In today’s low interest environment, many potential tenants are jumping straight to homeownership. You can argue that a landlord’s biggest completion is the Federal government who acts to foster home ownership — this creates stable communities, but tightens the rental market. In order to complete for the market rent, a landlord must aggressively market their vacancies to attract and retain tenants. Below are helpful tips I have used to lease apartments in today’s competitive market.
1)The listing should be detailed and include all the necessary fees and requirements needed to apply for the apartment.
Utilizing online applications and signature software goes a long way to cut down on busy work. New Haven Landlords are facing extreme pressure on their bottom line, outsourcing or streamlining as much busy work as possible is key to the new environment that we face.
2)Utilize the MLS. The best thing about listing a unit with an agent is that it that you can leverage the broker community.
Showing a unit is a tedious and menial task, outsourcing it is a wise choice. The commission is tax deductible and further shelters income. As a landlord, I list my own rental properties on the MLS — this leads to better tenants, less down time, and a general efficiency that I strive to replicate in all parts of my business. Agents from across Connecticut are willing to show rental properties in New Haven.
3)Price the property right.
Understand that the New Haven rental market is more competitive than the last time you leased a unit. Conveying to my clients that a dated kitchen or bath will negatively impact the rental amount of the unit is a challenging yet necessary conversation.If a landlord is unwilling to make a large capital investment in improving the space, the best —and easiest —alternative is to lower the price. Pricing a unit properly will solve most problems.
4) Stand out to get outstanding tenants.
Great tenants are absorbed quickly. Who wouldn’t want a creditworthy tenant? At Farm River Property Management we market our properties on as many channels as possible, utilize professionals photography and virtual tours, and we streamline the showing and application process with digital tools designed to create a seamless experience. Applicants are always impressed with the ease with which they can schedule showings and submit applications. These investments attract savvy tenants and reduce vacancies and eliminate no shows. Renting an apartment is a time consuming tasks. Stringent screening can lead to better tenants, higher income, and lower costs. Trading a vacant property for a bad tenant, doesn’t solve a problem it merely creates a new one. There is no excuse for not vetting tenants.
6)Competition is a teacher.
Competitive teaches us that a dated apartment will not get the market rent. Competition teaches us that growth for growth’s sake is not a valid tactic. Competition teaches us that properties that are proximate to employment centers and public amenities yield higher rents. Competition teaches us that responsiveness is the most important tactic we can utilize to drive traffic to vacancies. Competition teaches us that competing on amenities is important yet the amenities need to reflect the demand of the market.
7) Accommodate current tenants to avoid vacancies.
Some of my most successful clients have taken a very responsive approach to tenant issues. This creates a better overall experience and in the long run reduces vacancies. Dealing with tiny issues can save time and money in the long run. At Farm River Property Management we have a 24/7 call center that can address all issues.
Matthew Hughes is the Broker/owner of Farm River Property Management LLC. Matthew works with landlords and property owners to create value in today’s competitive real estate market. His business provides full services property management, brokerage and leasing services. He has personally marketed over 160 properties in Greater New Haven area. His website is www.frpmllc.com