Why is my property not renting?
If you are a landlord and face this predicament this article is just for you. Today’s competitive rental market can be brutal and many factors might be hindering the rental of your property.
If you are not receiving any interest in your property and no one is calling to come to see your property, you will need to take a look at the following tips.
- In real estate, everything comes down to price. If your house is priced correctly, it will rent. If prospective tenants come to view the property and feel that it is not worth the rent you are asking after they have seen it in person. Your options are to either lower the rent, do nothing or add an amenity. You don’t want to scare everyone away with a very high price nor do you want to lower the value of your property and attract the wrong type of tenant. One trick is to add an amenity such as changing white appliances to stainless steel, maybe this might even allow you to raise the price. Another good idea is to include a utility or two in the cost of the rent. This may be what you need to have a competitive edge.
- Your property might be outdated and dirty. There is nothing worse than to have a prospective tenant walk into a house that looks and feels dirty, poorly lit, drab interior outdated flooring or countertops that have seen better days. Another very important thing to note is that you should think twice about putting your very old used furniture into your rental unit. If your old used furniture was not good for you, why would it be good for your paying tenant? Purchasing new furniture is the ideal solution, but can sometimes be expensive, an alternative can be having the existing furniture reupholstered. All in all, if the above sounds like your property it is time for a facelift! Do this before going out on the market.
- Your current tenants are something else to consider, they can influence the way a prospective tenant views your property. The two biggest culprits are noise and dirt. If the prospective tenant is met with loud music, barking dogs or other tenants screaming when they come to visit your property, it is very unlikely they are going to want to sign a lease to live there. People want to be able to enjoy their home in peace and quiet.
- If the exterior of your property is unappealing this could be keeping tenants from even coming inside to see the property. Problems could include the property looking rundown from the outside or a tenant not feeling safe due to a lack of lighting or secure entry into the property.
- Inefficient Marketing could be one of the main reasons why you cannot get your property rented. Most of us are independent and would prefer to do it ourselves. Sometimes, however, it is best to use a professional realtor to assist. Remember, a realtor can reach many more people than you can. They network with other realtors so your property gets more exposed.
Finally, always remember to clean and air out vacant properties on a regular basis. Put yourself in the shoes of the prospective tenant. Your goal is to rent this place out and bring in the necessary income because, despite the vacancy, you will still have to pay the property taxes, insurance, and the mortgage, if you have one.