Turn Key Asset Management

Your Home Is Where Our Heart Is

Marketing and leasing are essential components of property management that focus on attracting and retaining tenants. Effective marketing strategies minimize vacancy periods, while efficient leasing processes ensure that rental agreements are successfully negotiated and renewed. Here's an expanded look at each element:

Property Marketing

Property marketing involves promoting available rental units to attract potential tenants. A well-executed marketing plan ensures that vacancies are filled quickly with qualified tenants. Key strategies include:

Online Listings: Utilizing popular rental websites and online platforms such as Zillow, Apartments.com, and Craigslist to list available units. These listings typically include detailed descriptions, high-quality photos, virtual tours, and information on rental terms and amenities.
Social Media Marketing: Leveraging social media platforms like Facebook, Instagram, and LinkedIn to reach a broader audience. Social media marketing can include targeted ads, property highlights, tenant testimonials, and community engagement.
Local Advertising: Placing ads in local newspapers, community bulletin boards, and local real estate publications. This approach targets potential tenants in the immediate area who may be looking for housing.
Signage: Installing “For Rent” signs on the property, which can attract the attention of passersby and local residents who may be interested or know someone who is.
Referral Programs: Encouraging current tenants to refer friends or family members by offering incentives such as rent discounts or cash bonuses for successful referrals. This can lead to quicker occupancy with trusted tenants.
Open Houses: Hosting open house events to showcase the property to multiple prospective tenants at once. Open houses can generate interest and create a sense of urgency among potential renters.
Search Engine Optimization (SEO): Optimizing online listings and the property management website with relevant keywords to ensure they appear in search engine results when potential tenants are looking for rental properties in the area.

Showing Properties

Showing properties is a crucial step in the leasing process, as it provides prospective tenants with a firsthand look at the rental unit and an opportunity to ask questions. Effective property showings can significantly influence a tenant's decision to rent. The process includes:

Scheduling Showings: Coordinating convenient times for property showings, accommodating the schedules of prospective tenants. Property managers may offer flexible hours, including evenings and weekends, to maximize availability.
In-Person Tours: Conducting guided tours of the property, highlighting key features, amenities, and the surrounding neighborhood. During the tour, the property manager can answer questions and address any concerns the prospective tenant may have.
Virtual Tours: Offering virtual tours or video walkthroughs for prospective tenants who cannot visit the property in person. Virtual tours have become increasingly popular and can be a critical tool for attracting out-of-town renters.
Staging: Preparing the property for showings by ensuring it is clean, well-lit, and aesthetically appealing. Staging may involve arranging furniture, adding decorative elements, and making minor improvements to enhance the property’s appeal.
Follow-Up Communication: After the showing, property managers often follow up with prospective tenants to gauge their interest, answer any remaining questions, and provide additional information about the application process.

Lease Renewals

Lease renewals are an essential part of tenant retention, helping to maintain occupancy rates and reduce turnover costs. Effective lease renewal management includes:

Monitoring Lease Expiration Dates: Keeping track of when leases are due to expire and initiating the renewal process well in advance. Property managers typically start this process 60 to 90 days before the lease ends.
Renewal Proposals: Sending renewal offers to current tenants, which may include updated lease terms, rent adjustments, and any changes to property rules or amenities. The proposal is often accompanied by a letter highlighting the benefits of renewing, such as stable rent, continued access to amenities, and avoiding the hassle of moving.
Rent Increases: Evaluating market conditions and property expenses to determine if a rent increase is warranted. Property managers balance the need to maximize revenue with the risk of losing tenants due to higher rent. When proposing a rent increase, they often justify it by highlighting property improvements, rising maintenance costs, or increased market demand.
Negotiation: Engaging in discussions with tenants who may have concerns about the renewal terms or rent increase. Property managers may negotiate terms such as the length of the lease, rent discounts, or additional amenities to secure a renewal.
Lease Signing: Once the renewal terms are agreed upon, the property manager prepares the lease renewal agreement, ensuring all legal requirements are met. The tenant then signs the new lease, and the property manager updates their records accordingly.
Incentives for Renewal: Offering incentives such as a month of free parking, a reduced security deposit, or upgrades to the unit (e.g., new appliances, fresh paint) to encourage tenants to renew their lease. These incentives can help retain tenants who might otherwise consider moving.