In 2023, Arizona's average rental vacancy rate was 7.7%, which is relatively low. Vacancy rate is something you watch if you own rental properties. After all, every vacancy equivocates to lost income.
When you struggle with a high vacancy rate, you could hire a leasing management company. Leasing management is a valuable service for landlords and covers several crucial services.
Continue reading to learn what leasing management includes and the benefits it provides.
Key Services Offered Through Leasing Management
Leasing management is a branch of property management specializing in finding tenants for unoccupied rental properties. This service includes:
- Posting ads to attract tenants
- Accepting applications
- Performing tenant screenings and background checks
- Showing apartments
- Negotiating lease terms
- Preparing and signing leases
Leasing managers strive to fill every vacant unit quickly with a great tenant. They can also help you keep great tenants by providing additional services.
Benefits for Landlords
As a landlord, you have an investment portfolio and have probably worked hard to acquire it. Therefore, you want to care for the properties and earn as much income as possible.
Hiring a leasing agent can help in several ways:
Boosts Income
First, you'll increase your income if you reduce your vacancy rate. In addition, improving your tenant quality also boosts income because great tenants pay their rent on time. A steady income is essential for landlords.
Follows Laws and Regulations
The leasing company knows and follows Arizona landlord-tenant laws. As a result, you'll avoid legal issues.
Handles Tenant Relations
Additionally, the leasing company handles tenant relations. This means the tenants will call the leasing agent when they have issues. The leasing company addresses each call providing resolutions for the problems.
Choosing the Right Leasing Management Company
You must complete a few steps to hire the right leasing management company. You may also decide to hire a property manager to handle other services, such as repairs and maintenance.
To do this, look for property management companies in your area and research them. Look at their experience, specialties, and reputation. Read the reviews to see what people think of the company.
Next, talk to the companies to determine their communication styles and expertise. Make sure the company is transparent with the answers they offer.
Finally, talk about costs. Find out how the fees work and ask about the contract length.
When you find the right company, sign the contract and let them get to work. Their services will help you fill your vacant units and generate more income.
Increase Your Income With the Right Steps
Leasing management is a specialized service for landlords. It's ideal for landlords who need help filling vacant units and increasing rental income.
Keeping your units occupied will help your business succeed, but it's not a simple task. You might benefit from hiring an experienced company.
LHM Reality is a premier property management firm in Phoenix. We strive to make tenants feel valued by providing exceptional services. We can take the work off your shoulders and help your business thrive.
Get in touch with us to learn more.
