Address these three problem areas to get your investment property tenanted faster.
With a mortgage to pay and ownership costs mounting, you can’t afford to leave your investment property languishing on the market with no tenants in place. The sooner you attract a tenant, the sooner you can establish a revenue stream you can use to build your property portfolio.
Here are three common issues that might be holding your investment property back…
Setting your rent too high will likely lock you out of your market. Talk to your property manager about what is a realistic price point in your local market and try not to second-guess their advice. If you want to charge more, you may need to do some renovations or add some special features that will create some excitement among potential tenants.
Don’t neglect the presentation of your investment property. Remember that tenants are searching for a home they can be proud of, and stained carpets, marked walls, dirty kitchens and bathrooms, and unkempt gardens will turn them off. Also, failing to make any necessary repairs will signal to tenants that you don’t care about the state of your patience.
If you feel your investment property has been on the market for too long, speak to your property manager about their marketing plan. Professional photography, property styling, floor plans and even video tours will go a long way to creating buzz around your property and attract more potential tenants to your open inspections.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.