Lake Havasu is leading Arizona's rising rent trends, but because rent in this area tends to stay reasonable, it's still an appealing place for renters. If that's the case, why do you still have vacancies?
There are many potential causes, but it may be as simple as poor property marketing. With the right tenant attraction strategies, filling vacancies is a breeze.
Not sure how to get more tenants? Read on to learn more.
Offer Competitive Pricing
To attract tenants in an uncertain rental market, you must price your property competitively. Research the local market to determine the average rental rates for similar properties (with the same benefits, downfalls, and amenities as yours). Adjust your pricing accordingly.
Consider offering discounts or promotions to attract tenants, especially during slow rental periods. Review and adjust your pricing strategy to stay competitive and fill vacancies quickly. Remember that you're not making a profit if your rent is high, but your units are vacant.
Invest in Professional Photography and Virtual Tours
High-quality photography and virtual tours are crucial. You want to showcase your property's best features.
Hire a professional photographer to take photos of your property. Make sure you highlight its natural light, amenities, and outdoor spaces. Create virtual tours to give potential tenants an immersive experience that allows them to explore the property from the comfort of their own homes.
This will help them visualize themselves living in the space. It will also allow long-distance potential tenants to "tour" without traveling.
Create Great Online Listings
Online listings are a vital part of modern property marketing. Post your property on popular listing platforms by using keywords and descriptions that highlight its best features. Post the best and clearest photos.
Keep your listings up-to-date and refresh them regularly. Consider using online leasing platforms to streamline the rental process. This makes it easier for tenants to apply and secure the property.
Offer Incentives
Offering incentives is an effective way to attract tenants and fill vacancies. Many landlords consider incentives a loss, but that isn't the case. One small incentive can lead to a fantastic tenant that stays long-term.
Consider offering reduced rent or move-in specials to attract new tenants. Provide referral bonuses to current tenants who refer friends and family. You can also offer flexible lease terms or renewal incentives to keep tenants long-term.
Also consider offering additional amenities or services, like free parking or utility packages. This sweetens the deal and attracts serious tenants.
Try These Property Marketing Strategies
If you need to boost rental occupancy rates, these property marketing strategies can help. The Lake Havasu rental market can be difficult to navigate, but with the right techniques, it won't be an issue.
Focus on creating great online listings, taking great photos, making sure the price is right, and offering incentives. You'll have tenants in no time.
At Arizona Living, our property management team helps with everything from effective rental marketing to tenant retention. We'd love to help you out. Reach out today to learn more.
