We have all been there. You see your neighbors bringing in new tenants as soon as their old ones move out. You have seen the flat change hands from family to family, and for some reason, everybody likes staying there. And while your house has the same specifications as theirs, there are nothing but flies in your vacant space. So, where did it all go wrong?
Renting out a vacant property is not about luck. If you want to make sure that your house is rented out as soon as possible, then there are a few things that you need to take into account. Here are some of the reasons why your rental property is still vacant:
1) You’re not pricing it right
One of the most common mistakes landlords make is overpricing their rental properties. To rent out your property quickly, you need to price it in line with similar properties in the area. Potential tenants will simply go elsewhere if you’re asking for too much. To determine the right price for your property, look at what other landlords are charging for similar homes. Once you have done that, there are three things that you can do:
Do nothing: If the market rate for similar properties is lower than what you’re currently charging, you might want to consider lowering your price. This will make your property more attractive to potential tenants and help you fill that vacancy quickly.
Adjust your price: If the market rate for similar properties is higher than what you’re currently charging, you might want to consider increasing your cost. This will help you get closer to the market rate and make your property more attractive to potential tenants.
Add an amenity: If the market rate for similar properties is lower than what you’re currently charging, you could try adding an amenity to your property. This could be a washer and dryer, off-street parking, or a pool. Adding an amenity will make your property more attractive to potential tenants and help you fill that vacancy quickly.
2) Your listing is not appealing
When potential tenants are looking for a new place to live, they will start by searching online. That means that the first thing they will see is your listing. If your listing is not appealing, they will move on to the next one. To make sure that your listing is appealing, there are a few things that you can do:
Make sure the photos are high quality: The first thing potential tenants will see is your property’s photos. If the photos are low quality, then they’re simply not going to be interested. Make sure that the photos are high quality and show off the best features of your property.
Include all the important information: Potential tenants want to know as much about the property as possible before they make a decision. That means you need to include all the important information in your listing. This includes square footage, number of bedrooms and bathrooms, and any amenities included.
Write a compelling description: Your description is your chance to sell your property to potential tenants. Make sure that it is well written and includes why someone should want to live there.
3) You’re not using the right marketing channels
If you’re not using the right marketing channels, then you’re simply not going to reach potential tenants. To make sure that you’re using the right marketing channels,to g there are a few things that you can do:
List your property on rental websites: There are several websites specifically designed for landlords and potential tenants. These websites are a great way to reach a large audience of potential tenants.
Use social media: Social media is a great way to reach potential tenants. Apartment marketing in various social media platfor is essential.Make sure you use platforms like Facebook and Twitter to promote your property.
Use traditional methods: Don’t forget conventional marketing methods like print ads and yard signs. These can be a great way to reach potential tenants in your local area.
4) You’re not doing enough to screen potential tenants
You must take the time to screen potential tenants before you rent out your property. If you’re not doing enough to screen potential tenants, you could end up with someone who is not a good fit for your property. To make sure that you’re screening potential tenants properly, there are a few things that you can do:
Check their credit score: One of the most important things to consider when screening potential tenants is their credit score. This will give you a good idea of their financial history and whether or not they’re likely to pay rent on time.
Check their rental history: Another important thing to look at is their rental history. This will show you if they’ve been evicted in the past or if they’ve had any other problems with their previous landlords.
Do a background check: A background check will allow you to see if the potential tenant has ever been convicted of a crime. This is an important step in screening potential tenants.
5) You’re not being flexible
If you’re not being flexible, you could miss out on potential tenants. Things like being flexible with the lease term or allowing pets can make a big difference in whether or not someone decides to rent from you.
The best way to get your rental property rented out is to ensure that you’re using the right marketing channels, properly screening potential tenants, and being flexible. If you do all these things, you should have no problem finding a tenant for your rental property.
