Top 3 Things To Do If Your Property Is Not Renting
What do you do if your rental property has been vacant for a long time even you have posted it on craigslist and Zillow for a long time. What if even there are people emailing you showing interests but no one converted to lease that unit? In this article, we’ll talk about the 3-step checklist (RAP) from interviewing the head of marketing of Mynd Property Management.
1. Check Your Rent Rate (R)
Maybe you have conducted the market research and analysis two weeks ago and set a market-level rent price back then. However, the thing is the market is active and things could change from week to week. Pay attention to the market trend and neighbourhood comparable prices. When you find out the rent you set is a little high, you can either lower it a bit or play with the terms. For instance, many properties offer a 2-week bonus free of rent to their new tenants, others exclude utilities from their rental price thus make it appear lower. No matter which way you choose, make sure to be transparent with your potential tenants.
2. Check Your Ads (A)
Are your ads on most MSP websites?
Are the ads active?
Are the photos attractive?
Are there enough prospective checking your ads
How many of them move on to schedule a showing? Do you have self-showing available (e.g. smart locks and code box)?
Is your appointment system effective?
3. Do a Full Property Examination (P)
It is beneficial to do a full examination and walk-through of your own property. Bring a friend or a college there to see if they see any problems that you cannot. Standing in the renter’s shoes and see what kind of questions they may have about this property. You may start to notice problems you may not think of.
This may be difficult for many remote property owners who own properties in another state or country. You can ask your PM company or leasing agent do a virtual tour with you and check the property. Being remote is not an excuse for being careless. It is your investment and it is your money,.
