Leasing space is a great way to passively earn income with minimal effort if you can find the right tenants. Property is an invaluable asset provided it's not standing empty, at which point it becomes a liability. Finding the ideal tenants requires a little know-how and leasing strategy, however, especially if you're looking to maximize your returns.
The world of rental leasing needn't be fraught with worry over vacancy rates and finding tenants. We've put this short guide together to help you do away with your vacancies altogether. Read on to find out more!
Making Your Space Attractive
Once you own space to rent, the hard part is essentially over. With a property under your belt, all you have to do is concentrate on making it as attractive as possible to potential tenants. This goes further than picking out a pleasant color scheme, but it's nothing too complicated.
Wherever possible, show willingness to help your tenants so they feel supported. Answer questions promptly and feel free to ask questions of your own. Developing a rapport is one of the most effective strategies there is for securing a client.
To attract enthusiastic quality tenants your property has to stand out amongst the others. The idea is to put yourself in the shoes of a tenant and imagine how your property would appear to them. This way you can more easily consider how the lease would fit into someone's life, and who that person might be.
Tailoring the Perfect Fit
The perfect tenant is informed and looking for a good deal on property leasing. They're also looking for a smooth transition and a pleasant landlord. Nobody wants to deal with unnecessary friction, so appearing personable, communicative, and sane will ensure you're remembered fondly when the votes are cast.
Offer flexible lease terms so nobody is forced to feel trapped. While a long contract may seem a good way to lock in a lease, people also want to hold onto flexible terms. Offering a fair deal that's comfortable for everyone is usually the best way to do business.
The tenant experience improves drastically depending on communication, so streamlining all interaction with you goes a long way. This includes offering an intuitive online method for completing payments, lease signings, and general maintenance requests. Maintaining a reputation of honesty and responsiveness will have tenants queuing around the block to view your property.
Create a space for tenants to leave feedback. When tenants feel heard and valued, respect goes both ways. Nurturing a positive relationship with tenants not only makes your life easier but more pleasant in general.
Common Sense Rental Leasing
At Fireside, we've survived the cutthroat world of rental management by understanding the power of communication. Since 1999, we've been paving the way for customer satisfaction using our unique blend of customer service and management disciplines.
We're ready to use everything we've learned throughout the years to save you money and make your life easier, so it couldn't be simpler!
If you have any rental leasing questions or are otherwise interested in our customer-centric approach to property management, don't hesitate to reach out! We'd love to hear from you.
