Have you been dealing with a vacant rental property for months and are concerned? It’s understandable to be frustrated when you’re having a difficult time finding renters. However, there is probably a good explanation for why. After just a few modifications you could be signing an agreement with happy tenants in no time. First, it’s important to do some investigating to find out why exactly your property either isn’t attracting attention or is failing to appeal to qualified renters in your area. While there are many possible factors, here’s a few of the most common reasons why a landlord may be driving good renters away.
Prices Are Too High
Before you put your rental property on the market, it’s important to check comparable units in the same neighborhood. If you your house, apartment or office space has been listed for months and no one is calling you, there’s a good chance that you’re asking too much. While undermining profits is never ideal, sitting on a vacant property for half a year isn’t going to put extra funds into your bank account. Do some research and see if there’s a better price that can both attract quality renters and keep your income stream flowing smoothly.
Not Making Yourself Available or Easy to Contact
If you’ve taken the do it yourself approach to listing your property, then that also means taking on all the responsibilities. Many real estate investors also have other businesses or full time jobs and can’t always take a phone call. While it makes sense that no one wants to be tied to their phone 24/7, if you go too long without responding to a call, they may assume you’re not going to respond quickly to any issues they may have after moving into the property. Also, when tenants are searching for a home or retail space, they may be going through a long list of potential units. If you don’t answer when they call, they might be moving on to your competition. By the time you call back, they might have already put down a deposit or signed a lease agreement.
Ineffective Marketing Strategies
There’s also a chance that people in your area simply don’t know that your property is for rent. Sometimes busy landlords might put an ad on Craigslist and a sign out front and call it a day. The truth is that today’s world is full of distractions. A hundred cars may pass by your property without a single glance. More than likely they’re rushing to get back to work after a lunch break or quickly on their way home after a long day. Also, putting a single ad on a free site won’t generate much attention past the first day. Your listing will quickly be pushed down the line as dozens more are posted every hour. Study marketing and advertising techniques so you can make the most out of your efforts. There may be a wonderful family or business who would fall in love with your rental, if only they knew it existed.
The Property is Outdated or Unattractive
Some people enjoy hunting down a fixer upper, but only when they are buying a property, not when they are renting one. Tenants know that they will be restricted on the amount of changes they can make to the property and are unlikely to desire living or working in an uninviting space. While you might be able to work out a deal with the right tenant, and allow repairs or updates to be taken out of their monthly payment, most won’t. A lot of renters have purposely chosen not to become homeowners because they don’t want to invest their time and energy in improving a property. Most renters want a place that’s move in ready. It may seem like a steep investment to make some upgrades, but the return is well worth it. You’ll be able to charge more and increase the overall value of your investment.