According to data from the US Census Bureau and HUD, the rental vacancy rate in Washington is 4.2%. If your rental property in Bothell, WA is vacant, you could lose thousands in potential earnings each month. A strong rental leasing strategy can boost your occupancy rate and ROI.
As your ROI improves, you can invest in other rental properties to expand your portfolio. Not sure how to reduce vacancy rates and retain tenants? Read on for our effective leasing tips today!
Understand the Bothell Rental Market
Research the local rental market to recognize trends. For example, what amenities and features are renters searching for? Consider cost-effective upgrades that will improve your property's value, including:
- New floors
- Backsplash
- New kitchen appliances
- Energy-efficient upgrades
- Smart home technology
- Improved landscaping
- New light fixtures
Talk to your current tenants. Gather their feedback to make informed improvements to your properties. Meeting and exceeding their expectations can lead to more lease renewals, improving your earning potential.
Work with an experienced property management company to complete a rental analysis. You can adjust your rental rates to be more competitive.
If your rates are too high, you'll deter potential renters. Your current renters may leave if the increase exceeds that of similar properties. Set the rent too low and you'll lose money.
Leverage Rental Property Marketing
Start finding great renters in Bothell by marketing your available listings online. Use a comprehensive digital marketing strategy that includes:
- Paid advertising
- Content marketing
- Search engine optimization
- Social media marketing
- Email marketing
When creating content, consider sharing both virtual and video tours of each property. These posts will engage potential renters. If they like what they see, they may schedule a tour in person.
Nurture Relationships
Nurture relationships with your tenants the moment they move in. Give them access to an online tenant portal. This will consolidate communications, ensuring you remain responsive.
When speaking with tenants, be patient and professional. Consider hiring a property manager to engage tenants on your behalf. Improving tenant satisfaction rates can lead to more lease renewals.
Reduce Vacancy Rates
Reduce vacancy rates by incentivizing lease renewals with:
- A free month of rent
- Gift cards
- Smart home technology
- Enhanced security
- Better parking
- Energy-saving appliances
Remember to meet and exceed your tenants' expectations. They'll want to stay knowing you're a reliable, helpful landlord.
Invest in Property Maintenance
Schedule routine inspections and complete property maintenance without delay. Keeping your properties in good shape will improve satisfaction rates. Otherwise, tenants may decide to take legal action if you're being neglectful.
Gather Expert Strategies for Landlords
Instead of applying these tips alone, request strategies for landlords from an expert team. Work with a full-service property management company. They'll handle maintenance, tenant relations, and more to keep your tenants happy.
Establish Your Rental Leasing Strategy
A strong rental leasing strategy can help you find and retain tenants in Bothell, WA. Use these strategies to gain a competitive advantage in today's rental market. Otherwise, ask for help!
At PMI Equitas, we're committed to enhancing and adding value through honesty, integrity, and accuracy. Trust our award-winning services and state-of-the-art technology. Contact us now for your free rental analysis.
