The 4 Biggest Leasing Mistakes That Will Kill Your Profits This Year.

As the competition for tenants heats up this spring, it is critical for you or your property manager to employ leasing strategies that are optimal for the greater Richmond region - especially in this economic climate. Avoiding the 4 biggest leasing mistakes outlined below will help to ensure your residential property is leased quickly, to minimize down time, and lose as little revenue as possible. It will also keep those units rented, with great, loyal tenants, who will continue to contribute to the value of your property assets.

Biggest Leasing Mistake #1 - Qualifying prospects without interviewing them. The traditional qualification process is very customer-unfriendly. It tends to focus far too much on financial considerations, and can be constued as a very cold, impersonal procedure for your prospective tenants.

Instead, make sure to interview your prospective tenants personally. Be sure to questions adressing the equally-important factors of lifestyle preferences and emotional components involved in their decisions to move. Examples of effective questions we use are:

"Describe for me what you are looking for in a rental."

"What specific factors are the most important to you and your family when considering a new home?" These are just a couple of questions. With a little creativity and practice, you will discover what works best for you.

Biggest Leasing Mistake #2 - Bombarding prospective tenants with all the features that come with your property. You can't wait to tell them about everything included. A long list of bullet points of every feature does not do enough to persuade tenants your rental is better than your competitor's. They've seen these long lists before. Just as in other sales transactions, you must know how to "sell the sizzle instead of
the steak!"

Though it's easiest to hand them a flier, you have to make the extra effort to care about and connect with your prospects, finding out what lifestyle factors are most important to them in a new home. For instance, if your property and surrounding neighborhood has ample lighting, discuss how important safety and personal security is for them, and especially for their family. Define for them the features your property offers using terms they can immediately relate to. This helps them envision living there, and helps them to decide your property is right for their needs.

Biggest Leasing Mistake #3 - Showing a property that is not ready for move-in. Do not take your prospect in to an unkempt apartment or home.
You'll be wasting your time and the prospect's time. In Richmond, there is simply too much competition this year to believe prospects will see beyond the mess. You are expecting too much of them, and are not taking the essential steps that are your responsibility.

Instead, be certain to have the previous tenant clean up before vacating, or have the property cleaned professionally, charging the previous tenant for the service. And of course, never assume it is ready to go on the market before inspecting it. Always make sure an inspection is conducted ahead of  showing it, to ensure it is in tip top shape when prospects arrive.

Biggest Leasing Mistake #4 - You are unprepared to start the leasing process if it happens that an excellent prospect shows up. This is the BIGGEST mistake leasing agents make on a regular basis! It is critical to be prepared to close a sale every time you show your property. Ensure that you have the appropriate application, all necessary documentation and information, and are ready to accept a deposit. Be committed to enabling your prospect to accept your offer, and get them into your property as soon as possible.

Watch for KRS Holding's April eNews Property Update:
"Don't Lose a Month of Rent - Secrets to Turning Your Rentals in Record Time."

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To attend our FREE luncheon seminars for property owners,
or discuss how our property management services might benefit you, contact
Kyle Stephenson at:

804.282.1877
or kstephenson@KRSHoldings.com
www.KRSHoldings.com

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KRS Holdings, Inc. has specialized in property management since 1990. Our guiding principle has always been to increase the value of our client's residential assets while decreasing their problems.  To accomplish this vision, we've developed proprietary systems with the potential for increasing the value of just about any property we manage.