Education and news for smart DIY landlords!
An empty rental is one thing that all landlords want to avoid. You may already be owning one and have been doing your best to make sure that it stays full. However, only a few potential tenants actually rent or your current tenants often leave.
In today’s post, we’re going to explore the most common reasons rentals remain vacant. We’ll also discuss practical solutions for low vacancy rates. Let’s dive in.
Is your monthly rental rate properly priced? To set the right price for your rental, have an understanding of the rental market in your location. If it’s priced above the market rent and that your rental doesn’t have new amenities, people will hesitate to rent. If you don’t want to lower the rent, consider adding attractive features.
Maybe your rental listing isn’t getting the attention it deserves. One mistake that new landlords make is posting rental photos that don’t really stand out. Perhaps the photos look dark and feature cluttered rooms. Make sure to stage your rental. Highlight the selling points. Open up the windows to brighten up spaces. Take advantage of lamps too.
The problem is, nobody knows that your rental property is welcoming new tenants. Physical signs and newspaper ads aren’t enough to raise awareness. Consider creating Facebook posts that your friends can share. List your rental on rental listing sites Cozy, Zillow, and Zumper. Check out these 10 websites.
Some tenants who get married or about to bear a child wish to have a bigger space. If you can’t give that to them, they may relocate soon. To prevent this, offer an upgrade. That way, they will stay until you can secure them a bigger unit.
You’ll find that you need to hire a property manager if you don’t live close to your property and can’t really devote long hours to manage your rental. Property managers help you maximize profitability by taking care of your tenants’ needs. They’re also experts in marketing your rental and choosing suitable tenants.
Are you saying no to pets? If so, it can be the very reason why you don’t attract a lot of renters. Renting to tenants with pets is an excellent idea now that nearly 80% of renters are also pet owners. If you plan to make your rental pet-friendly, here are some tips to follow.
Anticipate possible challenges when renting out your property. Being proactive helps you reduce vacancies. Invest in marketing and professional help. Consider modifying your expectations if necessary. Here at Landlord Prep, we equip aspiring and current landlords with the knowledge and tools to succeed in running their own rentals.
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