3 Key Components to Moving Rental Property

3 Key Components to Moving Rental PropertyWhile there are many “moving parts” to residential rental property, vacancy is always a hot topic. There are 3 real components to filling the vacancy of residential rental property.

First, is to offer rental property that is a par or above par piece of product. By this I mean based on the age, condition, area, curb appeal, rent ability and price point you want to offer product that is at least equal to the surrounding rental area/availability.

Second, is to offer the property at (with in) the supportive rent range for the area and the property specifics. Within any given area with rental property presence there is a recognizable {supportive} range for properties of equivalent size, number of bedrooms and amenities/condition. Certainly in tougher economic times or with higher than average levels of inventory you do not want to try and “redefine” the ceiling of the rent point; unless you are willing to lose it in vacancy. You want to consider all the property, area and market factors to “strike the balance” on what rent point you offer the property.

The Third component to filling residential rental property is to cast a “wide enough net” of advertising & marketing. Some companies (property owners) will focus or utilize only a couple or specific venues of advertising and marketing. Now I am all for getting the “bang for your buck”. My thought process is to put my best foot forward from day one. I encourage evaluating and utilizing as many adverting/marketing venues (as possible) to capture as much traffic and exposure to the highest number of prospects to qualify [in or out].

As I always say, there are many other “moving parts” to residential rental property but the three key components we have touched on [if followed] will have positive impact on vacancy and bottom line.

Todays thought: Life is 49% what you make it and 51% how you take it!!