If you've invested in a few properties in Merced, CA, you have a fantastic portfolio that can bring you lots of rental income! Housing prices are higher than the national average, which means you can find tenants without much hassle.
However, if you have multiple vacancies, you might have the issue of keeping them all occupied simultaneously. So how do you decrease vacancy for all your properties?
This guide will show you a few creative rental leasing approaches to help decrease vacancy and increase rental income.
Here's what you should try:
Lease Enforcement
The first step is to ensure lease enforcement for all your tenants. While tenants may sign an agreement, you may still have to enforce the rules.
Make it clear to any potential tenants that you expect them to honor their contracts. This will help you filter out any candidates who are otherwise irresponsible.
You can also only offer your properties for long-term rentals. Consider only promoting your properties to tenants willing to sign one-year contracts at a minimum.
Make sure you also familiarize yourself with California rental laws before preparing your contract.
Offer Discounted Security Deposits
One way to attract tenants is to offer a discounted security deposit. Most tenants have to pay a deposit and first month's rent in advance.
You can find more candidates if you offer a cheaper security deposit. However, make sure you also ask for proof of income before signing the lease agreement.
You must ensure that any potential candidate has sufficient cash flow to pay your rent.
Hire a Property Manager
The final step is to hire a property management company. They'll handle many of the tasks related to running your properties.
They can help you promote your properties. They'll add your properties to all the popular listing websites. They can also use social media platforms for marketing. Property managers also have a large network of tenants whom they can recommend.
Property managers also play a key role once you've rented your properties. They can communicate with your tenants to take care of their needs and resolve conflicts.
Property managers also arrange for your property's maintenance needs. They'll schedule rental property inspections. They can arrange for cleaning services.
You can also depend on them to have a wide network of contractors. If there are any issues with the electricity, plumbing, roof, etc., they can call the appropriate contractor. They're a crucial service for all landlords who want to decrease vacancies!
Succeed With These Rental Leasing Approaches
Now you know the best methods to ensure your rental leasing process goes smoothly!
You have to enforce your lease from the get-go. Make sure you learn the local laws before preparing your lease agreement.
You can also offer a cheaper security deposit to potential tenants. This can attract a wider pool of candidates. If you hire a property management company, they'll handle many of the challenging tasks for you.
Where do you find such a company? Chosen Property Management is the best in the business! Reach out to us to learn more!
