Norada Real Estate Investments says that the rental property market in Chattanooga, TN shows potential for growth. However, that doesn't necessarily mean that properties are filling up with tenants.
The reality is that as a landlord, you'll still face vacancies. And with every empty rental, you'll lose out on income, which can hinder your financial growth.
To prevent this from happening, landlords must adopt better rental leasing strategies, and you can too. Keep reading to see vacancy reduction tips you can use in Chattanooga.
Enhance Your Online Presence
According to the Pew Research Center, 96% of American adults use the internet, so if you don't have an online presence already, then you're missing out on a significant amount of potential renters.
In your online listings, use professional photos and videos to showcase your property. Make sure to include scenic Chattanooga backdrops to entice people further.
You should also leverage platforms like Facebook Marketplace and local forums. These will help you reach more potential tenants.
Highlight Chattanooga's Unique Appeal
Simply including local backdrops in your photos and videos isn't enough. In addition, you must highlight local attractions that are irresistible, such as:
- The city's vibrant arts scene
- Lookout Mountain
- Tennessee Riverwalk
People will be looking at Chattanooga rental properties for work too, so it's good to promote your proximity to major employers. For example, there's Volkswagen and BlueCross BlueShield of Tennessee.
Have Pet-Friendly Policies
People consider their pets as part of their families, and they're reluctant to leave them behind. So one of the best leasing strategies in Chattanooga you can use is to have pet-friendly policies. On top of allowing pets on your property, consider waiving pet fees and deposits.
There are several pros and cons if you choose to do so, but overall, it should be a positive experience, especially if you carefully screen your tenants. It's also one of the top tenant retention tactics, meaning you'll keep current renters while attracting new ones.
Use a Property Management Service
It's incredibly difficult to keep up with rental leasing strategies; your work-life balance may crumble. To avoid this, hire a property manager to handle your rentals.
An experienced manager will know the local market, so they can tailor their strategies to attract the ideal tenants. Not only that, but they can also help you with tasks like rent collection, maintenance, and evictions. You can be a hands-off landlord and enjoy more personal time with loved ones.
Say Goodbye to Vacancies With Our Rental Leasing Tips
Rental leasing can be a challenging subject to grasp, even if you're a seasoned landlord. Needs and demands change over time, and you must adapt to stay ahead of the curve.
You don't have to do it alone though. By utilizing a property management company's resources, you can maximize your income without much effort.
Get in touch with us now to see what we can do for you. PMI Chattanooga guarantees that we'll find a new one for free if a tenant doesn't stay for at least nine months of a lease term.
