How to fill in your rental property in no time

December 01,2015 | Posted By Admin

Have your vacant rental property look like a pimple on the complexion of your real estate business? Does you empty house killing your profitability in a big way? Are you also looking for a great renter to invest in long-term rental? For whatever reason you want to rent out your property, the key is to do it quickly. Filling a vacant unit is more than just printing flyers, it takes great efforts to get the property ready, market appropriately and attract prospective tenants.Let’s work out a plan in order to reach the goal quickly:

• Keep your existing tenant: Make every possible effort to keep your existing tenant. Being a good landlord not asks you to be on toes or meeting every demand of your tenants but to be a professional communicator. Always respond to complaints quickly. Let them know your expectation and endeavour to fulfil what is expected out of you. Get in touch with them when they move in and ask for any problems they are facing in the new house. If tenant play their roles respectfully, reward them in terms of repainting, installing a new appliance or providing a professional cleaning sometimes. All these will help you to make your tenants happy.
• Establishing rental value:It is always recommended to compare your home to similar ones for rent in your area to establish your home’s rental potential.Be aware about the ads and market fluctuations in order to place the things right. Also before renting out, focus on repairs and improvement that will add value in higher rents. If you are jumping on the bandwagon of making any improvement, its best to weigh the costs and benefits of renting your house.
• Prepare to market your property effectively:You need to maximise your efforts of marketing your rental property by doing things like transforming the rental unit to attract prospective tenants, writing enticing marketing copy, getting aware about the market rates and fluctuations and selling it right.
• Spread the word efficiently:Once you are ready with photos and advertising copy, consider the best marketing sources to deliver the massages to the intended target audience. There are many ways such as word of mouth, signs, free online listings, online newspaper ads, property management companies and real estate offices to reach out the masses.
• Make necessary arrangements for the new tenants: Never rent out a unit as it gets vacant but a lot of preparations need to be done between the two processes.Schedule the repairs and cleaning for the property. After the necessary repair work and clean-up, it’s time to review the appeal. Screening the prospects is one of the most crucial aspects of maximising the profitability of each rental you oversee. 
• Don’t compromise on quality over speed: Filling a vacant property is the dream of every landlord but never compromise on the quality tenant over time spent in finding one. Sometimes, we get tempted when you get a prospective tenant without looking who he is. Believe, if you ignore tenant screenings and interviewing, you take risk of filling a vacancy quickly with a bad tenant. Strike out the balance between speed and quality and enjoy the company of a better tenant.