Tips for Renting in a Difficult Market
Are Vacancies Getting You Down? Not Enough Inquiries? Or Showings and No Applications?
What can you or your property manager do to help rent your suite?
- Pre-qualification: On the spot questionnaire for instant approval
- Incentives: Be cautious read my previous blog if you haven’t here; Additionally rent deferral programs work very well and you are covered in the event of any issues
- Maintenance tips: increase curb appeal – what does your front door look like? Yard work now that it is spring, have suites professionally cleaned and well maintained
- Marketing: Professional pictures really sparkle, advertise your features, and advertise a lot! Targeted advertising to the tenant that wants to live in your suite – do your research!
- Communication: What is your value add – why rent from you and not someone else? What do you have to offer a tenant that’s unique?
I have lots of viewings but it is not renting?
- This is generally a sign that your value is not in line with your price – people are coming to view, but are not feeling that the value matches your price
I am just not getting any requests?
- This is generally a sign that your price is out of line with the market
TO DO: Review your market comparables – what are you missing? Is your price out of line with the market?
Even in a competitive market I am still renting many units. Make sure you are presenting yourself, your property and features accurately.
Have fun – Be friendly and cheerful; treats work too – so bring donuts or other goodies along to your viewings!