Are you a property owner on Long Island looking for new tenants? If you're new to the property management scene, trying to attract tenants in a competitive rental market may feel frustrating.
Luckily, you won't need to worry about how to fill rental vacancies much longer. Learn about property marketing and other tactics to find and keep tenants for your Long Island real estate.
Use Property Marketing
In the chronically online world, it's more important than ever to make sure your property stands out. Gone are the days when you can put an ad paper and hope for the best.
Online rental property marketing is the name of the game. Use real estate listing sites to post your available property. Include key features and perks of the home, and make sure you take stunning photos as well.
Social media sites like Facebook often have local housing groups. Property owners can post rooms or houses for rent, and connect with potential tenants looking for rooms.
If you work with a property manager, he or she can assist you with your property marketing. Let the professionals handle it and you can guarantee you will get new tenants sooner.
Offer Move-In Specials
Sometimes people have a hard time scraping together money for first and last months' rent, or a security deposit. Alleviating some of those costs can be a great way to get tenants in a competitive rental market.
Popular move-in specials include reducing the rent for the first couple of months or cutting the security deposit. If you're a first-time landlord, make sure to still do a credit check and see if the applicants can afford the rent every month.
Incentivize Longer Leases
Longer leases keep tenants, which means you'll save money over that time. You will not have to worry about marketing or new tenant recruitment strategies to fill rental vacancies.
Offer potential tenants a discounted rate that is cheaper if they sign a longer lease. Ideally, a multi-year lease is the best option, but anything from 12 to 18 months is still a good window.
Good tenants can be difficult to find, so you'll also save money on things like repairs and maintenance. The time and resources that go into finding new tenants far surpass the slight monetary loss from a long-term lease.
Referral Bonuses for Existing Tenants
If you have other rental properties, offer referral bonuses to tenants who already live there. Since good people tend to surround themselves with good people, you'll have better luck with this strategy, rather than taking a chance on a random tenant
Conquer a Tough Real Estate Market
Even though the real estate forecast may seem rocky for property owners, you can still come out on top. With tactics like property marketing, you can easily fill rental vacancies in a competitive rental market.
Are you an aspiring landlord in the Long Island area? PMI Lighthouse is here to help you with your property management needs.
We've helped manage over 20,000 properties in both commercial and residential spaces. Reach out to us today to begin your real estate journey.
