Perhaps one of the most frustrating feelings as a landlord is watching your rental property stand vacant and not understanding why. Despite your best efforts, you cannot seem to garner the attention you want. A vacant property is costing you money as well as valuable time. If your property is not renting, it may be due to a number of things, some easier to control than others. Stop wondering what you are doing wrong and use these valuable tips for moving properties that remain vacant.
Setting Your Price
If your rental property has been stuck on the market with little to no interest, you might want to consider your price point. By running a rent comparison report, you can get a better idea of the pricing in the area. When you price your property keep in mind the following things:
- The Market: Start by seeing what properties in the area are renting for. Dig deep into a rental comparison report and do some market research yourself as well. Put together a price range based on other advertising for other similar properties.
- The Condition: Keep in mind when you are pricing your property that not all properties are created equal. If, for example, you have your price set to match another two bedroom in the area but that two bedroom is offering an array of amenities your property does not, you may be overlooked due to the competitive nature of rentals.
- The Specific Location: Keep in mind that your price point can be affected by the exact location of your property. Just because a house in the same town is going for a higher price, doesn’t mean yours will. Be sure you research the specific neighborhood your rental is located to ensure accurate pricing.
The price of your property is something you can easily control. By doing your homework, you can set a price that is fair and attractive to renters in the area.
Promoting The Property
If you have a price point set that seems reasonable but you still are not seeing interest in your property, consider how well you are promoting the property. If you have a fantastic rental with a great price but no one knows about it, you will have a hard time renting it out. Promoting a rental property once upon a time involved putting an ad in the local paper and placing a sign in the yard. However, today it is important to list your property across the web. By using a free platform such as TurboTenant, you can list your property across dozens and dozens of listing sites by creating one property listing. This will save you time and increase your reach. Not only is it important to list your property in numerous locations, you should also ensure your property listing is written well and provides valuable information. For example, a property listing with little to no information that reads “2 bedroom house for rent” will not garner as much interest as a listing that includes the following valuable information:
- Number of bedrooms and bathrooms
- Square footage
- Extra amenities or features (e.g., backyard, fireplace)
- Rent and deposit amounts
- Policies (e.g., pet friendly, non-smoking)
While your listing doesn’t need to become a novel, the more relevant information you include the better. Not only will it help attract more applicants, it will help attract interest from people who are looking for the type of property you have. For example, if you don’t include the number of bedrooms and bathrooms, you might waste time with interested parties who need more room than your home offers. By including these details, the right people can set up showings. Promoting your property is one of the most important aspects of filling vacancies. If you haven’t done so yet, start using online software to list your property across the web.
Creating The Right Policies
If your price is set right and you are promoting your property across numerous channels, it might be time to look at your policies and see if they are holding you back. For example, are you in a pet-friendly market with a no-pets allowed rental? With an increasing number of renters owning pets and considering them family, a policy such as this could hurt your chances at finding tenants. Consider loosening up on policies that might be detracting from the property.
Updating & Upgrading Your Property
If you have set a fair price point, you have promoted your property, and you have inviting policies, it might be time to consider the property itself. Is your property appealing from the moment an interested party shows up? If you receive a lot of interest in your property but after the property showing you see a drop off in applicants, this can be a good indicator that your property itself is deterring applicants. If the property is in need of some repairs and TLC, attend to that before you show it to potential renters. Look into other properties in the area as well. Do you offer similar appliances and amenities? Consider upgrading old appliances or adding a fresh coat of paint to help improve the appeal of your property. By taking a look at your pricing, promotion, policies, and the property itself, you can diagnose why your rental property remains vacant. You can even ask those who decided not to rent the property for the reason to gain a better understanding of what is deterring applicants.
TurboTenant is revolutionizing the rental process by providing savvy landlords with cutting-edge technology that’s intuitive, powerful, fast and free. Through one-click online rental marketing, fully integrated tenant screening, customizable property websites and online rent payments, TurboTenant is changing the way landlords manage property. Sign up for TurboTenant today and see how our free landlord software will simplify your life.