How To Make Sure Your Rental Home Stays Occupied
As a landlord, your income relies on your ability to collect rent, which means the longer a property remains vacant, the longer you’ll forgo a profit. It’s therefore crucial to your success that you understand how to minimize these inevitable periods of vacancy and consistently attract new tenants.
5 Tips For Finding Tenants As Quickly As Possible
1. Never Stop Researching Rental Market Trends
Stay up-to-date with your neighborhood’s average monthly rent prices and always take time to evaluate whether or not your property is priced appropriately. Consider factors such as square footage, parking, location, and amenities, both inside and outside the home.
Additionally, learn about the driving factors behind any changes in demand and supply. What specifically draws renters to your area? Do your tenants tend to be families seeking a quiet neighborhood near good schools, college students who need an affordable place to live, or young professionals saving up for a down payment on their own home? The more familiar you are with the demographics attracted to your neighborhood, the easier it will be to market the home and attract suitable tenants.
Most importantly, keeping a constant pulse on the market prevents you from being unprepared if (and when) a tenant moves out unexpectedly.
2. Make Curb Appeal a Priority
Regardless of whether renters are viewing the property online or in person, the home’s exterior is the first thing they will see, and creates a powerful impression. A home that appears clean and well cared-for will always be easier to rent out than a property lacking in curb appeal.
You may choose to either outsource tasks to a property manager or take hands-on approach, but always make sure routine property maintenance is being completed so that your home is both visually attractive and safe for tenants.
3. Discourage Early Lease Termination
Requiring tenants to sign a lease agreement can help stave off frequent or unexpected periods of vacancy. Keep in mind however, no solution is completely foolproof, and some tenants will still try to break the agreement early.
For added protection, you can include an early termination clause in your contract, requiring tenants to either find a replacement or pay an early termination fee. In the event that your tenant does break the lease agreement, having this clause will help you minimize losses, or at least buy you time to list the property without sacrificing more revenue than is necessary.
4. Consider Allowing Pets
If pet-friendly rental homes are hard to find in your neighborhood, allowing pets could be a great strategy for attracting new tenants, and may even allow you to raise your monthly rent price.
Be sure to update your lease agreement to include a separate pet deposit. For added protection against pet-related property damage, you can also require tenants with pets to purchase renters insurance with pet liability coverage.
5. Understand How To Effectively Market The Property
Once you’ve learned what draws renters to your neighborhood and identified your property’s main “selling features,” you’ll be able to create an attractive listing tailored to your ideal tenant.
Work with a local Realtor who’s familiar with marketing rentals to make sure your online listing includes the most pertinent information. A knowledgeable Realtor can also help you identify the best MLS websites to publish to for a quick, successful turnaround.
Thinking About Buying A Rental Property?
Real estate investors across the country love working with CastleRock REO! Our nationwide inventory of affordable, single-family homes are perfect for starting or growing your real estate portfolio.
Contact us today to learn more about our properties and special discounts available to cash buyers!
For More Information Submit The Form Below