When you have residential property investments, chances are you’re renting them out. The real estate business has come to a boom these days and if you grabbed the opportunity then lucky for you! The thing is, just like any other entrepreneurial endeavor, this requires hard work, persistence and the right strategies devised to achieve goals if not do better. One of the challenges faced by investors is vacancy periods or those spans of time where rental units are vacated and no tenants seem to be interested on the property. That can indeed be a huge problem given that lack of tenants translates to zero profits. How then can you fix this? Here are some effective ways for you to consider and try.
CLEAN UP THE PLACE.
No one likes to rent out a dilapidated looking asset. Garbage tossed on the lawn, leaves scattered by the backyard, peeling off wall paper and paint, broken fixtures and the like not only makes the property look dirty. It also kills appeal. You have to ask yourself; if I were looking for a place to reside in or to hold business, will I choose this? If your answer is no then you better clean up any mess. A fresh looking asset will not only attract tenants but it can also help them stay.
Likewise, it wouldn’t hurt to make simple improvements on the property. You can add a fresh coat of paint on areas with dingy looking walls. Repair and maintenance are necessary for the upkeep of any property. Also you have to remember to level up your game. There are competitors out there who persistently improve. If you’re left where you’re standing, you could hurt your investment.
WIDEN YOUR MARKET REACH.
Marketing and advertising your property is also crucial. No matter how clean, well kept and improved your asset is, that would be of no use if people don’t know about it! Use various marketing strategies from traditional to digital. You need to get the word out there and when your market catches up, they’ll flock.
EMPLOY WORD OF MOUTH.
Another trick is to make use of your other tenants and their ability to deploy word of mouth. You can offer them some discount in exchange for successfully referring another good tenant who signs with you. This may come off as a cost at first but a few bucks would be better than months of vacancy for your residential property investments.