It doesn’t matter if you own one rental or eight, having vacant property is always super stressful. Carrying an additional mortgage is no one’s financial plan. Luckily, there are 9 ways to rent your home out fast, so you never have to deal with the vacancy.
1. Price your house right
The market value of your house is what someone will pay for it. Not your expenses, not your perceived value, but what someone else will pay for it. Don’t hurt yourself by over-valuing your house. Look at the competitors and then price it accordingly.
2. Reduce your price quickly
If your house is not renting, than you need to reduce the house quickly before you experience financial loss. By quickly lowering the price until you meet that sweet spot, you will not experience as much loss. In my experience with markets, you will know within a week or so if the house will rent. If you are not getting calls, showings, and applications within the second week, you are priced too high. I had a house listed for six weeks and wasn’t getting much traction. Two weeks before the house went vacant, I lowered it RM100. I had two interested parties in two hours, two applications in one day, and a signed lease shortly afterward. The price is key.
3. Show your house quickly
The minute you get an inquiry, call them back. Don’t worry about looking too eager or waiting until your house is perfect. The reality is, people look until they find the first house that fits their family. I cannot tell you how many times a 3 PM appointment has been canceled because the potential renter found their perfect house at the noon appointment. Some of my best tenants have come from showing the house as an absolute pigsty. When we rented out our first house, I had a call at 5 PM while I was folding laundry in front of the fire. I showed the house as a mess, and had a lease signed before they left. Had I waited, they would have signed at the next house they liked.
4. Have your screening and lease program ready
Once your tenant finds a house they like, it is a race against time. The reality is that just because they love your house, it doesn’t mean they won’t keep looking at other places. I cannot tell you how many times I have had people fall through the process even after they paid the RM40-per-person background and credit check fee. Once I have an interested applicant, I drop everything to make sure I get them my info. I never want them to wait on me. One of the ways I make sure I can be prompt is by completing my lease first and have the background and credit checks done ahead of time. This way I am ready to go and can start processing immediately.
5. Get a good real estate agent
Not everything needs to be handled on your own, secure some help by hiring a reliable agent. Getting a neutral party involved is important as they do not have any emotional connection to your property and hence, can offer unbiased advice. We have team of agents can assist with renting/selling, do can click below link to proceed next step
6. Upgrade the Furnitures
The first thing tenant see will be the furnishing, even your unit is brand new, but you place pretty old furniture will diminish your perceived value. Furniture may not be expensive, you can get decent looking furnitures in iKEA.
7. Consider chemical cleaning
Forget your typical sweep and mop routine, we are talking about the big leagues here, like chemical cleaning. A thorough cleaning is necessary for older apartments to get rid of stubborn stains and dirt which had accumulated over the years. It was money well spent as gone were the accumulated dust in hard to reach places (top of windows), tough stains in the kitchen and bathrooms as well as watermarks on our walls.
Do not underestimate the power of a gleaming, sparkling clean property to boost the energy of an old apartment. After all, we Asians are all about ‘chi’ or energy, so a property giving off good vibes will help rein in even the pickiest of tenants.
8. Give the entire house a fresh coat of paint
The key here is to stick with very light colours. This is because it is easier to capture the attention of a prospective tenant with a neutral colour scheme and repainting will not take up too much of your time (hire someone to do it otherwise).
A plus point of repainting is that the smell of fresh paint inspires confidence among the potential tenants; not only it’s a sign that you are a considerate landlord but tenants will appreciate the extra work you had put in to ensure their comfort and well-being.
9. Study your property type before furnishing it
You will need to consider your property type and tenant demographic when deciding on the extent of furnishing – should you go with a partially or fully-furnished unit?
- family living
- student
- couple
- single working adult
Determine your target tenant market and furnish accordingly. Partial furnishing to be provided are :- curtain, lighting, fans, water heater, kitchen cabinet, air cond, and grill.
Backup Plan
If you’re still having trouble renting out your property, don’t panic. It could be due to a number of reasons, and there are plenty of things you can do to make your rental more appealing to potential tenants. Follow these tips to land a good tenant and get them to choose your property; you’ll have that apartment rented out in no time.
1. Quality Photos
Generally, the first thing that catches a renter’s eyes are the pictures of the unit, which is why having quality property photos is so important. Put yourself in the tenant’s shoes: would you rather live in a place that looks dark and cold, or one that’s warm and inviting? The pictures of your property will be the starting point for potential renters, and they will likely use them to decide whether to tour your unit or not.
2. Detailed Listings
One of the best ways to get your property rented faster is to create a detailed, well-written listing. Be sure to be as specific and comprehensive as possible; renters generally know what they’re looking for, and if your description hits all of their criteria, you’ll get a tenant in no time. Below are a few things to mention when writing up your property listing description.
- Built up area /Land Area
- Pet restrictions, if any
- Hardwood floors or carpeting
- Washer/Dryer in-unit or on-site
- Central heat and air
- Balcony
- Additional complex amenities
- Neighborhood vibe
- Public transportation nearby
3. Offer a Move-In Special
Money speaks! If you really want to snag a tenant quickly, offer a move-in special. It’s common for landlords to offer these deals in order to get renters to sign a lease.
- Offer a “first month free” deal for tenants who sign a lease before the previous month ends
- Suggest a lower rent amount in exchange for a longer lease; the lower rent price will make the property appealing and you’ll be guaranteed a long-term renter
If you need personal consultation, do can consult :-
Call / Text / Whatsapp Sam 012-6341950
