If your Charleston rental property isn’t getting the attention from tenants you had hoped it would, you’ll want to be flexible with your marketing and leasing strategies. The longer your home is vacant, the more money you’re losing.
Usually, one of three things is causing your property not to rent. Either it’s priced incorrectly, the condition is turning away tenants, or it’s in a location that renters don’t find desirable.
Location is a difficult problem to fix, but you do have some control over both the price and the condition of your investment property.
Price Your Charleston Rental Property Correctly
A property won’t rent unless it’s priced correctly. Maybe you’ve priced it according to what you think the home is worth or the amount that you need to cover your own monthly mortgage payment and expenses. Sometimes, owners will look at rental prices on sites like Craigslist or Zillow. Those can help, but you need reliable data in order to accurately price your home.
You can always start with a high price just to see if you get any interest. But, that’s a risky strategy. Tenants are smart, and they know what they’re willing to pay. The market drives the price, not your own inclinations. Poor pricing will leave your home unoccupied.
If you’re not sure what to price your property for, try talking to a professional property manager for a competitive market analysis. Vacancies cost money, and you can avoid them by pricing your property correctly.
Make Sure Your Property is Appealing
Your home may not be renting because of its condition. If it looks old, scruffy, or disordered, good tenants are not going to rent it. There shouldn’t be stains on the carpet, broken blinds in the windows, or scratches on the paint. Clean up your property before you put it on the market so it’s ready to show well. Invest in a bit of curb appeal.
Spending a little money to update and improve the home is worth the investment. You’ll be able to attract better tenants and you’ll get them in place quickly. Take a look at small repairs you can make. New window treatments, updated hardware on faucets and cabinets, and a full coat of fresh paint can make a big difference.
Marketing and Professional Charleston Property Management
A good marketing plan can help you rent your home out faster. If you aren’t getting any attention, it could be due to bad marketing. Maybe your photos aren’t the greatest or you’re not listing the home on any of the top rental sites. If tenants cannot see your listing, they cannot express interest in it. Make sure you know where and how to market and advertise your home.
Responsiveness also matters. If you’re not answering the phone when tenants call and you cannot be available to show the home when they want to see it, you’ll have a hard time renting the property out. If you cannot process applications within a day or two, tenants will lose interest. This is a competitive market, and you can easily lose good tenants to other properties.
If you’re not renting your property as quickly as you’d like, contact our team at Charleston Home Rentals. We’d be happy to help you.