The COVID-19 pandemic has made keeping home rentals filled with good tenants more challenging. There are ways to handle slow home rentals during these challenging times, however, and understanding effective strategies for finding good tenants during COVID-19 can ensure your rental property does not sit idle for longer than necessary.
Tips for faster home rentals
Every landlord should assess their own potential obstacles and reasons for slow home rentals and find ways to overcome them. Several effective strategies that may help speed up the time between tenants include offering unique deals, altering your marketing approach to deal with COVID-19 and cleaning up your property’s curb appeal.
Offer unique deals
One way to find reliable tenants faster is to offer deals on your rental property. For example, offering the first month’s rent free may incentivize prospective tenants to choose your property, along with helping them afford to make all future payments. Offering gift cards, free TV and discounts on utility costs may be additional ways to incentivize prospective tenants.
Change your marketing approach
Marketing has transitioned to more of a digital approach due to COVID-19 concerns, simply because fewer people are going out of their homes. Consider using your advertising and marketing budget for online avenues, such as Google ads, Facebook Ads, etc., to find tenants. This can help you locate potential tenants and reduce marketing costs.
Clean up the curb appeal
Finding tenants for a rental property has many similarities to selling a home. Of course, if you own a condo, duplex or another type of attached building, then cleaning up the yard may not be your responsibility. However, if you own the entire property and are in charge of landscaping, paying for a professional landscaper to clean up the curb appeal can help you find tenants. Also, replacing outdated exterior siding and adding new paint may help as well.
Fix the indoor appliances
If you are able to find prospective tenants but have not been able to close the deal with any after a showing, then the issue may be with the interior of the property (if curb appeal is not the concern). Adding new appliances and replacing any outdated washing machines, dryers refrigerators or dishwashers may help catch the interest of prospective tenants.
Wait for the right tenant
The fact is finding reliable tenants during the COVID-19 crisis is more difficult, and home rentals are naturally slower. It is important not to panic and rent your property to an unreliable tenant that may not be able to afford the property or may damage the property. It is often more convenient and affordable to take your time waiting for the right tenant that pays consistently, rather than hiring one that may cause more headaches than they are worth.
The bottom line
THe COVID-19 pandemic does not have to hold you back from finding quality tenants for your rental property. By altering your marketing approach, offering unique deals, fixing up the interior and exterior of your property and remaining patient, you can find the tenant that is perfect for your property.
EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.
EXIT Realty Bob Lamb & Associates
2630 Memorial Blvd, Murfreesboro, TN 37129