According to Redfin, Florence is one of the most affordable places in Alabama. When cities and regions start making lists like these, they often see a big influx of new residents, which is great news for property investors. What should you do to prepare?
Finding and keeping great tenants starts with a strong leasing management strategy. Today, we're going to talk about:
- Using clear and compliant leasing language
- Screening tenants
- Maintaining great tenant relations
Read on for three essential tips that will improve any leasing strategies.
1. Review Your Lease
The first of our property leasing tips starts with the lease itself. Consider conducting an annual property valuation to ensure your rental price reflects the current market. Raising rent annually may seem intuitive, but it could hurt your competitive edge if you overprice similar properties in North Alabama.
Next, take a look at the language you use. Make sure it aligns with Alabama tenant and landlord rights, which you can review using this NOLO outline.
Finally, check for clarity. Your lease should clearly state things like:
- Rules tenants must abide by (e.g., not painting the walls)
- When rent is past due
- Repercussions for late rent
A strong lease can help tenants meet requirements and avoid issues with their landlords.
2. Find the Perfect Match
Once you've completed the lease optimization process, it's time to start looking for great tenants. This involves thorough tenant screening, including:
- Credit checks
- Rental history assessments
- Criminal background checks
Once again, you must abide by the law during the tenant screening process. For example, applicants must provide informed consent before you conduct a criminal background check.
A great leasing management company can not only screen tenants for you but also provide eviction protection for any tenants they personally screened.
3. Keep Tenants Happy
Alabama tenants have high standards when it comes to forming positive relationships. A little Southern charm can go a long way toward making tenants feel welcome and encouraging them to renew.
Fostering tenant satisfaction also requires tenant-friendly policies. For example, allowing tenants to have pets can set you apart from competitors who alienate pet owners.
Finally, show tenants you care with efficient property management. That means:
- Answering tenant calls and emails promptly
- Providing a designated phone number for 24/7 emergency maintenance
- Streamlining non-emergency maintenance requests with a tenant portal
When tenants know that they can rely on their landlord, they're going to think twice before finding a different rental in North Alabama.
Need Leasing Management Help in North Alabama? Call Your Local Experts at Stutts
We're fit for an influx of new residents here in Florence and surrounding areas thanks to recent polls on affordability. Now is a great time to get your leasing management strategy in order so you can attract the best of the best in the next wave of renters.
Thanks to our great track record, Stutts Properties manages the most properties in North Alabama of any property management company. From our legal expertise to our constant data analysis to our tenant-focused approach, we keep both investors and their tenants happy. Get started with a free consultation.
