San Antonio consistently ranks highly on the list of Texas' most competitive rental markets with low vacancy rates. Yet, the lease renewal rate is only just above 50% in this city.
That shows that tenants are constantly shopping around for something better. So, if you own an investment property in this thriving city, you need to get your property marketing up to scratch if you want to take advantage of this situation.
These are the best tips to help you attract tenants in this complex market.
1. Precise Property Pricing
Don't price your property out of the market. A detailed rental analysis is one way to ensure you're charging a fair price.
You do this by comparing similar rental properties in the area and adjusting your rental price depending on any extras or comparative shortfalls your investment home may have.
Incentives also work well when you're searching for new tenants in a difficult market. Some things to consider include:
- A reduced security deposit
- No application fee
- A move-in allowance
- A month's reduced rent or no rent
Allowing pets in your rental property is another way to increase interest. Careful tenant placement background checks may allow you to charge a low pet deposit to help your rental home stand out.
2. Consider Upgrades and Renovations
Another way to draw attention to your rental property is by installing attractive conveniences like smart home technology, free Wi-Fi, and remote security systems.
Tenants appreciate cost-saving features like solar power and low-flow plumbing fixtures, too. Exterior improvements like a fresh coat of paint or attractive landscaping can help create a great first impression during tenant showings and for online advertising.
A swimming pool is an expensive addition that can appeal to some homeowners. Others might think it's more trouble than it's worth.
3. Embrace Online Property Marketing
In modern times, people shop for everything online, including their next rental home, so it makes sense to advertise your rental property where most people are likely to see it.
To get started with this process, you need two things:
Spruce up your property or consider staging it for a professional photoshoot. These images will help showcase all the best aspects of your property to online audiences on reputable platforms like Zillow and Trulia.
Zillow alone has an average of 200 million unique users every month.
An Appealing Description
You must describe your home in a way that both entices interest and provides renters with the information they need to make a decision.
An eye-catching, concise headline should highlight any key attractions the home has, and the rest of the description should help potential tenants visualize what it's like to live in the home.
Other creative listing strategies include virtual video walk-throughs and 3D presentations to attract views and create interest.
Get Professional Help
PMI Profit Realty can help your San Antonio property stand out in a competitive market. We offer expert property marketing and management services, including tenant screening, property inspections, and maintenance.
We are part of the PMI franchise, with over 20 years of refining and improving property management across the USA.
Reach out to us to discuss your San Antonio property management needs.