Why Your Rental is Not Renting
You invested in a rental property, made it look inviting, and listed it as ‘For Rent.’ And, unfortunately, that is where the story ends. Maybe you have shown the property to individuals who have no further interest in renting. Or, maybe you have not received any interest at all. Not being able to rent out your rental was likely never part of your plan.
Don’t worry – bringing the rights tenants and the right property together can look like sort of a puzzle. And, when one piece is missing, it can throw off the whole outcome.
So, first, let’s take a look at reasons why rentals don’t rent.
Rent is Too High.
When giving your rental property a price, you need to make sure that it is comparable to other rental homes in the area. Run a report to see other listings in the immediate area – of similar properties – and see what they are renting for. How does your asking price compare? Of course, you also want to take into consideration the amenities being offered by other rentals. Just because it looks similar to yours, there could be something you aren’t seeing on the surface. Do your research.
Just know that when your property is priced right, you will find the right tenants.
Did you ever stop to consider that maybe you have the perfect property… except for the one thing? Certain so-called features of a rental property could make it seem like a recipe for its demise. For instance…
- Bedrooms too small?
- Too many stairs?
- Poor interior or exterior condition?
- Missing appliances?
- Severely outdated?
If you do find that you have any unfavorable features, taking the extra step to rectify it could help immensely with finding a renter.
The Condition of the Property.
Appearance may not be everything, but it counts for a lot. When you are showing the property to potential tenants, they want to see a healthy, clean property. Dirty, unkempt, infested properties are a big turnoff. So do your best to make sure the property is presentable – and enticing to the new potential tenants. They are going to picture themselves living there and, if it is nasty, who would want to even think about that?
If no one is reaching out about your property – or, if the wrong people are reaching out – you may not be focused on the proper market. You need to be able to craft a well-worded rental ad and get that ad in front of the right group of people. This may involve using social media, various rental websites, local postings, and so on. Just as investing is a skill, so is marketing. Take the time to re-visit your marketing efforts.
Do you notice where you could make a change?
Sometimes, you just need to let the professionals handle the rental process. Turning your investment portfolio over to an Atlanta property manager means that you can rest easy. Property management teams know the ins and outs of the rental market – and how to bring the right tenants to your property.
Marina Shlomov, a managing partner at ALH|Podland Realty and Atlanta Rental Homes Property Management is the author of many articles on Landlording, Real Estate, Rental Property Management, Atlanta Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, BiggerPockets and REI CLub and LinkedIn.