Renting the Unrentable Property

By E-Renter Tenant Screening
Posted on June 10, 2009 under Landlord Tips, Marketing for Landlords | Be the First to Comment

Do you have a property you can’t seem to rent? You cleaned and repainted after the last tenant moved out. You advertised it well, and even showed it a few times to prospective tenants. But it’s still not leased.

Perhaps it’s been a couple of years since you’ve had an empty unit. There is a lot of competition for rental units right now. Even if you think you’ve done everything right to get your property ready for its next tenant, you might need to put in some extra effort.

Ready to ramp things up a bit?  Try these ideas to make your property and your lease offer more appealing to prospective tenants.

Check out the curb appeal of your property. Look at it from the street, with an objective eye. What can you do to make it more appealing?

1. Paint the front door. Consider painting the door a welcoming or unusual color, such as bright red. Think paint with “punch.”

2. Plant new shrubs or flowers. This is a small investment that can really make your place look well-cared for and inviting.

3. Replace any cracked or broken glass or screens. Even if they are not noticeable from the inside, you can be sure people are noticing them from the outside.

4. Does the building need painting? This can be a large undertaking. You may be able to sign tenants with a promise to repaint once you they move in. Be sure to follow-through on any such agreement.

5. How about just the trim paint? It doesn’t take much money or effort to scrape off the chipped paint and repaint the trim. And it makes a big difference in appearance!

6. Are the windows outdated? Not only do old windows look bad, they are less energy efficient.

Incentivize your tenants to sign a lease. Of course, you don’t want to give away the store. You still want well-qualified and properly screened tenants. But if you find a great tenant, offer them a little something extra if you really want to get your property rented.

1. Waive the rent. Offer to waive one month’s rent: first month, last month, or next February—it doesn’t matter when you choose. Be sure they understand this bonus comes only with a one-year lease.

2. Pay their utilities. Offer to provide free cable, or water for the length of the lease. This is easier on you if it’s a flat-monthly-rate utility, rather than electricity or gas, that you have no control over.

3. Buy them a gift. A new grill for the patio, a TV, washer/dryer, or wireless internet might just the incentive a prospective tenant needs. Of course, you get to decide whether it belongs to the tenant or stays with the rental property!

Don’t hesitate to look at your property objectively and to sweeten the offering in order to take down that “For Rent” sign as soon as possible!