Three Things You Can do if You’re Struggling to get Tenants
Ever been in that position where you have a great property to rent out, but you are struggling to get tenants?
Are you Struggling to Get Tenants
You can have the most wonderful property ever created, but you still have to make it attractive. The good news is there are a number of smart strategies you employ to attract more tenants—without giving away free rent. Here are three things you can do if you’re struggling to get tenants:
1) Study The Market
Look around. What are other landlords in your market doing to attract tenants? Is your rent out of line with the market? Does your property measure up in terms of aesthetics and amenities? Odds are, if you’re not getting tenant interest, one of these things is out of line with competing properties in your area. Therefore, you may have to adjust your rents to compensate, add a few more amenities or make some other adjustments to garner interest. Keep in mind, it’s not your tenant’s fault if you bought the property in a way that inhibits its ability to generate positive cash flow, you can only charge what the market will bear.
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2) Advertise More Vividly to Attract Tenants
By now, you have to know putting a for rent sign out in front of your building will only attract a very small fraction of the pool of potential renters. You have to be on the internet and your listing has to be appealing. This means nice photographs and well-written descriptions that focus on the property’s benefits in addition to its features. In other words, play up its beauty, convenience, and comfort. Ask yourself why someone would want to live there and talk about those things in your ad. Is it close to great schools? Does it have stunning views? Is there ready access to transit? Is it close to entertainment and/or fabulous restaurants? These are the kinds of benefits you want to include in your ads to generate excitement before potential tenants even see the place.
View Onerent’s rental property showing guide for an in-depth look at mastering real estate photography.
3) ABC — Always Be Closing
When you made the decision to become a landlord, you also decided to go into sales. When you have viewings, rather than letting people wander aimlessly about, take them on an enthusiastic tour of the place and point out all of the terrific features. If the closets are large, show them. If you have hot water heaters installed in the bathroom demonstrate how much faster a hot shower is available. Nobody knows the place better than you, talk it up with love and pride. Enthusiasm is infectious when people see you’re excited about something they get excited too. Now, with that said, you can go too far in this regard, avoid being pushy and putting people off.
After studying the market, advertise your property effectively, and brush up your sales skills, you are all set for showings. Keep in mind, when people are viewing your property, they’re viewing you too. Present yourself as reasonable, amenable and helpful. One of the first things every good salesperson comes to realize is customers buy them just as much as they do the product. With these components, renting your property will not be such a struggle after all to get tenants.
Onerent is a rental leasing and management service for the modern owner and renter, managing over 1,000 properties across the San Francisco Bay Area, and Greater Seattle. Visit the Build with Onerent Real Estate blog to find out more about real estate investing.
Don't forget to check out our free rental property calculator. This will be a valuable tool in your arsenal as you analyze your existing or potential rental properties. Benefits: Thank you for your ongoing support. happy investing! Happy investing! – – – –
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Before you leave:
Disclaimer: The information presented does not consider your particular investment objectives or financial situation and does not make personalized recommendations. The information provided is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, AssetRover, Inc. recommends consultation with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.
Don't forget to check out our free rental property calculator. This will be a valuable tool in your arsenal as you analyze your existing or potential rental properties.
Thank you for your ongoing support. happy investing!
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