How To Rent Your Unit In A Competitive MarketPosted by Holck Ennis on June 24th, 2021 Keeping your accommodation occupied once the economy is strong is hard enough. But, once the economy is in bad shape because it is now, if you have an onslaught of homes available and many apartment complexes have 1 beyond 5 units vacant. This my buddy is a known as the renters market. Keeping your rental property occupied during periods this way can be extremely difficult. Here are several ideas for you when you are looking to fill among you vacant properties. 1st item: Now I know this might sound a lttle bit odd but take it from someone who has 12+ years in the property management field. When renting your property the very first thing you have to do would be to ensure you understand the details of the exact property. Be ready using the basic information when a prospective tenant contacts you. Simply put, I have worked with and seen a lot of people trying to rent their properties with no knowledge of principle information of the exact property these are trying to rent. Believe me when I say basic, I mean basic! Know the floor plan along with the square footage of your rental. Many times the very first point of contact regarding your premises is on the phone and customarily one of the very first questions asked is about the floor plan and the sq footage of your premises. Most of the time what are the perspective tenant is looking to find out is when their furniture is gonna fit or otherwise. In addition, ensure that the unit is rent ready! Try to contain the work in the unit completed and ready to show. Not everyone is capable to look beyond unfinished work along with the best choice is always to have the exact property rent ready if at all possible. That is the interior as well as the exterior. Have everything looking great! With the economy the way has become, it is really a renters/buyers market and a person with decent credit is able to pick and choose where they would like to live. 2nd item: Sell your property! What makes your rental be noticeable? What area is your property in? Are you blocks in the beach? Are you near shopping with easy freeway access? Why is your premises in the perfect location? What are the amenities in your premises that sets it in addition to other properties? Do you have plush carpeting, tile or hard wood floors? Bathrooms, the amount of? How about sauna, Jacuzzi bathtub? Tile kew property manager ? How big is the kitchen and what appliances is there? Tile counters? Dishwasher, Microwave, Garbage Disposal? Washer & Dryer connect? Large bedrooms with large closets? You get the actual. Sell, sell, sell! Build up your house! Remember it is a renters market at this time. There are so many homes, condos and apartments on the market at this time that people can choose where they want to live. What makes your apartment superior to normally the one nearby? Sell your premises! 3rd item: Can you afford to offer concessions at the moment? Depending on how long your home has been vacant are you able to afford not to offer concessions might be the questions? One way to help get your house rented quickly is usually to offer specials. Many owners are offering which range from 0-0 off 1st month's rent up too 1st month's rent free and 0 off 2nd month's rent. Now some would say fat loss that I'm giving a no cost month of rent away. I say for you just how much do you think you're losing if your rental is vacant for 2 months, why don't you consider 3 months? Yes, it is possible to your rental to be vacant for months within this bad economy. You can use the concessions being a great characteristic to prospective renters. They possess the opportunity to save a whole month's rent that may come in handy. Use that to your advantage then sell the machine. Closing; Remember the goal is usually to get a apartment rented as fast as possible with very little beyond pocket cost as you possibly can. You might have to offer some using the economy the way it is today. But it is well worth the cost. Now, anything of caution for you. Take time and make use of your best judgment to find the right tenant for your house. I tell you from experience and I believe this may be considered one of the most important things to remember. The golden rule in property management is just this "Its way easier to get someone in than it would be to get someone out!" Don't rush someone in only to fill the vacancy. Abide by the law and fair housing regulations. Don't discriminate but use good judgment. Most from the time your gut reaction will tell you about that person and you also have to trust that. A good tenant who abides from the rules, obey regulations and pay their rent promptly is what we wish. Placing a bad tenant with your rental only to fill it can cost much more than the usual couple months rent if you have to get them out. Now, sell that rental!Like it? Share it! More by this author |