Competitive pricing plays an important role in finding tenants for your vacant property. This doesn’t always mean setting low prices for your property, but rather about what your property has to offer against the price you’re setting. Showcase your property’s amenities, location, and other upgrades to attract qualified tenants. You can also find out what other properties in the location charge and be within that range. Charging too high or low can get your property easily dismissed by tenants. Competitive pricing also puts you in a position where you’re likely to have low vacancies. As we know, low vacancies equals more losses since you still have to incur other costs.
You need to consider factors such as the type of your property, location, amenities, and market trends. These can affect how you get tenants for your property.
The type of amenities you have in your property can affect your clientele and the rent you charge. For example, properties with amenities such as Wi-Fi, Gym, Swimming pool, DSTV, and Parking spaces are likely to have a large clientele and higher rent pricing depending on the location. Consider upgrading your amenities if you’re a landlord in high-end neighborhoods or sub-urban areas and this will increase your revenue.
The location in which your property is situated can also determine how much you charge. Properties in developing areas where more people are looking to settle have a high chance of getting tenants and therefore more rent unlike in rural areas or under-developed locations. If you’re yet to set up your property, consider strategic locations with high-growth potential.
Monitoring market trends will keep you at par on how much rent you charge for your property. An increase in property demand would mean that rent will go up and so will a stable economy. Low demand for property and an unstable economy would also mean that rent prices will go lower.
Your property type will also determine how much you charge for rent. Rent in apartments mostly costs relatively less, as compared to single-unit family units or large homes.
Screening tenants before they move in is very important for a landlord or managing agency.
Some of the common screening properties include:
Checking your tenants’ rental history will help you identify what are their tendencies in their previous rentals. Do they pay rent on time? Do they abide by house policies?
Learning the employment status of your potential tenants will help you identify whether they can afford to pay rent on time or how you can work around their rent payments and avoid clashing all the time.
It is recommended to use legal and ethical screening procedures while doing this. Some of the ethical considerations to keep in mind are;
To stand out among other property owners, especially in a competitive market is not easy. That is why offering incentives to clients is recommended. These include signing bonuses where tenants get a bonus when they sign a lease contract and an offer such as one-month free rent for every tenant in a particular season. However, you should carefully consider the incentive against its potential benefits and also if your business can afford to. Incentives will help you to;
In addition to offering incentives, creating tenant-friendly policies and a tenant-friendly environment can put your property on the map and attract more tenants. These policies include pet-friendly policies and short lease terms. Some people are inseparable and very connected to their pets. Creating an environment that allows people to keep their pets will attract more tenants. Also, having shorter-term leases such as 6 months to a year will have clients consider your property People fear losing their money and love a good deal.
It is important to maintain active and professional communication with your tenants during the application process. Consistent communication makes you appear as a serious property owner and can help you close deals quickly. It also makes a good impression on your tenants. Not only does it show that you have respect for their time but also prevents you from losing clients due to your unavailability.
Also, consistent communication with tenants regarding any rules, policies, or updates avoids confusion and creates a smooth environment for tenants and the landlord.
It also increases your credibility and makes tenants trust you more.
It is important to note that in the process of looking for tenants, viewing is a necessity for them. Create a system that allows for this to happen smoothly. Communicate any rules that potential tenants should follow to avoid any confusion. Create a schedule and set days for viewing for an easy process. This also makes it easier to attract prepared clients. Tenants could view and decide to settle in.
Taking all these factors into consideration will help you reduce vacancy periods in your property. You can also do more research on what other ways you can use to attract more tenants for your property.
A: The amount of time it takes for you to find a tenant depends on the strategies you set to find tenants. It also depends on the location and the season.
A: Some of the issues to look out for are criminal record history, eviction history, poor credit history, etc.
A: Look out for laws that govern the relationship between landlords and tenants such as the Landlord and Tenant Act.
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