Tips for Marketing Your Vacancies on the Web

Tips for Marketing Your Vacancies on the Web

Tips for Marketing Your Vacancies on the Web

 

Remember when finding a new tenant meant throwing up a sign in the yard and placing an ad in the weekend paper? Times were simpler then. With sites like KSL and Craigslist attracting tons of local traffic and allowing free classified ads, the web has become your go to spot for finding quality tenants for your Utah rental property. But how can you make your rental stand out in the crowd? Following these simple steps will give your property a strong web presence and help find your next tenant faster.

 

Create visibility – Telling you to publish your vacancy to as many websites as possible may sound obvious, but do you know why? The more links available to your rental, the more likely it is to show up on your prospective tenants search results and ultimately on their radar.

 

Let your photos do the talking  – Almost anyone can write a glowing description that will make even a toolshed sound luxurious, but searchers want to see it. In fact, you should add as many pictures as the site will let you. Make sure they highlight your property’s best features and watch your lighting, because dark photos can make your top floor condo look like a basement apartment.

 

Add video – Sometimes photos just don’t tell the whole story. A virtual tour can really help people visualize the space and picture themselves living in it. Another huge advantage to using video is it will limit your showings to only truly interest parties since everyone will have already had a chance to “walk through” your property.

 

Update your information regularly – One of the biggest advantages web marketing has over print is that it’s editable. If you change your price or forget to mention a particular benefit, you can easily make the change at no additional cost.

 

Make it convenient for tenants to contact you – Not everyone does their searching during daylight hours when it’s appropriate to call, so always make sure your prospective tenants can contact you by email to ask questions. In fact, if you hire a property management company, they typically offer software that will allow tenants to schedule showings or send an application right from their computer.

 

If you aren’t already marketing your vacancies on the web, I suggest you start now. Your competitors are already showing their properties off online. The web can be very competitive, but following these simple tips will help you build a web presence and decrease your vacancy rates.

 

 

 

 

What Options Do I Have if My Tenant Needs to Break Their Lease?

What Options Do I Have if My Tenant Needs to Break Their Lease?

What Options Do I Have if My Tenant Needs to Break Their Lease?

 

Some of the best property management advice you’ll ever receive is simply to plan on bad things happening. No matter how lucky you are, something will inevitably go wrong and cause you to need a backup plan.  It’s how you prepare for these contingencies that will ensure the long-term profitability of your Utah rental property.

 

One of these inevitabilities is when your “perfect tenant” needs to move out early. Unfortunately, this situation is not uncommon, and you need to protect your investment. Here is a list of options available to you:

 

1) Include a lease buy-out clause – One easy solution is to include a lease buy-out clause in your rental agreement. This clause is essentially a dollar amount you set to allow the tenant to exit their current lease with no further obligations. This figure is typically set between one and three months rent. This strategy is a bit risky though, since you are basically wagering that it will not take you very long to re-rent the property. If you end up with a prolonged vacancy however, your buy-out amount may not cover your losses in rental income.

 

2) Allow them to find a replacement tenant – This is where you allow them to find someone else to move in and take over the lease. This can be a good option, but be careful. You must provide them with your rental criteria and inform them anyone they find will be measured against it. Also, be sure to receive a signed lease and deposit from the replacement tenant before allowing your existing renter out of their lease. The upside here is your renter will do much of the work, but make sure they know you are in control.

 

3) Charge your tenant the cost of re-renting – In this option, you can simply charge your tenant the costs you incur while trying to re-rent. These include unpaid rent, marketing expenses, cleaning and labor costs, as well as any damages. However, you must actively try to re-rent your property because you are legally obligated to minimize these expenses to your former tenant.

 

Whichever option you choose is up to you, and there is no “correct” answer. Each option will have its pros and cons, but what’s important is that you have a plan. Planning ahead and remaining flexible will always help you adjust to whatever challenges may be thrown at you.

Rental Advertising Tips for your Utah Rental

Rental Advertising Tips for your Utah Rental

Rental Advertising Tips for your Utah Rental

 

Nothing puts a landlord on edge quite like a vacant unit. With no one to pay rent and expenses piling up, most want nothing more than a phone call from a qualified prospect to put their mind at ease. Sometimes renting your property is as simple as combining well written ad copy and strong sales skills. Use these tips when marketing your vacant properties.

 

Start with the basics – Good copywriting is certainly an acquired skill, but you’d be surprised how often even basic information is missing from Utah rental property listings. Always include the rental amount, property address, and property specifics like bed/bath and square footage.

