A vacant rental property is never good, unless you’re making renovations or preparing to move back into it yourself. Assuming that is not the case, you need to get that home off the market and occupied by great tenants quickly. If you don’t, you risk losing money that you’ll have a hard time earning back.
Here are some of the reasons that your Prosser rental home may still be vacant.
Your Price is Too High for the Prosser Rental Market
Don’t price your rental property based on how much you need to cover your mortgage and other expenses. Don’t price it based on what you think the home is worth or how much you want to earn. The market drives the price, so you have to understand the Prosser rental market.
If your property isn’t renting as quickly as you’d like it to, re-evaluate the data you gathered to establish a rental value. Take a look at the current market and what similar homes have recently rented for in your area. While no one wants to price their property for less than they should, an extended vacancy can be more expensive in the long term than coming down on your rent by $100 per month.
Look at good rental data. Establish a competitive price. When you do, well-qualified tenants will be attracted to your home.
Unproductive Rental Property Marketing
You can’t rent a home that isn’t visible on the rental market.
Prospective tenants are online, checking the rental websites for their next home. You need to make an effort when you’re marketing your property, and you need to harness the power of the internet. Take some really great marketing photos and create a listing that you can use to advertise online. The pictures are important; those are the first things tenants will look at.
To present your property in the best light, write an engaging description that really sells the home. Include pertinent information like rental amount, whether pets are allowed, and how many bedrooms and bathrooms it has. Don’t forget your contact information.
Are You Responding to Prospective Tenants?
You have to answer every call and return every message when tenants are responding to your listing.
If you don’t, they’re going to simply move onto the next property on their list. Be proactive when prospective tenants show an interest. If someone calls to ask questions about your rental property and they get your voicemail, there’s a good chance they won’t bother leaving a message, and then you’ve lost that prospect. Be responsive.
Think About How the Property Shows
Well-maintained properties usually have no problem renting quickly.
If you’re having trouble finding a tenant, it may be due to the home’s condition.
Properties that are old, worn, or deteriorating are not going to attract good tenants. Renters aren’t going to want to see chipped paint, scratched floors, and overgrown lawns. You need to clean your property professionally, make sure it looks and smells welcoming, and upgrade it in any cost-effective ways you can. Pay attention to curb appeal.
Spending a little money to update and improve the home is worth the investment. You’ll be able to attract better tenants and you’ll get them in place quickly. Take a look at small repairs you can make, which might include new window treatments, updated hardware on faucets and cabinets, and a full coat of fresh paint.
If you’d like some help renting out your vacant property, contact a Prosser property management company like our team at Real Estate Gladiators. We’d be happy to help you lease your rental home.