Need to lease out your Long Island property faster?

Being able to quickly fill new units, or replace exiting tenants swiftly can make all this difference in your profits, ability to pay your own bills, like your annual property taxes, or even being able to keep your home or commercial property. 

Check out these tips for speeding up the process.

Know Your Ideal Tenants

The better you know your ideal, and most likely tenants, the faster you can be at connecting with them, and helping them make a quick decision to lease your place. 

Know if you are prioritizing financial strength, long term tenants or rates, values, or something else. 

Once you know who they are you will know where to reach out to them, and the best messaging to hook them. 

Pricing

Just like selling a property, leasing often comes down to pricing your property right too.

If you are in a hurry, you may need to lower what you are asking. Many vacation rentals have already had to slash their rates by half this year. With mortgage rates back up to their highest since right before the Great Recession, and housing affordability at its worst in four decades according to Bloomberg, people and businesses are choosing to rent to save money. 

Consider New Terms

If you need to lease faster, consider new terms. That may include making extra payments each month instead of a large upfront security deposit. Or it may be offering a multi year lease with modest price hikes that will give tenants confidence they won’t have to move out again in a year.

Lower Barriers To Entry

If you can afford to wait years without leasing your property then you can be very selective with tenants. Though, even then you really never know what the outcome will be. Just look at how even Twitter has defaulted on their rent. 

Lowering the barriers to entry may include eliminating formal applications and application fees. It may be more lenient on background checks, even where it is still currently legal to use them. It may be looking at their overall credit management versus short term issues or just the credit score. Or accepting tenants who are willing to pay all cash upfront for their lease instead of worrying about getting other evaluations right. 

Lower Your Property Taxes

If you will be passing on annual property tax bills to tenants, then challenging and reducing your property taxes can make your property much more attractive than the competition. 

Or if you are covering the taxes, this will enable you to make more net profit, and higher yields, with more yearly cash flow. Or to reduce your lease rates without having to impact your net profit.