Why Your Property Isn’t Renting

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So you’ve taken the step to invest in rental properties. Of course, we think you’ve made the right choice. From building wealth to tax advantages, there are many good reasons to own rental properties. But you may be wondering why your properties aren’t renting. After all, why own rentals if you don’t have renters?

There are many things you may be doing to limit your rental’s potential. Here are the most common mistakes we see when it comes to properties not renting:

1. Poor external curb appeal. It is easy for property owners to neglect the curb appeal of their rental properties, dismissing it as not important. But the truth is that the curb appeal of your rental property matters a lot.I encourage you to read my article on landscaping for rental properties to understand the impact this has.
2. A weak first impression. “You never get a second chance to make a first impression.” This applies not only to future in-laws but also to your rental property. Your property may be great, but if you aren’t preparing it well and doing what you can to increase that first impression to potential renters, you are hurting yourself more than you know.I’ve provided seven steps you can take action on today to make sure your property impresses renters immediatelyand encourages them to come back.
3. The wrong price. You must understand what comparable rental properties are renting for and honestly assess your listing against them. Of course, your price should cover your expenses to maintain the property. But if your price is too high, then your rental property will not be attractive to renters. If they can find a residence just as beautiful yet for significantly less, you will lose every time. You must also know if renters are interested in paying more for your location or not. Price is one of the top filters tenants use in their search and it matters a lot to all parties involved. We recommend talking to a third-party management company with significant experience in the relevant region to get the price point just perfect.
4. The wrong marketing. You may be spending hours and dollars on paper fliers, but if the audience you are trying to reach never sees your fliers, then you are wasting a lot of time. The majority of potential tenants start their search online, so you must be sure that you are maximizing your rental property’s exposure on the Internet. If you aren’t marketing your property in the right way not only are you losing potential tenants, you are losing a lot of your time and money. Consult a rental professional to either advertise or screen for you, or to do what they do best – manage your property from A to Z.
5. Poor reputation online. Again, since most tenants start their search online, you need to make sure your property looks good online. To fully understand what your online reputation means, I suggest reading my article on how to manage your property’s online reputation. While it can seem overwhelming, it is actually quite important and simple process: Can tenants find your property online and, when they do, do they like what they see?

The good news is that you can fix all of these to get your property rented. Especially with the help of a third-party management system, such as Sweyer Property Management, all of these can be rectified. Contact us today to get started and we’ll help you get your property rented as soon as possible.

Source: wilmingtonbiz.com