make sure you conduct a rental property inspection before seeking tenants. This lets you determine if there's a need for maintenance.
Even the slightest lack of maintenance is enough to deter potential tenants. If you haven't looked after your property, you can expect tenants to leave at the end of their lease agreement.
You can also conduct rental inspections while a tenant is staying at your property. Schedule it around a time that works for them and make sure they're present at the inspection.
The Price Must Be Right
The next option is to conduct a rental analysis to decide your rental fee. If you want to decrease vacancy rates, you'll have to be reasonable with your rental fee.
You don't have to charge the exact amount that's quoted. However, it's often best to stay as close to this price as possible. You can increase the cost if you offer additional amenities to your tenants.
If you need to raise rental fees for existing tenants, tread with caution. If it's too high, they won't be pleased and won't renew their lease.
Take Your Time to Find Tenants
The easiest way to avoid the hassle of vacancy rates is to find the right tenant from the get-go. Once you've set your rental fee, you'll filter out most potential tenants and find the ones who can actually pay your fee.
However, your search doesn't stop here. You should have an ideal demographic. For example, do you want to rent your property to a family or to a young couple?
Once you've found a few potential tenants, you should meet them and get to know them. Take your time to learn about them and assess if you feel comfortable with them.
You shouldn't rent your property to anyone with whom you feel uncomfortable. Even if they can afford your rental fee, this will cause issues for you in the long run.
You can also outsource the tenant screening process to a property management company.
Succeed With Rental Leasing
Follow these rental leasing approaches, and you'll have no problem keeping your property occupied at all times. You can hire a property manager to help you with your rental business.
PMI KC Metro is a great option for Blue Springs landlords seeking assistance with managing their properties. Our team has several years of experience in property management and will find a way to help you.
