3 Reasons Why No One Is Renting Your Property
So you’ve just started your rental property business and many weeks have passed since you’ve had any leads. Also, you see a lot of other properties in your neighborhood generating interest.
What could you have done wrong?
Well, if your property isn’t attracting any renters, there could be a number of reasons why this may be happening. For instance, your property could be priced too high for that particular neighborhood. Or perhaps, the photos you used in the listings might not be doing a great job of highlighting the best features of the property.
To get you out of your misery, we’ve listed a few reasons why your property may be repelling quality renters:
1. Your Rent Is too High
Among the few reasons why properties aren’t considered attractive options among renters is because they may be a tad bit overpriced. Sure, every landlord would prefer to make the most of their investment, but if they aren’t careful with their pricing strategy, they may just end up reducing their overall ROI.
Properties should typically start earning rent about 2 to 4 weeks after their listings were posted. If your home doesn’t get enough attention after 2 weeks, it would be time for you to consider decreasing the price of the property by 5% per week.
Whenever you’re pricing your property, always try to take into account the features and amenities it offers. If a home should be priced between $2000 and $2400, setting a $3000 price might be a bit of a stretch unless you’ve made some considerable improvements.
Try searching Craigslist and Zillow for similar properties or other properties in your neighborhood to get a better idea of what rent you should charge.
2. Your Rent Isn’t Enough
If you don’t charge enough rent, you may be losing a lot of money here as well. Some landlords prefer to price their property conservatively to attract tenants quickly. However, if you don’t charge competitive prices in the rental industry, you will just lose out on the income you could have earned.
Another disadvantage of pricing your property too low is the fact that your potential renters may start believing that there is something fishy about the offer. For instance, if all the 2 bedroom homes in the area cost $2500 and you only charge $1500, you will automatically ward off the most qualified tenants.
Simply put, charging too low would only cause your property to be overlooked. While you might be of the opinion that this is a good deal, renters would consider it to be a trap.
3. Your Property Isn’t In Good Condition
Another common reason why your property may still be sitting vacant could be because of all of its outdated features. Nowadays, most renters prefer modern designs, colors, and fixtures. If your home includes outdated wallpapers or vintage features, your listings may just be scaring off potential renters.
What you need to do is update all of these features before you make your property available in the market. This includes both the exterior and interior of the home while making sure that it stays clean and beautiful.
These simple fixes can increase the likability of your property and start reeling in quality applicants in no time. If you’re planning on avoiding these problems in your rental property, you can always hire successful property manager for the task at hand.