Vacancies in your rental property can quickly tank your profits. Ideally, you would always have your income property rented, but the fact is that vacancies often happen between renters. Whether you are trying to fill an unexpected vacancy or are advertising a new income property, here are five tips to help you rent your property faster so you can fill that vacancy and start making money.
1. Take Advantage of Online Advertising
Listing your rental property online is a must, as the majority of renters search online for their next home. You can try some of the most popular listing platforms and ensure you include high-quality pictures of the property and as much detail as you can highlighting the important features of the rental. For example, does the property have on-site parking or laundry, or do you allow pets? This information will make your property stand out to potential renters.
2. Ask a Fair Market Rent
Although it’s tempting to list asking rent for higher than normal, this is more likely to scare tenants away than to make them think they are getting a better property. Check comparable properties in the area to see what a fair market rent would be. Although you don’t want to price your property too low, pricing it too high isn’t going to help you get a lot of applications either. Stay within range of similar properties to ensure you can fill the vacancy faster.
3. Make Your Property Turnkey
If your property needs any repairs or updates, it’s best to make these before you list your unit, as it can appeal to more tenants. For example, you can list your property with “new paint and flooring” or “updated countertops” to attract tenants. Most renters want to see a property that is ready for them to simply move in and unpack their stuff—not a rental that needs new fixtures, paint, and appliances.
4. Know Your Rental Market
Knowing your audience is an essential component of advertising. Without knowing the area and the types of renters you are likely to attract with your property, your unit may sit vacant for longer than necessary. For example, if your rental is in an area with college students or vacationers, it may be better to offer a fully furnished unit and flexible leasing options. On the other hand, if your property is more upscale, people may be looking for longer leases and unfurnished properties so they can make the interior their own.
5. Throw in a Special Offer
Throwing in an extra benefit can help attract more applicants to your property. You can offer money off the first month’s rent, a reduced security deposit, or even a waived application fee to help get more people to consider your property. You may also advertise that you offer flexible leasing terms or would offer a lower rent for a longer lease. Offers like these let tenants know you are willing to work with them to help get them in the property.
Consider Hiring a Property Management Company
A property manager knows the ins and outs of advertising a rental property to not only ensure you get fair market rent, but also to fill vacancies as quickly as possible. Contact FAS Management to find out how we can help you fill your income property in DC or Maryland. Contact us at (202) 337-5080 today.
