A Blog Article by Real Property Management
Most of the time, long vacancies are the result of just a few common problems, whether that’s pricing, marketing, or issues with the property itself.
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? Most of the time, long vacancies are the result of just a few common problems, whether that’s pricing, marketing, or issues with the property itself. The good news is that most rental roadblocks have simple fixes, and even small changes can make a big impact. Here are the top 5 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 sitting empty is that your rental rate is 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 that 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 for assistance. In this way, you can ensure that 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reason you are having a hard time leasing your rental property is that your marketing materials are ineffective or out-of-date.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 Recycling a listing with outdated, blurry, or low-quality photos can easily drive prospective applicants away.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, it’s important to note that today’s 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
Along with low-quality marketing materials, 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 will also limit your exposure and visibility. To ensure your listing finds quality renters, a better strategy is to leverage multiple listing platforms, websites, and social media. At a minimum, you should have your own website with your property listing 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 who your target demographic is, 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 who have both 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 response to your marketing but no applications, chances are that 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 – 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 that your property isn’t leasing is that the application process is getting in the way. 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 rather that you should do your best to streamline the applicant’s end of the process. For example, streamline applications and paperwork by using an online application system. This will allow applicants to complete and submit required documents all in one place. It’s also important to be transparent about your rental requirements up front, and what you will need. 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.
