As Austin and the nation continue to rebound from the pandemic, the local real estate rental market is poised for growth. There are several positive developments happening in the area, right now, including the fact that Austin’s rental vacancy rate is less than half of the national average.
The Motley Fool reported that the limited supply of rental inventory in Austin is making it easier and quicker for landlords to find tenants. It attributes this to Austin’s hot job market – one that is driving renters to our city from other parts of the country. Based on data it gathered from the fourth quarter of last year, up to 18% of those fleeing San Francisco have relocated to Austin.
While the local economy is looking good for landlords and real estate investors, there is still the need to stay competitive. Taking the time to make a positive, first impression on prospective tenants can result in more signed leases, fewer vacant rental properties, better time management, and other advantages.
Strategies for Effective Property Staging
Attracting desirable, long-term renters begins with showing your rental units in their most positive light — both literally and figuratively. As is the case with real estate sales, using a few basic principles of property staging can be a powerful marketing tool. Here are six strategies which can help you outshine the competition and win over more tenants.
- Cleanliness can make or break a rental property presentation. If you currently have a tenant residing there, a simple request will hopefully prompt them to get their house or apartment in good condition for the showing. If the rental until is vacant, it may pay to have a professional maid service give the rooms a thorough cleaning. As a side note, prospective tenants who are favorably impressed with cleanliness are often the ones who will keep your property looking neat and well maintained. Those are the ones you want!
- Maximum lighting, especially natural light, can make living space appear more cheerful, appealing, and attractive. Opening curtains and blinds before showing rental property helps create a positive impression. If you are posting photographs online, well-lit rooms will generate more inquiries and interest than dark or shadowy pictures.
- Reducing clutter can make rooms look larger, more inviting, and cleaner. Depending on the habits of your current tenants, it may be necessary to diplomatically ask them to put a couple items in storage areas. (Working to maintain good tenant relations pays off when you need to make these potentially awkward requests!)
- A fresh coat of paint – preferably a neutral color – upgrades the appearance of any living space, and creates a fresher, cleaner-looking environment. It also sets a high standard for the condition you expect the tenant to maintain. (On the other hand, scuff marks, dusty corners, and grimy surfaces have the opposite effect.)
- Furniture placement can also have an impact on first impressions, although if the furnishings belong to a current tenant, your options may be limited. A good rule of thumb is that uncluttered furniture arrangements that are conducive to socializing, entertaining guests, and having conversations are generally appealing to prospective tenants.
- Curb appeal, which includes everything from the condition of the front lawn to the appearance of the outside of the building, is also worth considering when trying to boost the marketability of your rental properties.
For more property management tips, contact us or check out some of the informative online articles we’ve posted. We also invite you to book a free consultation to learn about efficient ways to handle tenant screening, marketing, rent collection, and property maintenance.
