To earn as much rental income and ROI as possible on your investment property, landlords need to rent their homes out quickly to the best possible tenants. If you’ve noticed that it’s taking some time to get your property rented, it’s a problem you need to rectify immediately. Vacancies are costly, and the longer your property is left unoccupied, the more you’re losing in both the long term and the short term.
We have some tips that can help you quickly turn a vacant property into an occupied property.
Evaluate the Condition of your Rental Property
High quality tenants are quick to apply for and rent properties that are in excellent condition. You don’t have to conduct a complete renovation before you put your rental home on the market, but you do need to make sure it’s functional, welcoming, and attractive.
First, make sure everything works. Tenants who come to see the home will not be eager to rent it if the appliances aren’t working, a toilet isn’t flushing, or the light bulbs are burnt out. Once you’ve made every necessary repair, take a look at the cosmetic improvements that might be necessary. Do you need a fresh coat of paint on the walls? Could the carpet use a professional cleaning? Is the landscaping creating the kind of curb appeal you want?
First impressions are important to tenants. Make sure your property is likely to attract good tenants. If it’s old and worn, invest in some upgrades and updates to get it rented quickly.
Measure the Price against the Market
One of the biggest reasons that properties don’t rent quickly is that the pricing is off. Naturally, you want to earn as much as possible in rent every month. But, if your rental price is too high, you’ll end up losing more money than if you had simply priced it according to the market. Take a look at what similar properties in your area are renting for. Make sure you understand the market and what good tenants are willing to pay. If you’re not getting any type of response to your marketing or your online listings, it’s probably a pricing issue. Get some good data and take another look at your listing price.
Keep Showings Simple
Are you making it easy for prospective tenants to see your property? A good marketing plan will attract a large pool of potential renters who are interested in seeing your rental property. If you don’t return their calls or don’t make your property available, it’s not going to rent quickly. Good tenants have a lot of options, and they’ll move on to the next property on their list if it becomes a struggle to schedule a showing or get in touch with you.
Be available to show your property. If your schedule won’t allow this, invest in a lockbox or showing technology that allows prospective tenants to let themselves into the property and take a look around for themselves. You have to be responsive to their inquiries.
Work with Professional Property Managers
Professional property management companies have tools and resources for marketing and leasing rental properties that individual landlords often cannot access on their own. If you’ve never considered working with a professional property manager but you’re having trouble renting out your property, now is a good time to get in touch with someone.
We’d be happy to help you rent your property quickly to a great tenant and for the most amount of rent. Contact us at Rentals By Mark, and we’ll evaluate your property and why it may not be renting as quickly as you’d like it to.