The Real reason Why Your Property Isn't Renting
And what you can do about it ...
While you probably expected some problems and challenges when you started your career as a landlord, there are still plenty of issues that come up. Some of these will seem baffling, and others just unfair. But the one issue that will create the most stress for a landlord is the property itself isn't renting. A property that simply sits there and loses money is a major headache, and could even threaten your ability to be a landlord.
There are a number of reasons why a property isn't renting, but if you’re looking for an obvious few, here they are:
- The rental cost. If you’re asking too much for a property then you can expect there to be considerable reluctance on the part of prospective tenants
- Competition. If there are hundreds of properties like yours in the area, then you’re officially in a competitive landscape and need to work harder to rent it out
- A bad property. This is where you have a property that literally has ‘a problem’. It may be poorly designed and/or built. It may be rundown. Or it may be located in an undesirable area
Assuming the above factors aren’t present, we come to the ‘other’ reason why your property isn’t bringing in rent. This reason is a hard one for many landlords to address, because it’s all about why you got into renting out properties in the first place.
The reason is that you’re just not professional enough.
The professional landlord
It’s not actually that difficult to rent out a property, the hard part is doing it well. And doing it well requires a focus on being professional.
And right at the heart of all that is the property itself. If you’re going to rent it out then you need to make sure that it looks better than the competition. With standards being high though, it’s about spending money sensibly, and getting the biggest return on your investment.
A professional landlord invests in furniture that will lift the property. It doesn't even have to be new furniture either. Finding character pieces that help to establish a certain amount of style is effective too, not just brand new stuff. At the same time, some affordable and brand new furniture can make a huge difference.
The professional landlord ensures she has the best legal framework to back up her activity too. Contracts that are carefully prepared, explained fully to tenants, and backed up by legalities that protect both landlord and tenant, are a sensible way to work, as well as capable of reassuring those who pay you for living space.
Join a professional body, such as The National Landlords Association to give potential tenants the reassurance that they need. If you can prove to them that you’re looking after their best interests, it will make it much easier for them to sign on the dotted line.
Above all else, just set your sights higher. Being a professional landlord, and one that keeps buying and renting out properties, means branding yourself. If tenants see you as a trustworthy, professional landlord, they’ll be more likely to rent with you.