If you are looking to lease your homes, not getting your property rented fast enough is a nightmare scenario. Given your goal of maximizing your income potential, this isn’t far from the truth.
In an ideal world, your property is rented for the long term. Or if your tenant decides to leave, you have a long queue of potential renters, ready to sign the lease contract right away.
But looking at this through rose-colored glasses isn’t always helpful. The truth is: Tenants will vacate. And when that happens, you are back to square one, advertising, touring, screening and waiting.
No landlord wants their property vacant for a long period. It is a very basic concept: the longer your home remains vacant, the more you won’t be profiting from your investment.
By failing to consider factors that attract tenants, your home will likely be vacant for longer. So in this blog, we want to walk you through some tips and tricks to rent your house faster.
1. Take care of your tenants
Perhaps this isn’t what you expected to find on top of this list. And you probably won’t agree, especially if your tenant left on bad terms. But, willingly or not, this is the most important factor landlords tend to neglect.
You see, it is by far easier to develop a healthy landlord-tenant relationship than looking for a new tenant. Unless the tenant is just too much to handle that is but that’s for another blog.
Tenants who are satisfied with their homes will stay longer, minimizing the need for you to go rent your property again. When their needs are reasonably met, they would rather stay put instead of finding a new home and start all over again. That’s a win-win situation for both parties!
2.Get your property rent-ready
Unlike a book, a home is judged by its own cover. And by cover, we mean kerb appeal, first impressions and value-added features.
Competition is tough when it comes to renting your home. From experience, most are ready to show interest in touring homes but are just as easily discouraged and drop out after a drive-by if the home doesn’t look appealing.
From the start, your home should look at its best from the outside. And this should continue all the way inside. Fresh licks of paint, addressing repairs and maintenance, freshened up kitchens and baths, keeping appliances current are just a few examples. But while you’re at it, remember not to go overboard.
3. Know the market price point
Money speaks! Of course, you will want to rent your house as quickly as possible for as much money as possible.
You will need to familiarize yourself with the going rate in your neighborhood by doing your own market research. The best and simplest way to go about this is by checking rental prices of comparable properties in your area online.
It’s important to set the price right. Set it too high and prospects will just go elsewhere to check other options with better prices. Set it too low and you won’t get the return on your investment.
4. Advertise well in advance
When it comes to being a landlord, being proactive is key to keep the lease cycle going. One of the ways you can ensure the ball is rolling is by keeping track of tenancy contracts.
In Dubai, tenants should be able to give you a heads up at least three months before the contract ends whether they are renewing or vacating. Use this time wisely. Do not wait until the last minute before you put out ads for your property. Get the word out even if that means advertising the home, citing when it will be available for occupation.
5. Advertise where tenants are looking
Now that we’re on the topic of advertising, make sure your ads are not only effective but are optimally placed. Focus your efforts on the main platforms and channels where you are more likely to find your target tenants.
In this day and age, sticking to traditional methods is no longer enough. MLS then? Perhaps but to cover all your bases, you’d be remiss not to include social media. While you’re at it, include word-of-mouth marketing. The bigger net you cast, the higher the likelihood you’ll rent that home out.
And these are just some of the things you can do to rent out your property faster. If things get too overwhelming, you can always tap into a competent brokerage of your choosing like us. Get in touch here!