When it comes to renting out your property, the goal is clear: secure the best rent, attract the ideal tenant, and do it all in the shortest amount of time. But achieving this isn’t just about listing your property and waiting for tenants to flock in. Bad decisions and common mistakes can keep your property vacant longer than necessary, costing you valuable rental income.
Did you know that for every week your property sits empty, you lose approximately 2% of your annual rental income? Over five weeks, that loss jumps to 10%—which is more than what you’d typically pay in management fees for an entire year! To avoid these pitfalls, here’s what NOT to do when renting out your property.
1. Bad Property Photos
One of the biggest mistakes you can make is using poor-quality photos. Prospective tenants form their first impression of your property through the images they see online. If your photos are dark, blurry, or show irrelevant details like toilets or inside closets, you’re doing your property a disservice.
If you’re taking photos yourself, ensure the whole room is captured, the space is clean and tidy, and you aren’t accidentally visible in a mirror. Consider using photo-enhancing services to make skies bluer, grass greener, and interiors brighter. Remember, tenants will judge your property based on these photos, so make sure they showcase your property in the best light.
2. Overpricing Your Property
Setting the right rental price is crucial. Tenants are savvy; they compare prices and know when a property is overpriced. If your property is listed too high, it won’t just sit on the market longer—it will also attract tenants who may be less desirable and more likely to negotiate, leaving you with a lower offer than expected.
Instead of aiming for the highest possible rent, focus on pricing your property competitively within the market. This approach will attract quality tenants who are willing to pay a fair price, ensuring your property is rented quickly.
3. Restrictive Lease Conditions
Imposing overly restrictive conditions, such as locking off certain areas or having a strict no-pets policy, can significantly limit your pool of potential tenants. While some restrictions may be necessary, be mindful of how they affect the appeal of your property.
Flexibility in lease terms can be a big selling point, especially in a competitive rental market. Consider allowing pets, offering slightly longer or shorter lease terms, or including maintenance services to make your property more attractive.
4. Poor Property Presentation
Presentation is everything. When showing your property, ensure it looks its best. A clean, well-maintained property attracts quality tenants who will take care of your investment. If your property needs a fresh coat of paint, new carpets, or a deep clean, invest in these upgrades before showing it to potential tenants.
We can offer you tips on how to improve your property’s presentation, helping you attract the right tenant quickly and at the best rent possible.
5. Delaying Your Property Marketing
Timing is key in property rentals. As soon as your current tenant gives notice, start preparing your property for the next tenant. Have your photos and marketing write-up ready to go, and coordinate with your current tenant to show the property while they’re still living there.
The sooner your property is marketed, the sooner it will be seen by potential tenants. This proactive approach minimizes the time your property is vacant, ensuring you have a new tenant lined up to move in as soon as the old one moves out.
Our market strategy and team approach are setting us apart in the rental market. From May 1 to August 12, 2024, we’ve achieved outstanding results that show just how effective our methods are.
- Rent Enquiries: We attracted 1,105 rent enquiries—well above the market average of 296—proving that our marketing efforts are capturing the attention of potential tenants.
- Leased Listings: Our team successfully leased 22 properties, significantly higher than the market average of 5, ensuring your property is rented quickly and efficiently.
- Median Days Advertised: Our properties are renting 6 days faster than the competition, with a median of just 10 days on the market compared to the market median of 16 days. This quick turnaround is key to minimizing costly vacancy periods.
Our strategy focuses on avoiding common pitfalls that can leave your property vacant longer, such as poor property presentation, overpricing, and ineffective marketing. By addressing these issues head-on, we ensure your property is rented out to quality tenants as quickly as possible.
Trust Clark Real Estate to not only get your property rented faster but to do so with a strategy that maximizes your rental income and minimizes vacancies. Reach out to our team today to learn how we can help you achieve your rental goals!
