A rental property can only thrive when landlords manage to find tenants to live in it. All the property upkeep and upgrades will mean nothing when there are no tenants who pay rent to sustain the business. Wake County currently has a balanced vacancy rate of 7.8%, with 27% of residents already owning their homes.
While that typically shows a balanced rental market, it also means that renters have their pick of rentals. Without solid marketing and leasing strategies, you might experience prolonged vacancies. To gain an advantage, you can always opt for professional leasing services, but what do they include?
Key Highlights:
- Leasing services help landlords reduce vacancies by combining market analysis, strategic marketing, and tenant screening to attract qualified renters faster.
- Rental market analysis allows leasing professionals to set competitive rental prices based on local demand, neighborhood trends, property condition, and comparable rentals.
- Professional marketing services often include optimized listings, virtual tours, open houses, and high-quality photos or videos that improve visibility and tenant interest.
- Tenant screening and lease preparation help landlords avoid costly issues by verifying applicant qualifications and ensuring lease agreements comply with local rental laws.
- Full-service leasing assistance may also include move-in coordination, deposit collection, inspections, and tenant onboarding, creating a smoother experience for both landlords and renters.
1. Rental Market Analysis
Leasing professionals will evaluate the local rental market to make informed decisions and create an effective marketing strategy for your rental property. The factors include similar properties, market demand, property condition, neighborhood trends, and the amenities you offer.
Some factors are beyond your control, such as market demand and neighborhood trends. However, you can increase your chances of attracting tenants by upgrading your rental property or simply keeping it in good condition.
2. Rental Property Marketing
Marketing is a core aspect of leasing, as it increases your visibility and signals to your target market that you have available units for rent. Experts can help you expand your reach using tools and experience in the rental market.
They will create rental listings and incorporate relevant keywords so your listing pops up when potential renters search for specific features. Leasing professionals also understand which details should be included in the title and the description.
Your listing will be posted on websites and social media platforms, along with marketing materials, solely for showing your property, such as virtual tours. Most importantly, they will host open houses for prospective renters who want a more personal look at the rental property.
3. Professional Photography and Videos
One of the best parts of leasing services is that professional photos and videos are usually included in the package, whereas you have to pay for them when you market your property yourself.
High-quality listing photos are essential for attracting renters, as they're the first thing they notice when viewing a listing. Some services even stage your rental units before they take photos, or advise you on how to set up the place to make it look more appealing.
More importantly, they can create video walkthroughs to make your property more accessible to potential tenants who cannot view it in person, effectively increasing your reach and the chances of renting the unit faster.
4. Tenant Screening
Another important part of the job is the tenant screening process, as it ensures you get only quality tenants. Not putting too much effort or completely skipping this step will only invite problems down the line, such as late rent payments or property damage.
Your leasing agent would likely consider criteria that include credit history, income verification, employment status, rental history, background checks, eviction records, and debt-to-income ratio. All of these can help determine whether a tenant will respect your lease rules and avoid causing any issues.
5. Lease Preparation
Leasing services commonly handle lease drafting as well, including explaining the clauses to applicants, collecting signatures, and ensuring legal compliance. This means you won’t have to worry about breaking landlord-tenant laws when drafting the lease.
Professionals tend to stay up to date on rental laws, which helps protect you and your property from legal issues. With a dedicated service, your potential tenants can get more customized leases that suit their needs, which promotes retention.
6. Move-In Coordination
Not all leasing services include the move-in process in the package, so be sure to ask before you hire them. This part of the process can be time-consuming, so for busy landlords, it is non-negotiable. It also creates a smoother transition for tenants, since they will deal with the same people who arranged their leases.
The support that comes with move-in coordination includes collecting the security deposit and first month’s rent, conducting move-in inspections, providing keys or access devices, and documenting the property's condition for future reference.
How Much Will Leasing Services Cost?
Charges for leasing services or agents may vary. Some take a percentage of the annual rent, a percentage of one month’s rent, or a flat fee. It’s important to clarify the leasing fee structure to avoid surprise costs later on.
Some companies charge separate fees for lease renewals and marketing expenses, significantly increasing your base expense. As for whether it’s worth it, that will also depend on the kind of rental property you have.
For single-family homes, it will be worth spending money on leasing services, since you only need to do it once. For multifamily properties or multiple single-family properties, the better option might be to hire a property manager for all-around assistance, given how leasing fees and property management responsibilities can pile up.
Property management services already include leasing, making it easier for landlords overseeing multiple properties or rental units. It is also cheaper in some cases than a dedicated leasing service. Be sure to weigh the costs and benefits of each option.
Leasing Services FAQs
What are leasing services for rental properties?
- Leasing services help landlords market vacant rental units, screen tenants, prepare lease agreements, and coordinate the move-in process. These services are designed to reduce vacancies and simplify the leasing process for property owners.
What marketing tasks are included in leasing services?
- Leasing services commonly include creating rental listings, posting on rental websites and social media platforms, optimizing listings with keywords, scheduling showings, hosting open houses, and creating virtual tours or video walkthroughs.
Do leasing services prepare lease agreements?
- Yes. Many leasing professionals draft lease agreements, explain lease terms to tenants, collect signatures, and ensure the lease complies with local landlord-tenant laws.
Are leasing services worth it for landlords?
- Leasing services can be worthwhile for landlords who want to reduce vacancy periods, attract qualified tenants, and avoid the time-consuming tasks involved in marketing and tenant placement.
When Property Management Services Suit Your Needs
It makes sense for some landlords to opt for leasing services if they want to be more hands-on with managing their investment property. Having several rental units or properties, however, can quickly become overwhelming, and full–service property management makes more sense.
With companies like Encore Properties, marketing, tenant screening, and other tenant placement tasks are already included in the property management service. We won’t just find tenants for you—we will also make sure they live in a safe and comfortable environment.
Contact us, and we can discuss your property management needs in more detail.
More Resources:
How to Reduce Vacancy Amid Housing Inventory Surge in Wake County
Why Having a Property Manager is Better for Wake County Multi-Family Rentals