Rental properties are a common form of housing in many cities and towns. While most of them are occupied for the better part of the year, sometimes they can be vacant due to unavoidable circumstances. It is one of the unfavourable scenarios landlords face since it leads to loss of income. Also, they must pay utility bills connected to these properties, which becomes a liability.
So, whether the vacancy is short-term or long-term, the results can be stressful for you as the property owner. Therefore, to avoid this challenging period here is what you should do:
Consider Hiring a Property Manager
Managing rental properties might sound easy, but it is not. It involves various professional and interpersonal skills to attract and convince the right tenant. So, if you have vacant Nashville rental homes, it is best to consider getting a property manager to help you fill them. They understand tenancy laws, which may protect you when things go sour with the new tenant.
Offer a Referral Fee
A referral fee is a monetary incentive paid to a person after they bring a qualified lead. You can talk to the previous tenant to help promote the vacant property. And in exchange, you will reward them with an agreeable amount of money if they successfully fill out the rental. This is applicable especially when they left on a good note, which means they might bring a tenant you may also like.
Furthermore, you can also use your network and offer a referral fee for a successful lead to a friend. For example, you can give them $100, which will be paid after the tenant moves in. It might sound like a lot of money, but it may save you from the liability of the vacation rental property.
Make Use of Rental Listing Sites
The Internet has turned the world into a tiny village since you can easily reach and communicate with anyone regardless of their geographical area. This includes marketing rental properties on listing sites, where you meet people looking for homes. The advantage of these websites is that they are free and easier to navigate to help promote the vacant property.
Moreover, with rental listing sites, you can tailor your ad to a specific area to a distinctive age group. This way, your advert will lead to the right people, increasing your chances of getting a qualified tenant. Nonetheless, it is essential to include high-quality photos of your property and detailed descriptions of its condition.
Network with the Surrounding Community
Research shows that creating a personal connection plays a crucial role during sales. Therefore, associating with the community in a direct dialogue may help you fill your vacant property. They may either move in or refer someone close, especially when they like you, because people are likely to do business with an individual they know personally.
Market Your Property on Social Media
In the modern world, seven out of ten in the United States of America use social media as a method of communication and for entertainment purposes. Some of them keep browsing throughout the day, which makes it a beneficial tool for landlords to market their vacant properties. However, with such platforms, it is best to have professionally taken images that may spark an interest in your audience. Also, display all the relevant information on your account or page to increase the chances of filling the vacancy.
Additionally, given that plenty of social media platforms are available, always choose the best that fits your clientele. For example, if your property is a vacation home or an apartment that hosts students, Instagram may be ideal for getting such tenants. On the other hand, if you want a mature and family-oriented tenant, you may choose to market on other platforms like Facebook, Pinterest, and Linked In.
Lower Your Rent
Suppose you are on a financial fix, but your property is vacant due to the high amount of rent involved. In that case, you may consider lowering it to attract a tenant, which may help you sort your issue and pay for utilities. Also, due to the previous pandemic that affected individuals’ financial status, it may be difficult for them to own property, significantly when their jobs were affected by the lockdown. Yes, it may not bring any profit, but it can help offset the mortgage of your property.
Improve the Facilities of Your Property
After the previous tenant moves out, the state of your property might not be the same. This includes painting, drainage, roof, driveway, and the overall conditions of the house. You can take that chance to renovate the home and align it with modern designs to attract a new tenant in the shortest time possible.
Make it a Vacation Property.
If your house is ideal for guests, you may turn it into an Airbnb for short rental purposes. However, this option has disadvantages because you might need to clean the house after every visitor. Luckily, the returns are higher in some seasons, which can be better than a long-term tenant.
Every landlord wants their property to be fully occupied at all times. But, when this doesn’t happen, it can quickly turn your investment into a liability. So, if your rental property is vacant, these few tips will help you cope.