Top 6 strategies to avoid if you want to find a tenant and minimize vacancy loss
Are you desperately seeking to rent your property and find the perfect tenant?
If that’s the case, here are 6 rental strategies to avoid … unless you absolutely want to make sure your rental property doesn’t rent. 😉
Emerald Management & Realty Ltd. actively manages thousands of tenant relationships and has built its reputation as one of the leading property management companies in Calgary.
Top 6 strategies to avoid to if you want to find a tenant and minimize vacancy loss:
- Don’t do minor repairs – Minor repairs show you care. If you want to give prospects impression you don’t care and aren’t interested in how they treat your property – don’t fix anything.
To find the right tenant, keep your rental in a good, clean and safe repair. This provides tenants the reassurance that you are a responsible landlord and that your relationship with them … is a valued one.
- Don’t care about the curb appeal – Don’t mow the lawn, shovel the snow, or maintain the exterior of the property. Curb appeal gives prospects a pretty good idea of what the inside looks like.
If you want to rent out your property, be mindful that first impressions matter! It takes seconds to form an opinion. A well cared for exterior demonstrates pride of ownership. If the outside looks good, it’s a great indication that the inside looks good too.
- Make the leasing interactions as awkward as possible. Don’t know anything about the rental or its location and waste your time and that of potential renters.
Looking to minimize vacancy loss? The experience during your appointment is important. Be on time, organized and prepared. Prospects expect you to know about the property. Again, first impressions matter – the goal is to create a positive experience and rent the property.
- Price way above market. If you have overpriced the property – tenants know. Checking comparables can be done right on your phone. If you over price the rental, you run the risk of incurring unnecessary vacancy loss.
In order to rent your unit – price it based on market conditions. Implement a good sales strategy and research your competition. The online culture is strong and tenants are savvy about their options.
- Blurry & bad photos – If you don’t want to stand out from your competition – post bad pictures.
To stand out from the competition and get your property, post quality pictures or maybe even a video tour. Use social media to maximize online marketing opportunities. Having good quality on-line material helps to visually communicate the quality or your rental and promote yourself as a quality landlord. As they say, “A pictures is worth an thousand words”.
- Feel like you have to do this on your own.
Our team at Emerald Management & Realty Ltd. is here to help! We understand that the decision to hire a property management company can bring immense peace of mind. With over 40 years of experience and voted as the Top Choice in Property Management for 5 years in a row, demonstrates that we have the experience to help make being a landlord easier for you. Let us help you by reducing the number of hours spent finding the tenants, solving tenant-related problems, and dealing with those middle of the night emergencies.
Contact us today to find out how our team can assist you!
Emerald Management & Realty Ltd.
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