Vacancies can put a damper on any landlord’s revenue. In this case, it’s a situation of basic math; time = money. So, don’t waste your time or money, and ask yourself these simple questions in order to get tenants signing the dotted line on a new lease:

Are You Charging the Right Amount for Your Property Value?

Your rent amount should be a direct correlation to your property value. Whether home, apartment, condo, townhouse, etc., put your best foot forward in the renter’s market by finding the ballpark range of your market value. Use online tools like Rentometer.com, Zillow, and Trulia to determine what monetary figure you should be aiming for, what other options renters are being offered in your area, and how those compare not only dollar-wise but also in terms of features. Don’t forget to factor in maintenance and upkeep costs to your business that this property requires. According to Bank Rate, the amount you charge should never be less than 0.8%-1%, but if cutting costs by $100 a month loses you $1,200 in a year’s time, versus a $2,000 loss for a month’s worth of vacant property, maybe it’s not a bad idea to get those tenants in the door with a little negotiation.

What Makes You Special?

What makes your property stand out to the clientele you’re trying to reach? Bike racks, playgrounds, nearby parks, and zoos, are important features for landlords trying to accommodate family-style homes, but to the city centered young professional crowd, these things matter not. Determine what clientele you’re focused on reaching in your area, and paint a picture by describing things that affect their life, not just stating what your property has. For example, instead of “this property features bike racks,” say “this property features bike racks within its two car garage; the perfect feature for any family biking down to nearby Sheridan Park.” This method also applies to determining which amenities can profit your property.

How Do You Compete?

If your property is not the top tier of its area, charging the premium prices may be a hindrance more than a help. Do your research on what else is up for grabs near the property you’re offering. Even if your prices are between the 0.8%-1% total value of your property, if a similar or better quality living situation is being advertised down the block, you might end up suffering in vacancy losses. Try adding up the total costs of maintenance, mortgage, and profit you’d like to make on the property, see if that reflects the general running price in your market. If it’s a little more, you can try running ads with the high-dollar desired amount attached to see if you receive any response, if not, adjust accordingly.

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