My Rental Property Is Not Renting...Help!
In Las Vegas, there are no shortages of rental homes. Landlords will have competition for good tenants. Your rental home must be attractive, clean, well located and reasonably priced to rent quickly.
IF your rental is not attracting tenants ask yourself these questions to see if you can find the reason why.
1. Have you properly priced your rental?
Rental homes have an asking price and a leasing price. They are not always the same. Landlords generally desire a higher rental price and tenants want a lower price. Pricing is a fine dance between supply and demand. A higher quality rental home will demand a higher than average price normally, however, if there are many available high quality homes for rent the price will fall.
A property manager will search for similar rented homes in your neighborhood to find the rental range. Check with your local Realtor to get the most accurate and up to date rental comparison for your property. There is no other source more accurate than the Realtor's Multiple Listing System, not Zillow, not Trulia.
The market is very competitive and it is important to price your rental within fair market range. Remember a tenant is paying for the use of your property. They are not building equity and there is no incentive for them to overpay.
Greed is the bane of the landlord. Waiting for a higher rental price can cost you an extra month or two with zero cash flow to get that extra $50 per monthmay create the loss you may never recover.
2. Is your property outdated?
A rental that is worn and dated will be passed over by prospective tenants in favor of one that shows bright and cheerful. Fixtures that are cracked or discolored, flooring that is faded or threadbare, countertops and cabinets that are broken or stained, appliances that have been patched together one time too many are all signs it is time for a facelift. If you can't do it all at once put a plan in place and set priorities to improve the property.
3. Has your rental been properly cleaned?
Nobody wants to move their possessions into a home that feels dirty. Make sure your home is clean and smells fresh and inviting. Don't forget the yard and outside area. You may want to have a pest control service while your property is vacant to discourage unwanted visitors.
How clean must a rental be? Clean the property until there are no objections from prospective tenants. It doesn't need to be hospital clean, antiseptic, but it should be "hotel" clean. A used property cleaned to the best available condition.
4. Where are you advertising?
Social Media is where prospective tenants are shopping. You need pictures, lots of them, and exposure to multiple sites. You need plenty of exposure to attract just the right tenant to your rental home. Trulia, Zillow, Hotpads, Rentals.com, there are scores of places to list your rental home. Get them listed!!