Few things are more frustrating for a landlord or investor than a Santa Rosa rental property that isn’t renting. The longer your property is vacant, the more money you’ll lose.
We’ve been professionally leasing and managing homes for many years, and we have noticed that when a home doesn’t rent right away, it usually comes down to pricing, property condition, or marketing. It could also be something seemingly insignificant as well. For example, are you allowing pets? Pet-friendly properties rent a lot faster than those that prohibit dogs and cats.
Sometimes, it’s also simply the season or the market that’s impacting your vacancy rate. If your property is on the Santa Rosa rental market but it’s not getting any traction, it might be for one of these common reasons.
Santa Rosa Rental Values
The first thing to check is your price. When your rental property has been available for several days or weeks and you’ve had little to no interest, the problem may be your price point. Conduct a comparative market analysis so you can get a better idea of what homes similar to yours are renting for in the current Santa Rosa market.
To effectively and accurately price your rental home, you’ll need to pay attention to the market. You also need to consider your location and your amenities. If good tenants can find a similar home for less, they’re going to skip your property and move on to the others. Price your home competitively. Over-pricing a property will only extend the vacancy period or get the attention of unqualified tenants.
Consider Your Property Condition
Maybe you’re priced correctly and you’re getting plenty of interest from prospective tenants, but none of the people who schedule a showing are willing to fill out an application and lease your home.
This could indicate a problem with the condition of your rental property.
In order to attract tenants, you need curb appeal as well as a fresh, modern, and attractive home. Tenants should be able to envision themselves moving right in. Check to see if everything is working the way it should. Tenants will notice faucets that don’t turn on and window screens that are scratched and torn. Appliances should be clean and lights should turn on.
Consider making some upgrades and updates if you’re not getting any interested applicants. Older appliances can be replaced with newer models that are energy-efficient and attractive. A fresh coat of paint can work wonders if the walls are looking faded or dull.
Make the Most of Marketing
When your Santa Rosa rental property is attractive and welcoming and in tip-top condition and it’s also priced competitively for the market, you should have tenants eager to rent it. If it still isn’t renting, the problem might be that not enough people know it’s available.
Marketing will require more than a single ad on Craigslist or a Facebook post. You need to be aggressive and strategic; syndicating the listing across all the major rental platforms. Other things to keep in mind when you’re marketing and advertising your vacant rental property are:
- Make sure the photos are high-quality. That’s what prospective tenants will look at first.
- The description should be detailed but concise.
- Include pertinent information, including rent amount, move-in date, and whether pets are allowed.
- Don’t forget your contact information.
You don’t want to list the home and then forget about it. Be responsive when prospective tenants call with questions or to schedule showings.
Good marketing takes time and resources. If your home isn’t renting as quickly as you’d like, consider reaching out to a professional Santa Rosa property management company. We’d be happy to help. Contact our team at Redwood Residential.