If your Roseville property isn’t renting as quickly as you want, there are a few reasons that may explain why. Generally, we can identify three major factors that contribute to tenants not wanting to rent your home. Those are:
Two of these factors can be changed location, of course, is something you cannot change.
Take a Look at Your Property Price
First, figure out how you have determined your rental price. Are you looking at Zillow or Craigslist and using those sites as tools to see what your property would rent for? Many landlords do this, but the problem is that those properties are listed for rent, but they’re not actually rented. So, you do not have an accurate price to go by.
You can try pricing high to see if you get someone to bite. But, the misconception is you can price high and get any number you want for your property. That is not the case. You have to make sure you go with the market value.
We like the concept of “walking the property to market.” This means you move the property price according to the timeframe your property is on the market. So, if the property has been on the market for a week, maybe you lower the price by to start. Then, you lower the price again at the two week mark if you still don’t have interested tenants, and so on. If your property is sitting vacant for many months at the same price, you will lose a lot of money in the long run.
You should always be willing to drop your price based on the market value around you.
Evaluate Your Property Condition
If the condition of your property isn’t good, you aren’t going to attract good tenants. If you walk in and there are stains on the carpet and the touch-up paint is bad, the home is simply not going to rent well.
You’re better off spending money to get the property in better shape so you can attract better tenants. Look at the light fixtures and sink fixtures. Little things like new faucets and updated hardware can go a long way and take the eyesores out of the property.
Location Matters on the Rental Market
Location is always important. Even though you cannot change the location, you have to know and understand where your property is located. When you’re just outside a really high-end area, you aren’t going to get those high-end prices. You may have to adjust your expectations.
Additional Considerations to Rent Your Property Quickly
Strategic marketing will also have an impact on whether your property rents. If you aren’t marketing well and you don’t have good pictures to go with your listing, your prospective tenants may not bother to contact you about the home. If you’re not posting your listing on the right rental websites, you won’t get enough exposure to drive tenant interest.
Also, if you’re managing your own property, are you available to respond to inquiries and show your property when tenants want to see it? Do you have the capacity to process applications quickly?
This is a competitive market for tenants, and if you don’t move quickly and respond right away, they will move on. Good tenants are not going to wait on you to make time for them.
Property management companies can help with this. We are available to show the properties at any time as well as get the applications process quickly.
If you have any additional questions about why your property isn’t renting, please contact us at Sunburst Properties. We’d be happy to help with your Roseville property management needs.