Are you struggling to find suitable tenants to rent your property? It might be time to overhaul your marketing strategy. Here are five reasons you might be missing out on great tenants – and how to fix the problem.
- You’re not putting enough money into advertising.
When your property is empty and not bringing in any rental income, it’s understandable that you might want to stick to a low budget. However, spending a little money now to put your advertisement in front of the right people can save you a lot of money in the long run. If there is a lot of competition in your area, you may need to invest in a larger advertisement in the paper or pay for your listing to be featured on the first page of a property website. That said, before you throw money at the ad, make sure it is sending all the right messages. Ask a professional wordsmith to give it a once-over and come up with a smart, eye-catching headline, and pay close attention to the next point – photography!
Read more: 10 questions to ask potential tenants before approving their application
- The photos of the property are poor quality.
Nothing turns a prospective tenant off faster than poor-quality photos. Your property might be in immaculate condition and bathed in natural light, but if this isn’t evident in the photos, tenants may be put off coming to see it in person. If you struggle to take great photos – or simply don’t have a camera that’s up to the job – then it could be worth your while to pay for the services of a professional photographer. What’s more, the photos they take in just a few hours could be used for years to come, making this an excellent long-term investment.
- You struggle to find the time to show tenants through the property.
It’s hard to find great tenants if you can’t find the time to show them the property! Meeting and greeting with prospective tenants is hugely time-consuming. If you work long hours or have other commitments that take priority, then you might want to consider hiring a property manager. They can show the property to tenants on your behalf, as well as take care of some of the paperwork.
- You haven’t listed your contact details.
Just like you, prospective tenants are very busy and don’t want to arrange a property viewing unless they’re confident the place is well-suited to their needs. This is why it’s important to list your contact details on the advertisement. Make it clear the tenant can give you call, send you an email or even write you a text message if they have any further questions. This will allow you to screen any requests before you go to the next step of meeting in person, saving time for both parties.
- Your asking price is too high.
If your property is generating a lot of interest but no one is signing across the dotted line, then it may very well be that you’re asking for too much money. Take a look at what similar properties in your area are being rented for and see if there is room to adjust the price. Although this is not an ideal solution, it may minimise tenant turnover and result in a steady long-term rental income. If you cannot decrease the rent, it may be worth consulting a real estate agent for their professional opinion on how you attract higher-paying tenants.
Need to know how to keep dodgy tenants out of your rental property? Check out our free guide:
