Are you a property owner who is struggling to find tenants and doesn’t understand why? Do you feel like you should give up and cut your losses? Well, don’t quit just yet. We may have the answer to your problems in this guide. Now it’s true that being a landlord isn’t always straightforward. Problems can arise and often at the worst possible times. But, being a landlord doesn’t have to consume your life and make you ill. There are plenty of ways when it relates to increasing your rentals if you know how to.
These methods aren’t difficult to learn, and they can prevent you from losing thousands of dollars each year. By following these strategies, you’ll not only attract the best types of tenants but, you’ll see a high return on investment.
So read on, and we’ll share three tips for attracting new rentals that you can start using straight away.
1. Hire a Property Management Company
Just because you buy a drill doesn’t mean you can never hire a builder again.
So, just because you buy properties doesn’t mean you have to manage them by yourself. In fact, hiring a property manager may be the difference between making a profit instead of a loss.
So, you need to consider this option very carefully.
What Is a Property Management Company and What Do They Do?
A property manager is someone hired by a landlord to manage their properties. Their incredibly beneficial and most serious landlords will always take up their services.
So what can they offer?
Firstly, they’ll be able to advertise your properties for you.
They’ll visit your property, take professional pictures and then create an advertisement page. They can then list the great features of the property and all relevant information.
The benefit of this is that it’s cheaper than taking out ads yourself. Plus, if they’re established, the website will generate high amounts of traffic, which increases the chances of finding tenants.
Secondly, they’ll screen potential tenants and take care of all the paperwork and contracts. This can be a daunting task, especially if you have no experience.
Thirdly, they can collect rent payments and be the first point of contact in emergencies. So, if issues arise with the property, they can be taken care of without bothering you.
Not only can we do all of this at Reedy & Company but, we can offer additional services such as investment help. So, if you’re looking to add to your property portfolio, we can assist.
2. Give Your Property a Makeover
Everyone wants to live in a stylish, modern home, and tenants are no different. Even though they don’t own the property, they still want something that’s safe and feels homely.
So, if your property is outdated, this may be why you can’t attract tenants. To fix this, you’ll need to give it a makeover.
Ideally, you want to paint the walls a neutral color. Not only can this make rooms brighter, but it can give the impression that they’re larger.
Also, if the kitchen and bathrooms are outdated, it’s time to modernize them. Tenants don’t want to feel like they’re stepping into the ’80s every time they cook dinner.
It’s also a good idea to ensure you install a washer/dryer inside the property. Traveling to a laundrette twice a week can be a massive inconvenience, especially with our busy lifestyles. In fact, tenants may choose not to apply for the property solely based on this.
Finally, you should ensure all windows and doors are secure. If they’re old and look easy to compromise, then potential tenants will walk away.
3. Consider Lowering Your Renting Price
Some landlords either have no idea how to price their property or, they get greedy. Either way, both have the same outcome; they lose money.
Now we’re not saying you’re greedy, but you may have overpriced your property. This, in fact, could be the only reason why your homes are empty.
To solve this, you should conduct a price review. But deciding on how much to charge is down to several factors.
First is the location where it’s situated. Areas that have great transport links, job opportunities, and low crime rates are highly sought after. This is why New York and San Fransico are two of the most expensive places to live in the US.
The second is the property itself.
New and modern properties can be more appealing to tenants. As a result, they will often pay more to secure them.
This is also the case if your property is spacious with lots of great features like:
- Parking spaces
- Large bedrooms
- A front and back yard
Things like this can put your property above others, in which case you can charge slightly more. But, if it doesn’t have these attributes, you can’t expect people to pay top dollar.
The third is comparing it to similar properties in your local area. If there are similar homes available for a much lower cost, then you’re not going to attract tenants.
So, it’s important to consider everything and analyze your rental price.
After all, tenants do their research and know what’s value for money. In fact, they’ll be able to tell right away whether your property is too expensive and not worth pursuing.
A Brief Guide for Landlords on Increasing Your Rentals
As you can see, increasing your rentals isn’t always difficult.
As long as you have an appealing property that’s fairly priced, you will land tenants. But, we do suggest you consider hiring a property management company to assist.
If you would like to discuss all the services we offer as a property manager, please contact us today. Not only are we experienced, but we will also get tenants into your empty property right away.