Pricing, prep, and presentation are make-or-break factors—fix them to fill your vacancy.
You’ve listed your rental property, posted the photos, and waited for the applications to roll in—but it’s still sitting vacant. A vacant property means lost income, and the longer it sits empty, the more frustrating it gets.
So, what’s going wrong?
Long vacancies usually are the result of a few common problems: pricing, marketing, or issues with the property itself. The good news is that most rental roadblocks have simple fixes; even minor changes can make a substantial impact. Here are the top five reasons your rental isn’t leased—and how you can turn things around fast!
#1: Your Rental Rate is Too High (or Too Low!)
The top reason your rental is empty is it’s out of sync with the local market. Rental property investors sometimes get drawn to a property based on the appeal of the deal, rather than on the appeal of the property to renters. But the key to an occupied, profitable rental property is pricing it correctly. Too high, and renters will look elsewhere; too low, and renters might be concerned there are hidden issues or deception at play.
Setting accurate rental rates starts with a comprehensive market analysis, which includes researching comparable properties in your area as well as local economic and demographic factors. There are many online rental market tools that can help you gather the data you need for your analysis, or you could consult a local rental market expert like Real Property Management to ensure you are setting your rental rates competitively and appealing to quality renters in your area.
#2: Your Listing Isn’t Attracting Attention
Another common reason you are having a challenging time leasing your rental property is your marketing materials are ineffective or out-of-date. Creating an appealing rental listing requires, at a minimum, professional-quality photos of the entire property, inside and out, and a well-written description of the same. Recycling a listing with outdated, blurry, or low-quality photos can easily drive prospective applicants away.
Beyond photos, most successful rentals also use innovative marketing strategies like virtual or 3D property tours to keep their properties occupied. Renters today are drawn to convenience and professionalism, which makes it more important than ever to make your listing stand out with clear, engaging, high-quality text and visuals.
#3: You’re Not Marketing in the Right Places
Marketing in the wrong places is also likely to drive renters away. Listing your property on a rental listing site is a great first step, but relying on just one site also limits your exposure and visibility. To ensure your listing finds quality renters, leverage multiple listing platforms, websites, and social media.
At a minimum, you should have your own website with your property listings on it, as well as social media accounts that offer fresh content and information about available listings on a regular basis. Which platforms you use will depend on your target demographic, so it is important to understand who you are trying to reach and how they find information about rental properties. To make it even easier, consider partnering with a professional property management company like Real Property Management that has local and national marketing reach built in to every property listing.
#4: The Property Isn’t Move-In Ready
If you’re seeing a lot of responses to your marketing but no applications, chances are the problem lies with the property itself. Showing prospective renters a move-in ready property is essential to keeping vacancies to a minimum. It’s also important to make regular improvements to keep your rental property competitive in the local market. If you are not being proactive about the condition of your property, chances are you are going to struggle to get it leased.
For example, poor maintenance, unaddressed damage, broken fixtures or appliances, foul odors, unkempt landscaping, and outdated rooms can all drive prospective renters away. The good news is that even simple upgrades can make a property instantly more inviting. Fresh paint, including on the exterior, new fixtures, proactive property maintenance, and a deep cleaning can all go a long way toward reducing vacancy rates. And don’t forget that curb appeal matters! Keeping the outside of the property clean and attractive is just as important as updating and maintaining the inside.
#5: The Application Process is Too Complicated or Strict
A fifth common reason your property isn’t leasing is the application process. It may sound surprising, but an overly complex or rigid application process can be enough to make potential tenants change their mind about renting a property. That is not to say that your screening process should be lax, but you should do your best to streamline the applicant’s end of the process. For example, use an online application system that allows applicants to complete and submit required documents in one place.
It’s also important to be transparent about your rental requirements up front. Finally, don’t forget about the importance of good communication. Your tenant relations start with your very first interactions. By balancing thorough screening with a streamlined and welcoming application process, you can lease quickly and keep vacancies to a minimum.
Get Your Property Rented!
Keeping a rental property occupied is essential to consistent profitability. Fortunately, with just a few key adjustments, you can improve your occupancy rates and attract great tenants to your properties more quickly.
Of course, one of the easiest ways to ensure your property is leased year-round is to enlist the services of a professional property management company. Contact your local Real Property Management office today to get expert advice, pricing guidance, and more information about all our quality services. Don’t let your rental sit vacant—contact us today and get your property back on track!
0 Comments