If you have a rental property in Long Island, keeping it occupied is key to making a profit. According to recent data, rent in Long Island is a whopping 118% higher than the national average.
Knowing how to market and develop creative strategies is the best way to ensure your properties stay full.
Read on for some creative rental leasing strategies to help your listings stand out from the competition.
Image is Everything
Ensuring your Long Island property looks appealing is the first step to keeping it occupied. Inspect the interior and exterior and make changes that will give it a visual boost. Even small changes can make a significant impact on people's first impressions.
Whether you do some landscaping, install new outdoor lighting, or upgrade the appliances, the better your property looks, the more chances are someone will want to rent it. A fresh coat of paint also does wonders for any property, regardless of age. Take clear, beautiful images of the property to entice potential renters, too.
Rental Leasing Strategy: Price Appropriately
If you want to stay competitive, start by conducting a full rental market analysis of nearby properties. This simple step ensures you're charging a fair, competitive rate.
You can also offer various incentives as part of your rental leasing strategy. This might include offering a move-in special, such as discounting the first month's rent or even offering it for free. You can also waive or reduce security or pet deposits to help lure prospective tenants in.
Market to Your Target Audience
Marketing your property to the right people is the fastest and easiest way to get leases signed. Get to know your target audience, then market the property accordingly based on things like location, style, and price.
Use social media to show off the property, which also helps you reach a much wider audience. If possible, post a video walkthrough or try to create a virtual, 3D walkthrough. The goal is to make it easy for potential renters to know about the property without ever having to set foot in the door.
Use a Property Management Company
An experienced property management company can do wonders for any rental leasing strategy. These companies help you manage everything from marketing the property to taking rent payments, all the way to maintenance.
When you have a property management company by your side, you'll have peace of mind and confidence knowing you've got experts helping you. Talk to these professionals to find out how they can help you keep all of your rental properties occupied while also keeping tenants happy.
Keep Vacancies at Zero
The right rental leasing strategy will ensure that your vacancy is always at zero. With a bit of foresight, some market analysis, and help from a property management company, it's easy to keep your Long Island property rental all year round, every year.
PMI Lighthouse is a top property management company in the Long Island area. If you're interested in finding out how we can help with your property, contact us today!
