Sometimes, despite your best efforts, your Charlotte rental property does not rent out. You may depend on rental income to pay mortgages, loans, or even for daily expenses, so a vacant house leaves you with serious gaps in your monthly income. Today we talk about four reasons why your Charlotte NC property rents slow or does not rent at all, and provide you with tips on what to do to have your house rented as soon as possible to the appropriate tenant.
Issue no 1: Inefficient marketing
We cannot stress enough how important it is the first impression your property leaves on prospective tenants. Professional photos and videos put your house in the best light possible and make a world of difference when you advertise your home online. So make sure you hire a professional photographer and videographer.
Prospective tenants will decide if your property is a good fit in a matter of minutes, if not seconds, after seeing your post, so make sure you also provide accurate and detailed descriptions besides good quality photos. Give your future tenant an impression of how it is to live on the property. Does your house have a great view? Is it situated near a popular landmark or attraction? Is it in an area that stands out for services, or various kinds of activities? Make sure you emphasize these aspects in your description.
Last but not least, your post will generate viewings only if seen by enough prospective applicants. Make sure your house will get the right amount of attention by advertising it on all relevant online platforms.
Issue no 2: charging too much
Another aspect that you need to evaluate is how your rent compares to the market value. If your property is great and properly advertised, but it still does not rent? You may charge too much compared to the market rent, and there may be other similar properties out there that rent for less. A higher rent in the past is not an indicator of the current rent level either. Even if you rented the property before for a great price, that is not a guarantee that in a year or two you will be able to ask the same. Try to leave aside your own financial calculations and ideal rent level, compare your property to others on the market, and see where it really stands pricewise. Lowering the rent is your best decision.
Issue no 3: charging too low
Be careful, though, setting your rent too low may have similar consequences to aiming too high. We know it is a bit counterintuitive, but think again. Your property is great, you decide for an aggressive marketing strategy and for a low price point to make sure you attract a qualified tenant as soon as possible. Prospective tenants are likely to start questioning why your property rents for so low compared to the market, and may conclude that there must be something wrong with the house. Bottom line, you can go lower than the market to rent fast, but not too low, as it will create suspicion.
Issue no 4: property condition
If you have selected the right marketing strategy and rent level, you will probably get quite a number of viewings. If this is the case and prospective tenants still walk away without applying, then it is time to ask whether there are issues with the property. Are there any obvious repairs needed, such as windows or the front door? Are the walls freshly painted? Is the carpet clean? What about the appliances? Make a checklist and go over it to identify possible issues. You can even ask prospective tenants for a feedback after the viewing to spare you the hassle of trying to figure out alone what does not work, and provide you with an immediate point of departure in addressing the issues of the property.
If you still have questions about your specific property, or you cannot rent it out despite your best efforts, feel free to reach out to us and we will be happy to help out!