If you own a property and you are renting it out, it’s important to make the most out of your property. You wouldn’t want your property to be vacant as much as possible. The competition is tough with a lot of landlords out there and a lot of other properties that probably have a better location, are much bigger, or are cheaper compared to your own property. Don’t fret. Here are ways to ensure that your property is rented out most of the time:
1. Use a charm price
Never set your rent price at a whole number like $2,000, $2,500, etc. Use the charm price instead. Charm price is a price such as $1,999 or $1,999.95. Charm price is a good strategy in pricing your unit. The psychology behind this marketing strategy is mental rounding. Charm price creates an illusion that $1,999 is closer to $1,000 instead of $2,000. It also seems like a bargain or sales price.
2. Publish your rental on as many websites and social media sites
There are a lot of free websites and social media platform where you can advertise your rental just like Craigslist, Facebook Page, AirBnb, etc. The more you advertise your rental, you will have a higher chance of getting your rental rented. The key to advertising your rental is by posting a lot of pictures that will make your listing stand out. Check out other rentals that are similar to yours so that you will have an idea on how to properly price your unit and then highlight all the details of your property.
Social media is also a good platform for advertising your rental. You can post your ad and ask your friends to share your ad on their page or refer you to someone they know. It’s even a better option because if your friends refer you to others, it will make potential customers trust you more because you were referred by someone they know.
3. Hold as much open houses as you can
They say landlords don’t really work hard but earn a lot just by collecting rent each month. It’s not exactly true. You also need to work hard to find the best tenant whom you can trust and who can pay your asking price.
Try to hold as many open houses as you can to look for prospect clients but before holding open houses, make sure that your property is tidy and clean and that everything is working well inside your property. Your aim is to get as many qualified people as you can checking out your property and get that one tenant who is capable and is willing to pay your asking price.
4. Build a good relationship with your current tenants
It’s important to build a good relationship with your current tenants because you will have great respect for each other. If you have a good relationship, you will not have a hard time collecting rent from your tenant and it will be easy for you to ask for favours such as allowing you to have the place checked out for open house even if they are still currently living in your property and are about to leave.
Having a good relationship can also make the tenant extend his/her contract with you in case he/she still wants to stay at your place or he/she could refer your rental to other people.
It’s important to treat your tenants well. If you still haven’t found the right tenants despite all these efforts, you can try hiring a trustworthy and reliable property manager. If it still doesn’t work after hiring a property manager, it means that the price of your property is too high.