10 Tips for Landlords & Property Managers to Keep Residential Rental Properties Occupied in 2011As more and more home owners find themselves unable to sell their home they are forced to become landlords. With this increase of available rental units some residential property managers are feeling the pinch. Property managers & owners are facing one of the worst markets in three decades due to job losses, down real estate market, in short the economy. With this increase of rental availability comes more challenges for property managers who find themselves faced with higher turn-over, vacancies and decreased rents. The prediction was… it would all be behind us going into 2011; however some are saying they do not see an end in sight.
This is causing most landlords, property manages and property management companies to become very aggressive with their marketing strategies.
What some are doing to remain competitive:
They are focused on keeping their properties occupied by becoming more flexible and adjusting to the market. Some strategies implemented by veteran landlords, property managers and property management companies are:
1. Adjusting rents to market
2. One Month Free Rent with a 12-month lease
3. Discount on First Month’s rent
4. Staggered Security Deposit Payments
5. Freezing Rent
6. Lowering rent to keep “Good” tenants who are considering moving
7. Forgive certain poor credit issues, i.e. those caused by recent foreclosure
8. Waiver on lease application fees
9. Waiver on Pet Deposit
10. Give all New Tenants the 100% Deposit Return Guarantee: That’s right, it is easy and doesn’t cost you a dime. A lot of property managers are already offering this Guarantee and loving it. No more being caught in the middle between the tenant and owner, no more threats of litigation, no more DEPOSIT DISPUTES. Call PMIS or Visit us on the web @ www.pmisinspections.com to learn more.
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