Over 10 years, the average cost of rent in Texas has increased by almost 9%. While demand is still high, this also means that competition is fierce. But when this boom subsides, how will you keep attracting renters?
Luckily, there are ways to weather the coming recession. Read on as we tell you how to attract and keep the best tenants.
Keep Technology Current
You may not think technology is a top way to attract tenants. However, there are several ways the right gadgets can reduce your occupancy rates.
Start by making sure you have the best tech in the home. High internet speeds will ensure that you allow your tenants to stream and game with maximum efficiency. Shop around for the best deals from providers.
You can also install SMART devices such as thermostats. As they can turn heating and cooling on and off remotely, less power is used. This can help improve energy efficiency and usage, lowering utility bills for your tenants.
Be Honest With Listings
When you lie or exaggerate elements in your property marketing, you waste the time of yourself and the prospective renters. If you set yourself up as someone who bends the truth, you come across as unreliable and will, in turn, get unreliable tenants.
Invest in some great pictures of the property. Try to make a point of its advantages, such as access to local amenities, transport routes, and crime rates.
One hack for rental property marketing is to use existing tenants as leverage. If you have had great relationships with them, then use them to spread word of mouth about your property business. There is no better form of marketing than a person who will let others know how good you are.
All you need to do is think of a reward program for any tenants who refer new ones to you. You may give them a discount on the rent for example. This works best in busy urban areas, for landlords who have a range of properties on offer.
Carry Out Repairs
An attractive rental listing starts and ends with getting professional repairs done on the property. If your rental looks old and tired, you won't invite the best tenants and your offering won't be competitive.
This is also a false economy. If you don't do repairs, they will soon mount up until you have a large repair or renovation bill on your hands.
It also helps if you get them done professionally, so you don't end up with half-finished jobs that continually break and need repairing. Get a list of contractors you can trust who will be willing to do both large and small jobs or hire a maintenance company to take care of it for you.
Retaining great tenants is as important as finding new ones. Look after your property and the people in it, and you can save a lot of time and money. If you don't have the resources, then get help.
The Rental Network can assist with all your property needs in El Paso. Not only do we have an informative blog, but we can provide management for your businesses. Contact us here and let us help build your property empire.