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Decrease Vacancy With Creative Leasing Strategies

Decrease Vacancy With Creative Leasing Strategies

Looking to decrease vacancies at your Fort Walton Beach property? If so, you should focus on making the most of the rental leasing season.

In residential terms, the leasing season lasts from May through September. This is when you'll see most tenants looking for a new place. Ensuring your unit is worthy of this attention can help you avoid unnecessary stress.

Not sure how to present your property in the best light possible? Read on for a list of leasing strategies every Florida landlord should know!

Create Enticing Listings

In 2024, having polished listings is essential for finding tenants. Provide detailed unit descriptions and make your photos and videos more enticing. Hiring a professional photographer can help you with the second part!

Your listings should make note of your neighborhood. The closer you are to one of Fort Walton Beach's many attractions, the easier it will be to attract leads. Check your competitors' listings for ideas on what to highlight.

Spruce up Your Property

Take a look at your property from the perspective of a potential tenant. Are there any cosmetic improvements that can make a difference in the unit's appeal? Are you taking care of your maintenance responsibilities?

Also, see what amenities your applicants are looking for when inquiring about your unit. This could be anything from a recycling program to self-service package access. If it adds value to your property, consider investing in it.

Stay on Top of Pricing

Another good way to decrease vacancy rates is to have a solid pricing strategy. If you price the property too high, you risk losing leads to your competitors. If it's priced too low, your return on investment (ROI) will suffer.

To ensure your property is in the sweet spot, invest in a rental comparison. For best results, only compare your unit to similar units in your area. Your pricing should also reflect the current market conditions.

Update Screening Processes

Housing discrimination has been a major issue lately. To avoid getting into hot water, make a list of objective criteria to sort through applicants. This list can't include protected statuses like race, religion, gender, and so on.

Chances are, this will make your screening process more time-consuming. A good way to address that is to rely on technology to simplify the process. This will save you from manually verifying each applicant's information.

Respond to Leads Quickly

Leasing season often leaves landlords overwhelmed by calls and emails. At the same time, most leads will demand an answer within 24 hours. If you can't get back to them in that time, you risk losing them forever.

This is where hiring a rental property management service comes in handy. These services tend to have dedicated teams that respond to all inquiries 24/7. They also provide the human touch that AI chatbots lack.

Rental Leasing and You

Even if the rental leasing season isn't upon you yet, it's never too early to optimize your processes. The above guide will help you prepare for any eventualities!

Interested in rental property management services in Fort Walton Beach? At All American Realty and Investment Group, we use a data-informed approach to help you make key decisions! Contact us here for a free rental analysis!