You have done your preparation. You have a great location, and a beautiful, clean unit. Repairs have been made, and you’re all ready. Except…You’re Struggling to Fill Your Rental Units. Why are you struggling to fill your rental units, and keep them filled?
Why You’re Struggling to Fill Your Rental Units: You’re Charging Too Much
Your potential renters are comparison shopping, and so should you if you want to be priced correctly. It’s important to know what the market is like in your specific area. You might know about all of your amenities, and that you’re a responsive property manager, but you have to also get people in the door. Even if your property is magnificent, if it’s not in a hot rental market, or not being listed correctly with similar properties, renters will not come to look.
You Aren’t Marketing Properly
Your rental is a business, and to get it inhabited, you need to think like the business person that you are. Your rentals need to be listed properly to be appealing. Likewise, your business, including how you manage the property, wants to have good reviews. Word-of-mouth matters immensely, and renters want to know that you’re responsive as well as responsible. Reviews are an important part of rental management because many renters will pay more for well-reviewed units.
Why You’re Struggling to Fill Your Rental Units: Neighbors
If you’re interviewing and finding plenty of folks to view your listing, but not getting any luck in finding renters, there might be another issue at play. Look to units nearby that are listed. Are they particularly noisy? Is there any marker that’s turning off potential renters, like trash everywhere or damage to doors or windows in houses nearby? For renters, who intend to stay in a unit as long as possible, a neighborhood matters. They want to know they will be safe and can live in relative amounts of peace. Their children need to be able to safely play. You cannot control all aspects, especially if your rental is one of many in an area. But, whatever aspects are causing the complication, you can attempt to mitigate.
No matter how great you are as a property manager or landlord, there are factors that can change your unit’s rentability factor. Doing your best to work with other landlords to promote a safe, healthy community helps your bottom line! Market well, and make sure you know pricing in your area. Doing these things will help you to succeed.
If you’re looking for more properties to rent out, take a look at our listings!
Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.