A rental property without a tenant can be one of the most stressful things for those who invest in real estate. As each day goes by, money is being lost as it sits without tenants. Molly Gregory, expert financial advisor at Utopian Management suggests that the perfect way to reduce the time your property remains vacant is to have a quick and effective way to market your property.
Being able to attract tenants who will readily sign a lease agreement will keep the money coming in without jeopardizing your revenue stream.
Act Immediately
When a tenant is preparing to move out, they should ideally give you a 30-day notice in advance. During this time, you can begin to advertise your property as the current tenants move-out day approaches. Putting in your marketing efforts before they are gone will reduce the time in between tenants when you are not making any money.
It is so important to make sure that actions are being taken right away to be certain that the empty property will be filled as soon as possible.
Maintain the Property
It is a must that the rental property is as attractive as possible. The first thing your potential renters are going to notice is the aesthetic appeal of the area you are renting out. Even if there are still tenants in the property, steps can be done to maintain the quality your place. Be sure to coordinate with the people still occupying the residency certain times to do move out inspections, so a precise idea can be made about the updates or fixes that may need to be done.
After making the inspections, schedule all the repairs and upkeep so it gets done as soon as the tenants vacate the property. This will minimalize the time spent without renters and ensure you’ll have new tenants within a few days.
This is also the ideal time to take photographs. Right after the proper maintenance is done, the property can now be presented in a way that represents what it would be like to move in. There cannot be enough pictures of the place, and be sure to not go cheap and use a low-quality camera. Clear all surfaces of clutter. Use a wide angle lens.
Open windows and turn on lights for the best quality. The photo quality and volume lead to more potential renters every single time. The property listings with the best photographs are the ones that get purchased the quickest.
Choose the Right Online Platform
Most people locate their rental properties on the internet. Rental listings can now be pipelined through all the innovative rental technologies available on the market today. When choosing which platform to use, the more the merrier.
When you utilize all platforms available you widen your audience creating a greater chance to reel someone into your property. Zillow, Rent.com, Trulia, and Craigslist are popular in most US cities. Most of these software’s are free which enables you to create listings across multiple sites at once. It also helps to create videos of your property to further the appeal to prospecting tenants.
Use Your Words
The importance of photos cannot be stressed enough, but the text used to market should not be neglected either. Everyone loves a good story, so be sure to use your words to help future tenants visualize what your property will offer them.
It is strongly suggested to stress the details of the bedroom, bathroom, and kitchens. We all know the age old saying “location, location, location.” Listing which highways, shopping areas, and recreational activities that are in the area will draw in the kind of tenants you want to rent your property.
Realize that certain people are looking for specific things when renting a place to live. Is it near a good school? Can the dog play in the yard? Answering these simple questions can will attract the tenants you want in your property.
Give the Opportunity to Build Credit
A great way to bring in prospecting tenants is to offer benefits that would help the renter build their credit. Rent reporting is the perfect way to do this. As a landlord you can report your tenants on time payments to credit bureaus. This will significantly increase your tenants credit score, and will also be a clear indicator that you are someone who cares about the people renting from you.
The chance to build credit while paying rent is a powerful tool which can serve both parties on the lease. Drawing attention to rent reporting will also assist you in getting more trustworthy applicants for your property.
The use of modern technology has an incredible benefit when trying to fill your vacant rental property fast. Using these tools specifically constructed for landlords and property owners makes it quick and easy to fill that vacant property. With these steps, your property will always be full of honest and responsible tenants, giving the renters stand-out reasons to continue operating with you, and will keep the money flowing in consistently.
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