Owning property can be lucrative - but only if your property is occupied. In a competitive market like Kansas City's, you'll need to be savvy with your property management strategy. That means being attentive to both the buildings you own and your outreach to prospective tenants.
Read on to learn the top tips to attract tenants in a tough market!
Keep Your Property Well-Maintained
In a tough rental market, a property with good curb appeal will stand out from the crowd. You'll keep your property in better condition with regular attention to your property's exterior.
Repair flaking paint and upgrade aging roofs. Add mulched flower beds and aerate lawns so your landscaping looks lush. And replace old windows or precarious stair railings.
When you've made a property investment in Kansas City, it's worth the effort to do preventative maintenance, too. Check your HVAC systems and electrical connections each year. Along the same lines, have a qualified plumber look at your pipes and water heater to ensure everything is functioning as it should.
Make updates to interior spaces, as well. Refresh a bathroom or replace dated floors. Even a fresh coat of paint on the walls can work well to brighten spaces and make them feel bigger.
A well-maintained property will make a good first impression on potential tenants. They'll be more likely to think that you're a responsive property manager who runs a professional operation.
Focus on Strong Property Marketing
A good real estate marketing strategy can help build your audience. Marketing relies heavily on visuals, so you'll need to start your efforts with good photographs of your property.
Consider outsourcing this responsibility to a professional. They'll know how to create compositions that make rooms look spacious and inviting. They'll also have the know-how to capture architectural features and highlight your property's best amenities.
Video walk-throughs and drone videos are good visuals to complement photographs. You'll help tenants envision themselves in your property. High-quality visuals will communicate that you're a professional.
Post your pictures and descriptive prose on reputable housing sites. Provide contact information and use SEO to your advantage to attract more attention if you have a website.
Choose Competitive Prices
What are comparable properties in your area charging for rent? It pays to do some market research before setting prices. You don't want to set prices that are too high or too low.
Going too low could mean you're not profiting from your property. But going too high could mean you lose out on prospective tenants. You'll want to find a sweet spot and be willing to negotiate to secure good applicants.
When it comes to property management strategies, don't overlook the value of incentives, either. Sweetening the deal with free covered parking or a free month of rent can go a long way.
Other options include providing upgrades to appliances or carpets. These are offers that can show tenants you're serious about creating a welcoming and homey environment for them.
Consider doing incentives like short-term lease options or seasonal promotions. It may be more challenging to find new tenants during the winter season, for instance. Run a promotion where you cut rent or waive utilities to try to elevate your property above the completion.
Streamline Your Screening Process
Finding a tenant who is a good fit for your property doesn't have to be hard. In fact, potential tenants will appreciate having a simplified and efficient screening process. After all, they may be in a hurry to locate a new place to call home.
Standardize your screening process so it's the same for each applicant. Create an online application that applicants can fill out from your property's website. Set minimum requirements to ensure you're getting applicants with the means to pay rent during a lease period.
Collect information about an applicant's income, credit score, and job history. Look at their criminal and rental history, too, as part of the vetting process. And reach out to past property managers or employers for a more in-depth review of a potential tenant.
Speak with applicants in person, too. You'll be able to verify that their application information is true. You can talk about pets, the number of occupants, and other details that could impact their rental price.
Use Tenant Portals
Finally, use technology to your advantage. You'll be able to stay organized as a Kansas City property owner when you have software. You can manage payments, vacancies, and your overall financial picture.
Tenants will appreciate being able to pay rent online through a portal at any time of day. They'll also like being able to make maintenance requests and check for updates. A portal makes it easier to see a record of all payments through a lease period, too.
As the property owner, you can send notices or updates to residents using software. For example, you may need to shut off water or restrict parking for a few days due to maintenance. Sending a note to all residents with the click of a button is the easiest way to spread the word.
A portal makes communication easier when you're trying to reach tenants after hours. You can track financial data and you can flag upcoming residents for lease renewals so you can reach out before they consider moving elsewhere.
Your property manager can oversee this information, too, to make your life easier. Hiring a property manager to tackle the day-to-day tasks frees you up to focus on other responsibilities or jobs. Even better, you'll have the time to work on expanding your real estate portfolio.
Attract the Best Tenants
With strategies like focused property marketing and competitive prices, you'll be able to garner interest from potential tenants in a tough market. Use a comprehensive but streamlined application process and set competitive prices. Interview potential tenants, spruce up your property's exterior, and use software to stay organized.
At Oz Accommodations, we've been Kansas City's leading property management team since 1992. We have the expertise and local market knowledge to help you gain the most from your property investments. Contact us today to learn more!
