Sometimes, despite your best efforts, your rental property investment does not rent out. You may depend on rental income to pay mortgages, loans, or even for daily expenses, so a vacant house leaves you with a gap in your monthly income. Today we talk about four reasons why your property rents slow or does not rent at all and provide you with tips on how to find a tenant.
Issue No 1: Inefficient marketing
We cannot stress enough how important the first impression your property leaves on prospective tenants is. Professional photos and videos put your house in the best light possible and make a world of difference when you advertise your home online. So make sure you hire a professional photographer and videographer.
Prospective tenants will decide if your property is a good fit or not in a matter of minutes, if not seconds, after seeing your post, so make sure you also provide accurate and detailed descriptions besides good quality photos. Give your future tenant an impression of how it is to live on the property. Does your house have a great view? Is it situated near a popular landmark or attraction? Is it in an area that stands out for services, or various kinds of activities? Make sure you emphasize these aspects in your description.
Last but not least, your post will generate viewings only if seen by enough prospective applicants. Make sure your house will get the right amount of attention by advertising it on all relevant online platforms.
Issue No 2: Charging too much
Another aspect that you need to evaluate is how your rent compares to the market value. If your property is great and properly advertised, why it still empty? You may charge too much compared to the market rent, and there may be other similar properties out there that rent for less. A higher rent in the past is not an indicator of the current rent level either. Even if you rented the property before for a great price, that is not a guarantee that in a year or two you will be able to ask the same amount. Try to leave aside your own financial calculations and your ideal rent level, compare your property to others on the market, and see where it really stands pricewise. Lowering the rent is your best decision.
Issue No 3: Charging too low
Be careful, though, setting your rent too low may have similar consequences to setting it too high. We know it is a bit counterintuitive but think again. Your property is great, you decide on an aggressive marketing strategy and for a low price point to make sure you attract a qualified tenant as soon as possible. Prospective tenants are likely to start questioning why your property rents for so low compared to the market, and conclude that there may be something wrong with