Every investor sets out to earn consistent cash flow and long-term returns when they rent out a property. This type of success depends on low vacancy rates and consistent rental income. If your Nashville rental property has been on the market for a while and it isn’t getting the attention or the applications you were hoping for, it’s time to evaluate and adjust.
We work hard to lease homes quickly to well-qualified tenants, and we have some ideas for how you can get your property off the market and rented quickly.
Is the Price Competitive for the Nashville Rental Market?
One of the main reasons a rental property might not get rented as quickly as you expect is that it’s not priced correctly. Re-evaluate the criteria you used to establish a rental value. Take a look at the current market and what similar homes have recently rented for in your area.
While no one wants to price their property for less than they should, an extended vacancy can be more expensive in the long term than coming down on your rent by $50 or even $100 per month. Establish a competitive price, and great tenants will scramble for an opportunity to rent your home.
Are Repairs or Updates Needed on Your Nashville Rental Home?
If you’re comfortable that the property is priced correctly, take a critical eye to its condition. Is it a well-maintained home that people would find welcoming and attractive? It’s not a bad idea to make a few updates and upgrades. You don’t have to renovate the entire home, but a few cosmetic changes can breathe new life into a property and attract the kind of attention you want.
Look for opportunities like paint and flooring. A fresh coat of paint can make the entire house feel brand new. If the carpet is worn and old, tear it up and consider some low-maintenance flooring like vinyl or laminate hardwood. Small changes like better exterior lighting and new shiny drawer pulls or cabinet knobs can also make the house look more modern. Always make sure it’s clean. Create some curb appeal so prospective tenants who walk or drive past the property will want to go inside and have a look around.
Can You Improve Your Marketing Strategies?
You need to aggressively market your Nashville rental property online. Tenants can be found searching all the popular rental websites to find their next home. If you’re putting up a sign and doing little else, you probably won’t attract the kind of attention you want.
Take some really great marketing photos and create a listing that you can use to advertise online. The pictures are important; those are the first things tenants will look at. Make sure they show your property in the best light, and write an engaging description that really sells the home. Include pertinent information like rental amount, whether pets are allowed, and how many bedrooms and bathrooms it has. Don’t forget your contact information.
Sometimes, properties don’t rent quickly because the market simply isn’t moving. If it’s a bad time of year and no one is really looking, you’ll have to be extra creative to get your property rented. We can help. Working with a professional Nashville property management company often means lower vacancy rates and more money in your pocket. Contact us at Omni Property Management, and we’ll help you lease your Nashville rental property.