Calling all property managers and landlords: Do you have properties sitting while others in the same neighborhood are moving quickly?
We, any way you look at it, it’s not a good feeling. Whether you are getting few to no leads, a property that stays vacant is costing you important profit, according to Forbes.com.
Don’t panic, the answer is easier than you might think
Here are some common reasons why your property isn’t renting and ways to turn it around.
1.Rent price isn’t competitive
An important part of leasing a property is pricing the rental accurately and competitively. Without the right price, you might face a long-time vacancy. Research similar rentals in the area and create a document with the pricing of similar rentals in your area to find the average.
2.Are you marketing the rental correctly
Are you doing all you can to market the said rental property? Marketing the property is a lot more than just putting up a rental sign. When posting your rental online, or wherever, add vital information, such as the following:
- Number of bedrooms and bathrooms.
- Square footage.
- Appliances included.
- Important policies.
- Cost of rent.
- Required deposit.
Do include photos with your listing. Take high-quality photos of each room when the property is clean and in good condition.
3.Are policies restricting your chances
Sometimes, you’ve got to bend and may need to set your property apart from others in the area. For example, you might consider having a pet-friendly policy. By adding this policy, you could see a big jump in the number of interested parties.
Consider deposit amounts and lease terms, as well.
4.The rental property is kind of unappealing
If you see a lot of interest in your property up front but after showing the space you see a decline in interest, it could be that the property itself at fault. Ask yourself what you would think about the property if you were seeing it for the first time. Consider everything from its curb appeal to the condition of the interior. Take time to repair items and invest in improvements.
Beyond appearances, consider what amenities other rentals in the area offer. Updated appliances can go a long way in not only attracting more interest in the property but also in keeping long-term renters happy.
While improving the property is more costly than other items on this list, it can pay back over time if you invest wisely.
5.Up against an oversaturated market
In some cases, it can truly be the market you are in that is holding you back. Demand will play a role in how quickly you fill a vacancy. While you cannot create a demand, you can take into consideration the cycle of rentals in your area when creating lease policies. If, for example, you operate in a market influenced by a college, align your lease dates with the demand. Lock in tenants with a year-long lease that ends at the best time for you, says Forbes.com.
If you are already experiencing a dead spell, consider tweaking some of the things mentioned above to secure a tenant. You might need to lower your price to get a tenant in mid-February, but you can sign a lease that ends in July, so you can remarket with a higher price in the prime rental season, says Forbes.com.
If you are indeed having trouble renting out a property, consider one or all these tips to help you to get a tenant to sign on the dotted line and your property rented.