When you’re renting out a Fort Worth property, you want to begin earning rental income as soon as possible. Vacancy costs are high, and it’s nearly impossible to earn back any of the money you lose on an unoccupied property. Rental homes left vacant are also costing you – there are utilities to pay for and landscaping. You have to keep the home clean and ready for showings.
If your property isn’t getting the attention of tenants and you’re not renting it out as quickly as you had hoped, it’s probably causing you a lot of stress. In our experience as professional Fort Worth property managers, we’ve noticed there are three reasons for a longer-than-expected vacancy.
Here’s why you property isn’t renting, and what you can do about it.
Overpricing a Fort Worth Rental Property
The first thing to consider is whether you’ve priced the home properly. Did you conduct a comparative market analysis before establishing your own rental value? You’ll need to know what other homes similar to yours are renting for in the area.
Overpricing a rental home will lead to longer vacancies because tenants are well-informed and unwilling to pay more than they have to for their next rental home. You might have your own idea about what your property is worth, but the Fort Worth rental market is the real driving force behind what you can charge. If you’re not receiving any calls or questions or requests to see the home, you’ve possibly overpriced it.
Is Your Fort Worth Rental Property in Good Condition?
Tenants are looking for well-maintained homes. You don’t have to do a complete renovation and provide everything from stainless appliances to large garden tubs in every bathroom, but you do need to offer a clean, functional property that looks like a place that good tenants would want to call home.
When you’re getting prospective tenants to contact you and come see the property but then they don’t fill out an application, it’s likely that something about the property has turned them off. Check the following if you want your property to rent quickly:
- Curb appeal. Does the building or the home look attractive from the outside?
- Cleanliness. When you’re showing your rental property, it should be professionally cleaned. Tenants aren’t going to want to see dust and dead bugs. Your property must look move-in ready or it won’t rent.
- Functionality. If there are cracks in the counters, scratches in the floors, and window blinds that are bent and broken, tenants may hesitate. If the fridge isn’t working or the air conditioning isn’t keeping the home cool, you’re not going to rent your property quickly.
Don’t show the home until it’s clean, functional, and attractive.
Are You Marketing Your Fort Worth Rental Property?
If your property is priced competitively and it’s in good condition but you’re still not generating a lot of interest, the problem may be with your marketing strategy. Don’t post an ad on Craigslist or hang a yard sign and then stop there. You need a strategic and aggressive plan that will put your property in front of as many tenants as possible.
Take professional, high-quality photos of the property that will attract the attention of tenants. Tenants will look at the pictures before they read anything in the listing. Make sure your ad is on all the popular websites that tenants are using. Make sure showings are conducted at times that are convenient to prospective renters.
These are three common reasons that a Fort Worth rental property is slow to get noticed by tenants. If you’d like some help with the leasing process or you have any questions, please contact us at Trend Property & Management.