Why Your Rental Property Is Still In Need Of A Tenant (& How To Change That)
One of the most popular investment methods at the moment is property investment. It’s considered one of the least risky investment options, as the chances of losing your money are low. While you could choose to buy a property, do it up, and then sell it on, renting it out will bring in a much higher profit. Granted, it will take years to get back the money that you’ve invested in it. However, the total profit you will make will be much higher than if you were just to do it up and sell it on.
While renting your property out is the best option in terms of the potential profit you can make, you need to understand that it does come with some risks. The biggest of which is that you’ll struggle to get a tenant for your property. If your property has been available for renters for a month or longer, and you’ve still had no luck finding a tenant, you might be starting to panic. What if it never gets filled – how will you afford to cover your costs?
To help you ensure that you find a suitable tenant for your rental property here’s what you need to consider.
What’s the curb appeal like?
Take a stroll around your property and look at it objectively. Does it look as smart as it could do? Often, the most common reasons that people are put off of a property is because it lacks curb appeal. We form first impressions in the first 15 seconds of seeing a new place, so it’s crucial that the curb appeal of the property is just right.
The first things most people notice about a property is the condition of the paintwork, roofing, siding (if there is any), and garden. So, it’s important to ensure that all of these things on your property are in tip-top shape. Say, for example; the siding is old and damaged. It would be a good idea to use a professional company, like Iron River Construction, to replace it.
Does the advert do the property justice?
The next question to ask yourself is, does the advert do the property justice? You’ve got to remember that the first thing potential tenants will see about your property is the advert. So, if the advert doesn’t do the place justice, this could be why you haven’t found a tenant yet.
Ideally, your advert should be informative and concise. It should also contain high-quality photos of each area of the property. (These should be taken in daylight, to ensure the property doesn’t look darker than it is.) It’s also important to ensure that all desirable features that the property has are listed in the advert, such as the fact it has a good-sized garden.
Is the price too high?
If the property is smart and stylish and the advert is well-written and has good quality photos, perhaps the price of the property is the issue. Look at the price that you’re asking for and compare it to how much other landlords in the local area charge. Could it be that you’re asking for too much money a month? If this is the case, consider lowering the rent to see if this makes a difference.
The good news is that normally, the reason you’re struggling to get tenants for your rental property is easy to fix. It’s just a case of working out what the problem is and how you can deal with it.