The latest US Census Bureau data shows that around 29,000 people live in Fredericksburg, VA. With such high demand for housing in this great city, local landlords are in an excellent position to make significant profits.
But finding and keeping good tenants isn't easy. If your home is unoccupied, even for a few weeks or a month, this can cause you hassle and cost you money. Fortunately, there are several leasing management strategies you can use to increase tenant satisfaction and boost occupancy rates.
Let's take a closer look at these leasing best practices.
Have a Thorough Tenant Screening Process
It can be exciting when you find new tenants. But to give you peace of mind that they will look after your home and pay rent when it's due, you need to conduct a rigorous tenant screening process.
Although this can seem like an inconvenience, it can tell you if applicants have the necessary income to pay rent. Background checks can also reveal if tenants have positive references and if they have a solid rental history. You can then have the reassurance that you'll be renting to trustworthy tenants.
Keep Your Property In Excellent Condition
Maintenance and repairs are an essential element of leasing best practices. When you carry out regular inspections, you'll be able to spot issues such as peeling paint or damaged furniture, allowing you to fix them before they cause problems for your tenants.
If you have the budget, you can even invest in upgrades such as installing smart home devices. As tenants won't be expecting this bonus, they're sure to be delighted, which can be to your advantage when it comes to lease renewal time.
Communicate Regularly With Tenants
Tenants may be reluctant to come to you with problems. But this might mean you only find out renters are unhappy when they refuse to renew their lease. By keeping in contact and asking for feedback, you can discover if tenants are dissatisfied.
You can then take reasonable steps to resolve any issues. However, this can be time-consuming, and you may prefer to hire a professional property management company to communicate with tenants on your behalf.
Decrease Vacancy Rates Through Early Lease Renewals
Effective rental management strategies to keep tenants require a proactive approach. Rather than worrying if a tenant will renew their lease up until the last minute, you can offer them a new contract around three months before their current one expires.
Your tenants will then be less likely to look for other properties, providing stability for both parties.
Get Expert Help From Our Leasing Management Specialists
While being a Fredericksburg landlord can be lucrative, it can also be challenging. By working with a professional leasing management company, you can reduce stress and increase profits.
At Gem Realty Group, we take care of every part of your property management journey. You won't have to worry about marketing or tenant screening. Rent collection and maintenance will also be done for you.
All that's left to do is to enjoy making a passive income each month.
Let us enhance your experience as a landlord and contact our property management experts today.
