Real estate usually goes through a down period during the winter months. If you are trying to lease your property during these months, you need to pull yourself up by the bootstraps to get great tenants. Since the winter months are usually filled with holidays when people prefer to visit their families, it can be a bit difficult to find new tenants. Fortunately, there are several ways to make sure that you get a great tenant even if it is the offseason for real estate.
Complete Online Listings
When listing a property online, many owners tend to skip a few details and just mention the basic details. If you take the time out to include pertinent information in your listings it makes it easier for prospective tenants to make up their minds. You need to make sure that your online listings are comprehensive with details like whether utilities are included, on-site parking is available and so on.
Take A Different Marketing Approach
With so many real estate listings on the market, you need to make sure that your advertisements stand out from the rest. This can be done by taking a different approach to the listing. For example, rather than listing your 3 bedroom unit as such, marketing it as a 2-bedroom unit with an office space will entice more interest. Depending on the locality you can change the third bedroom into a nursery, a fitness room, a study room and so on.
Host an Open House
In order to lease a unit quickly, it is essential to give people an opportunity to see the place for themselves. Hosting an open house is a great way to do this. Although open houses are popular for property sales, it is also a great way to find new tenants, especially during the off-season.
Hire Pros to do the Job
Though you can do a few things to entice public interest, it is best to leave it to the pros. Those who have been there and done that, particularly a property management company can be an apt choice. Professionals know what to do when to do and how to do it. This takes away your worries and you can find yourself a tenant even when the market is down. It helps save you time and energy.
Make A Few Upgrades
You can find new tenants quickly by giving your unit a quick makeover with a few easy upgrades. You can try putting in new light fixtures, a new coat of paint, and so on to revamp the unit and make it more attractive.
Adding additional amenities like a washer and a dryer is the best way to make sure that you find a tenant soon. Residents appreciate additional amenities that make their life easier, even if it means a slight increase in their rent.
If you are finding it particularly difficult to find a new tenant, you can consider offering concessions. You can try rental concessions like waiving off the first-month rent by 25% or offer a free lease extension by a month and so on. This is a proven method to lease out property even during off-season months.
Quick Response Time
If someone contacts you, respond back immediately with the answers they are looking for. This increases your chances of landing a new tenant in the same month. Studies have shown that enhanced communication helps establish a better relationship between landlords and tenants.
Apart from the above, you can also try offering a non-standard lease. If the general lease period is for 12 months, you can probably offer something like an 18-24 month lease. This can benefit families and you may land yourself a good tenant. Going by the above, some patience and a little effort are all that is needed.