If you have invested in a rental property, you may experience periods of time when the property won't rent out. A property that remains vacant loses money for the owner, and it can be a tough situation to deal with, but there are several things you can do if your rental property is sitting vacant and you don't know how to turn it around.
Hire a property manager
If you are having trouble filling your property, you may consider hiring a property management company. These companies specialize in managing rental properties and can help you attract more tenants, handle the paperwork, and keep the property well-maintained. Hiring a property management company may cost a bit of money, but it may be worth it if it helps you fill your rental property faster.
First and foremost, a property manager can take on the responsibility of marketing the property. By creating a professional-looking listing, making sure the property is in good condition to show, and using social media and other online outlets to generate interest and inquiries, a property manager can help make the property be seen by the right people. They can also help the landlord investigate specific markets, such as targeting college students or young professionals interested in a particular area.
When it comes to the application process, a property manager can help the landlord by assessing the tenant’s credit report, running a background check, and verifying the tenant’s income. This can help the landlord make an informed decision before signing a lease with a potential tenant. A property manager can also provide advice on drafting a tenant-friendly lease agreement that is in line with local laws and regulations. By outlining the tenant’s rights and responsibilities in a clear and concise manner, a landlord can avoid running into legal problems down the line.
Re-evaluate rent price
The first thing you should consider is assessing the property's rental price. If you are asking for too high rent compared to what other properties in the area are renting for, prospective tenants may pass your place by and look elsewhere. Look into what other rental properties in your area are being rented for and see if they align with what you’re asking. The research will help you determine if prospective tenants might be getting a better deal elsewhere.
Lowering your rent can help you attract more potential renters and fill your property with tenants more quickly. In some cases, you may also be able to qualify for tax incentives or other financial assistance by reducing the amount of rent you charge.
Make it more attractive
Another thing you can do is make improvements to the property to make it more appealing to renters. If you are dealing with an older property, you may be able to make it more attractive to potential renters by upgrading the kitchen and bathrooms, painting, or replacing the flooring. These improvements can help to attract more attention and make the property more desirable.
Offer discounts
Another thing that may help is offering incentives or discounts on rent for specific periods. Many rental properties offer something in exchange for a lengthy lease, such as a rent discount for signing a 12-month lease or a free month. By providing incentives to potential tenants, you can make your property more attractive and help to fill it more quickly.
Get creative with your property
An excellent way to not miss out on the property’s financial potential is to find other ways to bring in income from your rental. If you can't find a tenant to rent the property, consider turning it into a vacation rental or renting it out by night. This can be a great option if you live in an area popular with tourists or business travelers. You can also consider renting the property out for short-term rentals, such as corporate housing, or you can rent the property to film and television crews when they need a place for shooting.
Analyze marketing strategies
Remember to ensure that your marketing strategies are up to par. Utilize all of your marketing channels, including online resources such as Craigslist, Zillow, and other popular rental listing sites. Make sure you have clear and professional photos of the property, an accurate and detailed description, and a flexible schedule for viewings. You can also use other marketing tactics, such as hosting an open house, doing a direct mail campaign, or working with a local realtor.
Conclusion
If you're having trouble renting out your property, remember that it's not the end of the world. With a bit of creativity and effort, you can find a solution. Take the time to determine why you can't rent out your property, make necessary improvements to the property, and find creative ways to rent it out. With the right approach, you can rent out your property and make it a success.