 

Highlight features and benefits – Even the least desirable unit has some benefits and it’s your job to discover and highlight these. Top floor units typically have views, ground floor units are easily accessible without stairs, and homes on a busy street are closer to bus lines and freeway entrances. Every property has something that makes it unique and attractive.

 

Provide lots of information – The more details you provide, the more a prospect knows if your unit is the right fit for them. Items you should provide include detailed photos, lease terms and deposits, application process details, etc. Being this specific may limit your total number of showings, but you’ll find that the prospects who do contact you are much more qualified.

 

Sell to your audience – When showing your vacancies, try to point out features that will be important to each individual prospect. If you are showing the home to parents with young children, point out safety features like a fenced in yard. If your prospect is a student, highlight how close the unit is to public transportation that goes by the university. By tailoring your presentation to each individual tenant, you will be much more likely to fill your vacant unit.

 

Having unoccupied rental units can be very stressful for landlords, but there are some simple things you can do to help fill them quickly. Follow these tips next time you post your vacancy and watch how quickly it gets filled.

 

Is it time to hire a property management company?

Is it time to hire a property management company?

Being a landlord can be very stressful and it requires a lot of time and energy from an owner. Many owners ask: “when is the right time to hire a property management company to manage my investment?” The answer to this question will vary from owner to owner, but below are some of the signs that it is time to hire a property manager:

How to Know When to Hire a Property Management Company

  • You are being bombarded with maintenance requests – Receiving maintenance requests are unavoidable. Things are going to break with your investment property and they will need to be fixed. If these maintenance requests are coming in faster than you can get them resolved, it may be time to consider hiring a property management company. A good property manager will have a list of qualified vendors that can usually solve any issue in a timely manner.
  • You move to a different location than your investment property – As stated earlier, in order to manage your investment property, you have to be able to be in close proximity to your property. Any time there is a showing, you need to collect rent, or there is a maintenance issue, you need to be able to get to the property quickly. If you move to a different city or state, it may be time to hire a property management company.
  • You cannot handle all of the showings – One of the most important aspects of renting your property is finding a qualified tenant to place in your investment. Without doing so, you cannot make any money on your investment. For this reason, you have to be available to show your property to prospective tenants. If you cannot find the time to do this, it may be time to consider hiring a property management company.
  • You do not know what to do once your tenant stops paying rent – No one wants to rent their property to a tenant that does not pay rent on time or does not take care of your investment. In the unfortunate event that your tenant stops paying rent, do you know the procedure for eviction? If you answered “no”, then it may be time to consider hiring a property management company. A good property management company will be well versed and should have a procedure in place in the event a tenant needs to be evicted.

If you do not think that you are able to continue managing your investment, please consider hiring FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment will be taken care of. Contact us today at 801-673-5692.

3 Tips to Make Each Rental Property Showing Count

3 Tips to Make Each Rental Property Showing Count

You may have the best rental property in the state of Utah, but if the home doesn’t show well, you may have a difficult time finding a tenant. Not only will your home remain vacant for a longer period of time, but you could cost yourself thousands of dollars in lost rent.

 

One of the most important decisions you can ever make is to take the necessary steps to make your property as attractive as possible to all renters. Your number one goal should be to have everyone that schedules a showing to leave the property thinking one thing: I have to have that home!

 

Below are three tips that will make your Utah rental property stand out above the crowd and get your vacancy filled faster:

 

  1. Make the Home Shine – The number one thing you should do before the first showing is break out the Mr. Clean and make the home shine. It is amazing what a little elbow grease can accomplish; it will definitely make your home more appealing to potential renters. Make sure and clean all windows, vacuum the floors, and dust all furniture. This will definitely make your rental home stand out!
  2. Re-Arrange the Furniture – Before potential renters walk-through your property, you should arrange the furniture in each room to maximize the space.  You will want the furniture to help make each room appear larger than it may actually be. This is especially important if the home has a room that may be smaller than average. By arranging the furniture correctly, it will also help the “flow” of the home to be comfortable and spacious. It is always a pain to move furniture around, but it will help land a tenant.
  3. Get Rid of the Clutter – By owning a home, it always seems like you accumulate “stuff” at a very fast pace. It is really important to try and remove as much of the clutter that you can before a prospective tenant walks-through your rental property. Once again, it will make the home seem larger than it would otherwise and is more visually appealing to a renter. Depending on how cluttered your home is, it may take you some time, but I guarantee it will be worth it in the long run.

 

I know that it is always easier to show your rental property “as is”, but by putting in the work to make your home stand out, you can reap the rewards of finding a tenant to sign a lease agreement as soon as the property is listed. If you have any questions about how to make your property stand out for each showing or if you are considering hiring a property management company, please contact us at FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment is being taken care of. Contact us today at 801-673-5692.