Financial freedom is the American Dream. Independence from debts, expenses, and a pain-staking 9 to 5 is all anyone wants. It might be a shared aspiration of everyone, but few can achieve it.
One avenue to achieve this fabled dream is through investment, and renting out real estate to tenants is a tried and true method. However, you can only make money if you have renters.
Filling a vacant unit quickly is fundamental to generating wealth with as little overhead as possible. Here’s how to get a tenant in your rental property ASAP.
You Have to Advertise
One mistake that’s too common among new landlords is their lack of advertisement. Nobody’s going to know about your rental home if it can’t be found. Word-of-mouth may work sometimes, but it’s not a consistent way to advertise your property.
If you have the means, open a listing with a real estate company. Their sites are heavily trafficked when renters are looking for homes.
However, that’s not the only way to eyes on your property.
A lot of communities have small brochures, newspaper ads, and billboards that don’t cost any or very little to list your rental. Take to sites like Craigslist, Facebook, or other free-to-post websites. Newspapers might be on the decline, but they’re still read, and the space to advertise them is no longer a premium.
Incentivize to Fill a Vacant Unit
People may already know about your rental property, but what makes them want to move into your house over another landlords?
Renters have a lot of choices available to them. If you make your property a priority, it’ll give you a better chance at a new renter.
This can be done through moving incentives. A rental incentive is anything that’ll motivate a renter into choosing your property over someone else’s.
This can be any number of things:
- The first month free
- Move-in bonuses
- Offering food or gifts to come to see your listing
- Offering a discount
- Relaxed contractual agreements
Fix ‘Er Up
Nobody wants to live in something out-of-date or inhospitable. With so much competition in the market, why would they? Fixing up your rental property should be the first thing that you do.
Giving it a new makeover is inviting for renters. They can see themselves in a nice home. They don’t want to envision themselves in a ratty rental.
Doing repairs, upkeep, and maintenance isn’t expensive and it doesn’t have to be taxing. Make it visually aesthetic but be sure to make it accessible and livable. You don’t have to fill the house with furniture, so a new can of paint, a remodeled kitchen, and some updated floorings are all it takes.
You’ve Got Renters
Owning your own investment properties is a vehicle to financial paradise but filling a vacant unit can sometimes be a daunting challenge.
If you’re having trouble, try advertising locally. You should also offer incentives for moving in or coming to see your property, and don’t forget a fresh can of paint.
Are you interested in renting? Feel free to reach out to us.
