Are you tired of seeing your rental property sit unoccupied? According to the US Census Bureau, vacancies among homeowners increased from 0.7% in the second quarter of 2023 to 0.9 percent in the first quarter of 2024 (0.8%).
As a first-time landlord, having your rental property stand empty can heavily impact your finances. However, with the right rental leasing strategies, you can quickly find the ideal tenant and minimize the time your property remains unoccupied.
This article explores innovative approaches to leasing that can help you navigate the competitive Orlando market, reduce the duration of your vacant properties, and enhance your revenue stream. Keep reading to discover how to turn your leasing challenges into opportunities.
Use Virtual Tours and Drone Footage
One great way to leverage technology as a landlord is by using 3D tours in your online listings. These tours let potential tenants walk through the property from their own homes. They can see every room and get a real feel for the space, making your listing stand out and attracting more interested renters.
Drone footage is another exciting tool. Drones can capture the property and its surroundings from above, giving a unique view that regular photos can't show. This footage highlights the home's best features and the neighborhood's beauty.
Upgrade Your Property With Capital Improvements
Making capital improvements to your rental property can help attract the right kind of tenant. You can make your property more desirable when you:
- Upgrade kitchens: New appliances, countertops, and cabinetry can make the space more appealing and functional
- Update bathrooms: Refreshing bathrooms with contemporary fixtures, tiling, and efficient plumbing can increase the overall attractiveness
- Add new amenities: Installing desirable amenities such as a fitness center or swimming pool can significantly elevate the property's appeal
By investing in these upgrades, you can increase your property leasing appeal and, in turn, boost your rental income. Potential tenants will see the value in your property and choose it over others that have not been updated.
Boost Your Occupancy With Professional Property Management
Hiring a full-service residential property manager can help you keep your rental unit occupied because they use thorough tenant screening processes to find the best renters. They perform:
- Background checks
- Credit score checks
- Rental history checks
A residential property manager also handles rental agreements. They ensure each agreement is clear and fair, avoiding problems later on. Furthermore, they know the laws and keep your property in good standing.
Lastly, they manage rental leasing. They advertise your unit, show it to potential renters, and handle the paperwork, meaning your unit stays rented, and you keep making money.
Rental Leasing: Unlocking Potential, One Lease at a Time
Minimizing vacancy periods is crucial for landlords, especially in a competitive market like Orlando. Landlords can significantly reduce vacancies and optimize their rental income by embracing innovative rental leasing strategies such as leveraging technology, making capital improvements, and enlisting professional property management services.
Are you looking to lease your vacant rental unit? Contact Verandah Properties today because we prioritize finding the RIGHT tenant, not just the FAST tenant. Our meticulous tenant screening process goes beyond basic credit checks, including debt-to-income ratios, criminal history, employment verification, and more.
This comprehensive approach ensures a stress-free, positive rental experience for you. Contact us now to secure the best tenant for your investment!