May is the beginning of leasing season. Students are graduating and moving out, looking for houses for rent. People who have been anxious and wanting to move, but not during the cooler winter months or holiday times are jumping on the chance to pack up and go now. Rental growth in many large cities across the US is slowing down though. There is a growing need every year as the population increases, however, millennials are finding it easy to buy homes now that the housing market is stable again. You can still fill your vacancies and achieve 100% occupied by following these tips and tricks.
Maximize Marketing-Digital marketing is the way to reach new tenants. Radio advertising, mall kiosks, and bill boards are simply not seeing the ROI that they have in the past. Making sure you can reach your future tenants online is important and your marketing budget should reflect that. Someone on your property management team should be an expert in SEO and the newest virtual reality marketing trends.
Automate it-If your tenants are students, they expect a response to any inquiry, whether an emergency or not, within 2 hours. You should try to be available during business hours for future tenants, but you should also make sure to respond to inquiries off the clock to. You can automate much of the leasing process to make it smoother and faster. Allow people to book appointments online, take virtual tours, and have an automated email message that generates during off hours.
Technology Upgrades-Technology is getting smarter and the population is getting savvy to it. Take some time to update your rental homes with keyless locks, smart home technologies, energy saving appliances, environmentally friendly options, and apps that can be used to send maintenance requests, pay rent, or send an inquiry. Leasing season can be hectic for property management, but a good team will fill vacant units quickly and increase resident retention through smart growth and development.