Landlords in California are increasingly offering rent concessions to attract renters. This rise reflects the increased rental vacancy rate. In California, about 4.1% of rental properties are empty (up from 3.8% a year before).
If your Livermore, CA property is sitting vacant, you'll lose thousands in rental income each month. Before that happens, use these creative leasing strategies. Boost your occupancy rate and generate passive income today!
Improve the Curb Appeal
If your Livermore rental property is falling apart, you'll never attract new renters. First impressions matter, on and offline. Before updating your listing, enhance the property.
Choose upgrades that will boost the property's desirability and value. For example:
- New kitchen appliances
- Hardwood floors
- Backsplash
- New kitchen cabinets
- Smart home technology
- Energy-efficient windows
Investing in curb appeal will help the property make a strong first impression. You only have one-tenth of a second; make it count! Consider ambient lighting, vibrant flowers, or a fresh coat of paint.
After making these changes, hire a professional real estate photographer. High-quality images will attract potential renters. Otherwise, they may never give the listing a second glance.
Use search engine optimization (SEO) to help the listing appear in front of Livermore renters. When they search for available properties, yours could appear.
End the listing with a compelling, urgent call to action. Encourage renters to see your beautiful property in person. Ask for their email and use email marketing to nurture your leads.
Offer Competitive Rental Rates
Before listing the property, complete a rental analysis. Research local rental properties. Make a note of the amenities and special features they offer.
Completing a rental analysis will ensure you price the property competitively. Otherwise, it won't entice renters. You'll lose the chance to generate more passive income if the price is too low.
Use incentives to attract potential renters. These include a month of free rent or discounted security deposits.
Create an Online Presence
Help your rental property stand out online using digital marketing strategies. These include:
- SEO
- Paid advertising
- Virtual and video tours
- Email marketing
- Social media marketing
- Influencer marketing
Talk to your existing renters. Create a referral program to attract new tenants using their referrals. Share five-star reviews from your current tenants to encourage new renters to apply.
Hire a Property Management Company
You don't have to develop your leasing strategy alone. Instead, consult an experienced property manager. Choose a full-service property management company that can help with:
- Marketing
- Tenant screening
- Accounting
- Rent collection
- Maintenance and repairs
Their services can make your rental property a more desirable place to live. You can leverage their expertise to use proven, results-driven strategies.
They can even help you select reliable tenants you'll want to retain beyond one leasing cycle. Retaining tenants can improve your income and occupancy rate.
Update Your Rental Leasing Strategy Today
Developing a thorough rental leasing strategy can help you attract new renters. Use these effective tips to boost your occupancy rate. Otherwise, outsource.
PMI Alameda County is part of the fastest-growing property management company in the US. We'll use proven strategies and technology to maximize your owner profitability.
Rely on our 20 years of industry experience and expertise. Contact us today to attract new tenants.
