Landlords, are you wondering why you’re property isn’t getting interest? You’ve spruced it up and put it on the market, but the clock is ticking. Every second that goes by without a renter is one where you are losing money. In this article, we’re going to answer your question: My rental property is not renting, what am I doing wrong?
You’re charging too much
Today’s competitive rental market can be brutal. If you are asking too much in rent, then your property will get overlooked. There’s a chance someone will offer a lower price than you want, but why take that chance? Lower your price if needed to meet area competition’s rates.
You aren’t charging enough
Oddly enough, if your property is listed too far below the normal values for your area, you might be getting overlooked. People will assume that there’s something wrong with your property. Even if you can afford to take a hit, go ahead and list it at normal price. Then, offer free utilities or the first month’s rent for free to reel in renters.
Your property is outdated
Poorly lit, drab interior, foggy windows, flooring or countertops that have seen better days. Sound familiar? If so, then your rental property might need a facelift before going out on the market. Today’s rental market is tough, and renters will pass up drab for fab any day of the week!
Property is not clean
There is nothing worse than to have a prospective tenant walk in into a house that looks and feels dirty, bugs are on the floor or it smells bad. Make sure you check your property for cleanliness every week. Check for bugs as well and make sure there are no spider webs by the doors.
Your advertising isn’t working
Maybe you’ve been advertising the same way for years, or perhaps this is your first time putting out ads. If it isn’t working, then you need to try something new. Try social media or Craigslist, for example, to spruce up your advertising regiment and gain more interest for your property!
Take really good pictures of the property, during day light and make sure you have at least 24 pictures per property. We’ve seen many property ads that have horrible, blurry pictures that don’t really show anything. Use a good quality camera with stabilization control to take your photos. Use a flash – always! It makes the pictures brighter. And, if you can, use a wide angle lens to shoot a larger view of the rooms.
Don’t forget to revamp the copy you right for your ad. If you aren’t excited about your property, my bet is, your prospects won’t be excited either. How you feel about your property will be directly visible in the copy you wright. Use many descriptive words, for example; to say you have a small property: “This cozy home has everything one might need and want….” You’ve let people know that the property is small, without saying that it’s small. There are many articles out there that can help you write advertising copy. You can even get a writer for $5 to write your ad. Check out Fiverr.com, it’s an amazing resource for a small to medium size landlord.
Now that you’ve had time to look over this definitive list of turn-offs for prospective renters, can you pinpoint something that applies to your property? If so, set out to immediately correct the problem. You’ll be glad that you did!