Rental real estate is an excellent long-term investment that can give you a steady stream of passive income. But the reality is, it isn’t as easy as it may sound. Despite this, many owners still find it hard to fill in their vacancy. Avoid the following pitfalls below that make your property hard to rent.
Pricing Above Market
After putting in your hard work and resources into your property, you might think your rental is the best one in the neighborhood. But this belief can influence you to price your rent above market, discouraging qualified prospects who are likely not willing to pay more than the going rate.
Listing Cannot be Seen by Prospects
If your listing is getting low to zero views, you must be listing on rental sites not frequented by renters. You can also improve your listing’s traction by advertising on more platforms and in social media.
Listing Photos are Mediocre
You might insist that photos of your property look acceptable enough, but if the prospect’s first look at your home is through average-looking photos, it won’t inspire much interest.
Marketing Strategy is Off
Describe your property using appropriate adjectives (like homey, spacious, cozy, sunny) and avoid using words that could paint a negative picture of your property (like needs TLC, as is). Remember to mention the location, number of beds and baths, and nearby restaurants, bus stop/train station, parks, or school.
Showings are not Hassle-Proof
If prospects need to invest a lot of effort to view your home, it will likely get less showings than you hope for. Give your prospects more house tour options and make it convenient for them.
Wrong Time of the Year
Moves tend to be at the lowest during wintertime and dramatically increase from March to the 3rd quarter of the year. Your property might remain empty if you’re marketing during the rental market’s lean season.
Avoid these pitfalls to help you fill in your vacancy fast.