ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to rent your unit in a competitive market

Updated on December 1, 2014

Rent those units

Keeping your rental property occupied when the economy is strong is difficult enough. When the economy is in bad shape as it is now, when there is an onslaught of homes available and many apartment complexes have 1 out of 5 units vacant. This my friend is a known as a renters market. Keeping your rental property occupied during times like this can be extremely difficult. Here are several suggestions for you when you’re trying to fill one of you vacant properties.

1st item: Now I know this might sound a bit odd but take it from someone who has 12+ years in the property management field. When renting your property the first thing you need to do is to make sure you know the details of the property. Be ready with the basic information when a prospective tenant contacts you. Simply put, I have worked with and seen many people trying to rent their properties without knowing the basic information of the property they are attempting to rent. Believe me when I say basic, I mean basic! Know the floor plan and the square footage of your rental. Many times the first point of contact regarding your property is on the phone and generally one of the first questions asked is about the floor plan and the square footage of your property. Most of the time what the perspective tenant is trying to find out is if their furniture is going to fit or not. In addition, make sure the unit is rent ready! Try to have the work in the unit completed and ready to show. Not everyone is able to look beyond unfinished work and the best bet is to have the property rent ready if at all possible. That is the interior and the exterior. Have everything looking good! With the economy the way it is now, it is a renters/buyers market and anyone with decent credit has the ability to pick and choose where they want to live.

2nd item: Sell your property! What makes your rental stand out? What area is your property in? Are you blocks from the beach? Are you near shopping with easy freeway access? Why is your property in the perfect location? What are the amenities in your property that sets it apart from other properties? Do you have plush carpeting, tile or hardwood floors? Bathrooms, how many? How about sauna, Jacuzzi bathtub? Tile showers? How big is the kitchen and what appliances are there? Tile counters? Dishwasher, Microwave, Garbage Disposal? Washer & Dryer hook up? Large bedrooms with large closets? You get the point. Sell, sell, sell! Build up your property! Remember it’s a renters market right now. There are so many homes, condos and apartments on the market right now that people can pick and choose where they want to live. What makes your rental property better than the one next door? Sell your property!

3rd item: Can you afford to offer concessions at this time? Depending on how long your property has been vacant can you afford not to offer concessions might be the questions? One way to help get your property rented quickly is to offer specials. Many owners are offering anywhere between $100-$200 off 1st month’s rent up too 1st month’s rent free and $200 off 2nd month’s rent. Now some would say there is no way that I’m giving a free month of rent away. I say to you how much are you losing if your rental is vacant for two months, how about three months? Yes, it is possible for your rental to be vacant for months during this bad economy. You can use the concessions as a great selling point to prospective renters. They have the opportunity to save an entire month’s rent which could come in handy. Use that to your advantage and sell the unit.

Closing; Remember the goal is to get your rental property rented as fast as possible with as little out of pocket cost as possible. You might have to give some with the economy the way it is right now. But it is well worth the cost. Now, a word of caution to you. Take time and use your best judgment to get the right tenant for your property. I tell you from experience and I believe this might be one of the most important things to remember. The golden rule in property management is just this “Its way easier to get someone in than it is to get someone out!” Don’t rush someone in just to fill the vacancy. Abide by the law and fair housing regulations. Don’t discriminate but use good judgment. Most of the time your gut reaction will tell you about the person and you need to trust that. A good tenant who abides by the rules, obey the law and pay their rent on time is what we want. Placing a bad tenant in your rental just to fill it can cost far more than a couple months rent if you have to get them out. Now, sell that rental!

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)