The holiday season, November through January is the hardest time to rent. Most businesses, besides the retail industry come to a screeching halt this time of year. Having a property become vacant can be a waiting game this time of year. Even a beautiful home at a great price can sit vacant because there just aren’t that many people looking. There are some ways to attract renters and cast a wider net to reach the most prospects as possible.
1. Cast a wide net with online advertising
If you use a great property management software such as Rentec Direct they post vacancies to over 20 syndicated websites to ensure maximum reach and exposure.
2. Move in incentives
Giving gifts or a break in rent can make your property stand out above other available properties. I’ve given half off the first months rent when a property has gone vacant at an inopportune time such as the holidays. I’ve also heard of landlords offering gift cards, televisions, gym memberships, etc. to attract a tenant.
3. Advertise early
Starting to advertise the property before it’s available is a great way to have a waiting list to see the property when the prior tenant has moved out.
4. Lease Terms
Loosening up on some of the lease terms may be a good strategy to get a renter quick. Making the lease period shorter, 6 months instead of a year or even month to month can attract tenants. They may not stay long term but you never know. I’ve also heard of landlords using a sliding scale rent. The rent starts out low and increases each month until it reaches a point where it is at market value rent.
Vacancies cost owners money and can turn a profitably property upside down in a short amount of time. Any strategies to get the property rented fast are wise to consider. Good luck in your renting endeavors!