As the owner of a rental property, your primary focus is to ensure you manage to get quality tenants and your rental property stays occupied. Yes, a rental property is an asset, but its true value lies in the fact that it brings you a recurring source of income. The moment your rental property can’t fetch you this productivity, it begins to consume capital, leading to losses. A property that remains perpetually vacant is obviously not a good sign. Let us explore the possible reasons for why your rental property remains vacant – along the way, we will suggest measures to correct these.
1) Is Your Rental Property Fairly Priced?
A common reason for a rental property remaining vacant for long durations is that the property is not reasonably priced. Typically, a rental property is worth as much as the area it offers to the tenant, alongside other practical or luxury elements. For the purpose of making a valid comparison, it’s not a bad idea to check how similar properties in your locality are valued. Unless your rental property has undergone an extensive renovation or it is accompanied by other value-added services, there is very little reason for a tenant to consider paying more than the standard market rate. You can always rely on our free property evaluation to avail a fair assessment of your rental property.
2) Is Your Screening Criteria too Strict?
A common advice to most landlords is to be careful about the tenants they decide to bring into their rental property. It is for this reason that most landlords are careful enough to check for the credit score, source of income, criminal history, and list of references while screening a prospective tenant. While it is essential to check for the above information, there’s always a chance that you’re setting your expectations higher than necessary. For instance, if your ‘minimum acceptable credit score’ is higher than necessary, it limits the number of tenant applications that can pass the criteria. Better still; rely on professional rental property management services offered by Rental Advisors to set screening criteria. With years of experience, you can be sure that all tenants will be screened with a healthy dose of skepticism.
3) Does Your Property Have the Exposure?
Are you certain that your rental property has all the exposure it needs in the marketplace? Come to think of it – your rental property is akin to just about any product or service offered by a commercial entity. A commercial entity must sufficiently advertise or market their product as best as they can to make a ‘profitable sale’. Reputed rental property management services hand you the benefits of exposure through their exclusive online rental property listings that garner the attention of many. This being 2018, you can be certain that an entire generation is browsing through suitable rental property options online as you read this. Securing a listing online gives you the exposure you need.
4) Is Your Rental Property Desirable Enough?
When tenants are browsing through the abundance of rental properties available to them, they are most likely to prefer a rental property that is visually pleasing to them. A tactical renovation is most certainly the way forward to achieve this. Have a look at the condition of your rental property. Even a minor renovation is capable enough of eliminating spots on the wall, correcting irregularities with paint, and preventing the possibility of future structural damage. Also, tenants appreciate a certain level of comfort in a rental property, which regular upgradation can help achieve. Is your rental property sufficiently providing your prospective tenant with a certain sense of comfort?
5) Is Your Rental Property Agent Competent Enough?
The premise of hiring the services of a rental property agent is the consistent maintenance of your property. Your role here is to simply reap the benefits of your property investment. If your property remains vacant despite the services of a rental property agent, it is time to perhaps assess the competence of your property agent. A practical way to go about this exercise is to enquire for reviews of your property manager. It’s worthwhile to read up on user reviews. After all, a staggering 88% of end consumers rely on online reviews just as much as they rely on personal recommendations. A negative impression immediately puts off a prospective quality tenant; make sure the same is not true for your property.
6) Does Your Rental Allow Pets?
More so than ever before, pets are increasingly becoming a part of the (new) standard family. There is an observable trend that we have witnessed – that of millennials’ strong preference for pets. Is your rental property missing out on targeting these preferences of prospective tenants? You might have a policy in place and you might be naturally predisposed to not prefer pets in your property. But, a perpetually vacant property is enough reason to rethink that stance. Another added benefit of allowing a pet, is that there’s a high likelihood that a quality tenant will opt to extend their tenancy in your property. After all, not all rental properties allow pets. And, those properties that do allow pets have seriously high demand. These trends seem to suggest a more permanent shift in what is considered to be acceptable today. Is your rental property up for furry little beings?
Get a Comprehensive Rental Property Management Contract
A rental property management contract can free you from almost all responsibilities associated with your role as a landlord. Your property will be regularly cleaned and maintained. Suitable tenants will be assessed and shortlisted on the basis of a foolproof system. Rent collection will be dealt with, while you reap the benefits of your property. But, before all that, your rental property will get an online listing and everything possible will be done to ensure your property no longer remains vacant. Contact us to know more about the contract offered by us at Rental Advisors.