The stress level that every landlord face when they can’t rent out their empty units quick enough. As landlords, we often hope for good tenants that can help us ease our monthly burden by renting out the units to them. Having the unit empty for too long is a financial burden to some, other’s just wants someone to occupy the empty units to keep the unit lively. How can landlords successfully rent out their empty units in a short period of time? Here are 7 ways to find suitable tenants for your vacant units.
- Interior Design/ Style of Decoration
It is recommended that the design and decoration of the house to be simple and clean, not too many decorations and furniture as it will make the place look clustered. Light colored walls and warm lighting will be a plus point, minimalist furniture design will be good enough.
So when your tenants walk into the unit, they will feel warm and welcome, that will enhance their feeling of wanting to rent your unit.
2. Maintenance & Renovation
If the house is quite old, landlords can do simple maintenance like cleaning the unit, paint some of the walls, fix some holes in the wall or ceiling, check on the pipes and water hoses, change the bulbs, simple renovation to keep the place spick and span for the next tenant. When the place looks tip top, it will be easier to catch the eyes of tenants, it makes renting out the unit much easier.
Some tenants don’t mind the high rental fee, they emphasise more on the cleanliness of the place, some tenants can be very fastidious, even if it’s a simple stain on the wall, it makes them consider twice. Therefore, before renting out your unit make sure to maintain your unit, giving your tenants a great impression.
3. Furnishing and Appliances
Tenants these days wants convenience, not only do they pay attention to the design, decoration and furnishing, they too do not want to waste too much time on moving. If landlords can provide simple furnishing and basic home appliances like beds, cupboards, fan, heater,aircond, fridge, washing machine, TV, stove and etc, it will be a plus point for tenants when they are considering to rent your unit. By providing simple furnitures and appliances, it give less hassle to the tenants, they do not need to think about having to waste more money in purchasing all those things, it also increases your chances of renting out the unit more quickly than others.
However, the landlord has the last say and can choose from either buying new furniture or second hand items, new appliances or second hand appliances. The difference between the two will definitely be reflected in the rent, but it is still necessary to target the needs of the tenants. However, make sure to keep in mind on the paying power of the tenants before you choose to invest in all the furnitures and appliances.
4. Reasonable rental fee
We strongly suggest landlords to charge the rental fees according to the location of the unit. You can also survey the rental price of the surrounding houses to have an idea of the estimated amount for rental you can offer to the tenants according to the price range. Always remember not to rely too much of your own opinion, high rental fees will lead to the dilemma of delaying your chances of renting out your unit, and it will cause you to fork out the monthly repayment when you were supposed to be the one on the winning side. If you wish to rent out your unit in a short period of time, make sure to give a reasonable rental fee.
5. Real Estate agents
Entrusting a professional real estate agent can ease all your troubles and worries, you don’t have to waste so much energy and time on having to bring the tenants to view your unit or follow up with them personally after the viewing to have them reject you and you have to go through the process again and a again. You may engage a real estate agency, the agency will then have a few agents to be incharge of renting out your unit for you, they can bring your potential tenants for viewing at the unit anytime, they will follow up with the tenants for you and give you a report after that. And being in the property market, they have their own list of clients that they can call to help you rent out your unit. And for all this, you’ll just have to pay the agency a fee to give you a peace of mind.
6. Online Advertising
Online advertising is now a trend and many are using property websites to advertise. When you choose a platform, you will want to look for those websites that is relevant to the items you are advertising, make sure to check the credibility of the website as well as the quality of the people who are using the platform.
In addition, make sure to have all your information clearly written in the description. Information such as the size of the unit, the location and etc, people also remember beautiful places, so make sure to have pictures of your unit uploaded into the post, it will be a great reference for potential tenants. The title should also highlight the advantages of the house in order to immediately attract tenants: such as public transportation, simple decoration, surrounding facilities. Make sure to also highlight that they are directly renting from the owner, it will increase your chances of getting a tenant. Other than that, include keywords that the tenants often search for, such as new kitchen, spacious, affordable, ventilated, newly renovated, air-conditioned and more, this way your ads will stand out.
7. Allow sharing rental and short term lease contract.
For people who don’t work for long hours or are financially unstable, co-renting with their friend or colleagues will be the best option for them, therefore if landlords allow co-renting, it will be easier to rent out your unit compared to the landlords who do not agree as they are not bothered. However, the landlord can use the form of sharing to increase the rental of the unit. Although the rent maybe be slightly higher than the market price, it is still cost-effective for both parties because they are able to share the cost with others.
For fresh graduates who just started working in the society may face job-hopping in the process of looking for a job that they are satisfied with, and that will change their place of residences, therefore they would prefer not to sign a contract that binds them for too long. They will not sign a contract that is longer than one year, therefore, landlords can consider on short- term contracts, at the same time can consider on increasing the rental fees.
If you have any of the 7 items mentioned above, renting out your empty unit in a short period of time will not be a hassle! If you have friends who are facing this difficulty, make sure to share this article with them!