According to data collected from Zillow, the median rental price in New Mexico is $1,700 a month. Is your rental priced accordingly?
Although it's not a one-size-fits-all, your rental should somewhat match the competition's. This works to keep your price competitive.
Aside from pricing, there are other ways to adopt efficient rental leasing strategies. From maintenance to customer service, this article explains what you, as a landlord, need to know.
1. Be Priced Competitively
Do some market research to determine what comparative rentals are priced in your area. This helps you to price your rental so it has broad appeal competitively.
Yes, you want to make a decent profit on your rental property, but you also want to decrease the vacancy rate so you have a steady rental income. Look at the current going rates for rental properties and set a similar price. Consider altering your rent accordingly if you have more amenities than your competition.
2. Keep Your Vacancy Rate Low
Some of the best property management tips include keeping your property occupied at all times, if possible. One of the best ways of doing this is by showing your tenants that you respect and value them. When your tenants share feedback, actively engage with them and keep lines of communication.
When you treat your renters with respect, they'll be more likely to renew their lease agreements. Additionally, invest in a thorough tenant screening process to help secure the best tenants who will pay their rent on time and treat your property respectfully.
Once you find good tenants, take steps to keep them as your renters. This includes offering incentives such as a rental discount or possibly upgrading their property if they stay for a specific length of time.
3. Spend Money to Make Money
One of the best rental leasing strategies is to invest time and money into your property. You can do so in several ways:
- Maintain your property's interior
- Keep on top of repairs, especially when tenants report them
- Routinely maintain your property's exterior
You don't have to break the bank to maintain your property. There are several small ways of sprucing the place up without spending an inordinate amount of cash.
For example, you can:
- Mow your lawn
- Put new mulch down
- Keep sidewalks clean and clear from debris
- Paint your rental property's interior
- Paint your rental property's exterior
- Plant flowers
- Upgrade outdated appliances/add new ones
If you don't have the time to make these repairs, you can always hire a property management company in Albuquerque, NM to help.
When you keep your rental property in good condition, you can boost your rental income. You're letting tenants know that you're attentive to their needs and keep your property in tip-top shape.
The Best Rental Leasing Strategies
Most rental leasing strategies are simple for property owners to integrate. Keeping your property looking its best, demonstrating exceptional customer service to tenants, and keeping your rental competitively priced are all excellent ways of securing renters for the long haul.
However, it's always great to have help, and PMI 4U is here to help you manage your property, working with you as a landlord. Complete a free rental analysis today to see how much you could charge for your Albuquerque, NM rental.
