When you buy an investment property or decide to rent out your property, your rental income is dependent on your property being occupied. When a tenant leaves and your property becomes vacant, it costs you serious money.
Here are some quick tips that have been tried and tested to help to make your property more appealing and reduce the time it is sitting empty and vacant.
While it might not be the most important thing on your list, research shows that more tenants are looking for properties to rent that come with energy efficient appliances. Not only will you save money, but your tenants will too. A simple and cost-effective way to improve the overall efficiency could be replacing your shower heads to a low-flow option. There are many different ways you can help your property to become more energy efficient, talking with your property manager in the first instance will help you to realize a few key areas for improvement.
Whether selling or renting a property, there is no doubt of the impact this point can have. When your property gets listed online, one of the most appealing points to prospective tenants is how your property looks from the outside. This also applies more so when someone comes to view your property. Fill in any cracks in the sidewalk, paint the window frames, cut-back any bushes, invest in some colorful flowers for the outside, and adding some lights to the porch. All of these points can help you improve the curb appeal of your property.
Price is often an integral factor when a property is vacant. If you price it too high or too low this can leave you with an empty property that is making you zero rental income. Use your property management company to review the rental rates in the local area and help you establish a reasonable yet realistic price for your property rental expectations.
Good Property Manager
Working with a good property manager can relieve the stress and hassle that is often associated with becoming a landlord and managing a property. When you get a good property manager if makes the ongoing property management easy and manageable, leaving you with regular rental payments and a reliable source of investment income.
Effective Property Marketing
If your property is vacant, there are a number of property marketing tactics that can be used to help you get the right tenants in quickly. Any good property manager will suggest a strategy that involves a number of property marketing methods. Simply posting your property on a single platform or having a sign outside is no longer enough.
If a property is vacant, another common reason is that the online listing might not be generating enough interest. A common reason for this could be the pictures you are using to promote your property. If you took the picture in bad lighting or worse still, when a previous tenant was living there, and things look a little messy, this can all contribute to a vacant property. Hire someone to take professional property pictures and do a little staging in your home to show off its best assets.
These six tips can help you to get things moving in the right direction if you are struggling with a vacant property. Each point on its own will help improve the prospects of getting your empty property filled.