Lease renewals are a fact of life when it comes to owning investment properties.
Many landlords are dealing with lease renewals right now, or are going to have tenants who will be renewing their leases in the coming months.
What’s the correct way to handle lease renewals? In this article we will provide you with several tips on how to handle lease renewals.
Tip #1 – Market the Area, Not Just the Rental
The first key to attracting the most qualified tenants in 2020 is to market the area where your rental property is located instead of just marketing the rental itself.
To effectively market your rental property, you should focus on the benefits that the area where your property is located has to offer potential tenants.
For example: Is your rental property in a “walkable” location that’s close to shops, stores and other fun things that people like to do in your city?
What about ease of access?
Can tenants easily get to the freeway or access busses and other forms of public transportation?
These are important questions to ask before you write the first ad for marketing your rental online.
Once you’ve written a great rental advertisement, don’t forget about writing about the cool features that your property has to offer prospective tenants.
The features that your property might have to offer may include built-ins, washer, and dryer, swimming pool or pay utilities.
Never make the mistake of using terms like “quaint”, “retro” or “cozy” because these terms will create pictures in the mind of your prospective tenants and make them think that your property is old or outdated.
Tip #2 – Focus on Improving Your Rental Property
When was the last time you made some serious upgrades to your rental property that went beyond just a coat of paint?
If it’s been a while, it’s time to consider making some improvements like resurfacing the cabinets, adding new cabinet hardware, new appliances, flooring, smart appliances, and anything else that will upgrade your rental property and make it competitive with other properties in the area.
Tip #3 – Hire A Professional Photographer to Take Great Photos of Your Rental
Many owners make the mistake of taking photos of their rental properties on their iPhones and then calling it good. These pictures aren’t always effective because the camera on your phone can only go so far.
For best results with taking pictures of your rental property, it’s best to hire a professional photographer to spend an hour taking great shots of your property.
You may even want to consider renting some furniture if your property is vacant just so you can stage your property for the pictures and give prospective tenants an idea of what they can do with the space that your property can offer them.
Contact Blackbird Realty And Management
To learn more about how you can attract the most qualified tenants in 2021, or speak with us about our property management services, contact us today by clicking here.