One of the biggest concerns for any landlord is to see their property vacant. It’s disappointing to see that, despite doing everything by the book, the property still doesn’t have a good tenant. It might make landlords wonder where they’ve gone wrong. It can even feel like a helpless situation without a solution. But how can landlords approach this situation?
In this article, we’re going to cover what landlords need to do if they see their property not renting out.
Look to see if there’s a reason why
Iron Horse are saying it’s essential that, before they boost their efforts in any way, landlords understand why their property might have difficulty in appealing to prospects. Otherwise, they might work more in areas they don’t even need to. Let’s analyze common reasons why a property could remain vacant.
Bad condition. We live in a time when most people have made their homes and properties look good. They renovated, they made all the improvements to the house, and they may have even hired interior designers to create an aesthetically pleasing home. Now, people want to live somewhere they like. Especially since many choose to work remotely. They want to have nice surroundings that give them a feeling of relaxation and abundance. If the landlord doesn’t renovate, redecorate, or keep things in great shape, potential tenants might avoid closing the deal with them.
Cleanliness. One of the signs prospects look for is to see if the place appears clean. They don’t want to deal with problems such as mold or pests. Even if they could clean the place, they’re not willing to invest the time into doing that and simply move on to more convenient options.
Rent is above the market average. Before setting the rent, the landlord should do a market analysis to see what the average rent is in their area. Unless the property has unique, attractive facilities, there is no reason someone would pay a lot more than they would somewhere else.
Prepare the property for visitors
After taking a look to see where they might need to make the changes, landlords should prepare their houses for viewings. First impressions last. It can be even small details that might put good prospects off. They need to make sure to clean the entry of the house as well as the interior, get rid of any dirt spots or other unappealing things. They might consider getting some things, such as couches, rugs, and devices, professionally cleaned. They can even use a room perfume to improve the first impression they get when they walk in.
They could also refresh the paint, upgrade the AC, upgrade features such as the dishwasher and dryer, etc. By making their home desirable, they will score higher on their prospects’ lists.
A good product might sell alone, but you have to help it out with great marketing. First, landlords have to make sure that the photos put the property in a good light. As we said above, first impressions last. If prospers that are looking online for properties come across poor quality images, with poor lighting that makes the place look unimpressive, or angles that make the place look small, we can not really blame them for not clicking on the listing. The announcement must have good visuals and a good description. The copy should cover everything of interest and leave little room for questions.
Next, landlords should ensure their listing is visible and present on all relevant platforms. It should be present on all real estate portals and websites, on community groups with interested potential tenants, and there should be ‘’For Rent’’ signs. If the listing doesn’t get traffic online, the landlord may need to consider allocating a marketing budget for it to appear in top searches.
Leave it to professionals
If they feel like they simply don’t know what to do when their property doesn’t attract tenants, landlords seriously need to take into consideration partnering up with experts that are used to this process. Property managers are people with deep knowledge of how to make a house attractive, how to market it efficiently, and how to present it in the best way to prospects. They will be great hosts for open houses, interested in communicating the property’s best features, and they will be organized enough to handle all tasks at once.
Not only this, but they may already know someone suited for moving in. Property managers have a good network they can rely on to find good candidates fast.
Even if the property seems far from having tenants, there’s no need to feel down. You can always immediately do something to improve the chances of finding someone and do it quickly.
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