Having an empty rental property can become a disaster quickly if you're having trouble making the mortgage payments. But new landlords can make quite a few mistakes that scare away potential tenants quickly. Here are some things to consider when marketing your property.
It's Priced Too High (Or Too Low)
Many tenants won't even bother when a property is priced outside of market value. You should always check for properties like yours in the same neighborhood and see what prices they're renting for. But undercutting the price significantly may not help as much as you think. Buyers may be wary of the property, thinking that something must be wrong.
You're Not Marketing Correctly
Your marketing materials are the first thing that potential renters will come in contact with, helping them decide whether to schedule a viewing or not. Having professional images of your place helps a lot with making it look updated and spacious. Your marketing design can also make the shopping experience more pleasant for renters and urge them to contact you. Finally, the marketing copy is important; it needs to be thorough, upbeat, and easy to follow so that renters are led to contact you easily. Don't be afraid to hire outside designers, writers, or photographers to help market your space. A property manager can also help.
You Don't Have Enough Exposure
Another problem that can occur is that you're simply not showing the house to enough people. Besides updating your marketing materials to attract more leads, consider throwing an open house to get more people through the door. It's often a numbers game to determine when your place will get rented, and having more viewers may make it more likely that you'll find the right candidate from the exposure.
What to Do When You Need Help
If you are looking to rent a property quickly, it can be challenging to build up all of this expertise quickly to get the job done. In rush cases, it may be best to simply hire a property management service to take on some of these initial duties. Your property manager will focus their staff on marketing and leasing your property, while leveraging their status and experience to gain new tenants' trust. A good property manager can also review what you've been doing to point out the problems with your marketing, pricing, and interactions with potential tenants, so that you'll know how to do it better in the future. Contact a business, such as Shook & Tarlton Rentals, for more information.