When you’re renting out an LA County property, you want to find a well-qualified tenant quickly. Your cash flow and ROI depends on this. Long vacancies are expensive and stressful.
If it’s been a while since you listed your property and there’s still little interest, it could simply be due to the market or the season. You might have to wait a little longer when there’s a lot of competition or fewer tenants looking for homes. Traditionally, it’s easier to rent a property in the spring and summer months.
However, it’s possible that your property isn’t renting because of its price or condition. At Bell Properties LA we have some ideas and solutions today.
Price Your Los Angeles Rental Property Competitively
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 data you gathered 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.
Evaluate Your Property Condition
If you’re comfortable that the property is priced correctly, take a critical eye to its condition. When prospective tenants schedule showings but don’t submit applications, it’s usually because they decided against the property while they were there.
Is your home well-maintained? Does it show as a welcoming and attractive space?
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.
Here are some opportunities for cost-effective upgrades:
- Apply new paint and consider installing new floors. 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 the home is 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.
Make Marketing a Priority
Are you marketing your rental property aggressively enough?
Prospective tenants are online, scouring the 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.
If you’d like some help marketing and leasing your home, contact our team at Bell Properties. We’re here to answer all your Southern California property management questions.