Renting an investment property is one of the best ways of earning passive income. Many real estate investors buy a house intending to rent it but often fail to achieve desired investment goals successfully.

If you are in a similar situation where you have put your property on the rental market but have not managed to rent it out yet, you are probably missing out on addressing some critical issues with respect to pricing, maintenance, and marketing.

Here’s what you need to do if your home isn’t renting.

Check if You Have Priced Your Rental Property Appropriately

Overcharging rent may put your rental investment at risk. Although investors aim to make the most of their rental investment, charging higher rents is not always the way to go. Owners should conduct rigorous market research before deciding the rental amount.

For example, if your neighbors are renting a studio apartment for $800, you can consider charging rent in a maximum window of $800-$850. Charging very high rent, to the tune of $1100 or so, will not do you any favors.

If you have additional facilities and expensive amenities in your house, you can charge accordingly. But if you don’t have any advanced resources that go with a high rent tag, your home will not get the attention it deserves. Figure out fair rent based on your neighborhood, local market trends, and competition to increase your chances of renting your property.

Renovate Your Rental Unit

With the increase in the number of rental options, tenants have become more demanding these days and expect modern fixtures and amenities in the house. Outdated features and non-functioning appliances are often a primary reason why properties remain vacant. Think of doing some renovations and taking care of maintenance to rent your house at the desired amount.

Make sure you improve the condition of your property both externally and internally. Try to make it more appealing by adding desirable features, such as landscaping, painting the walls, adding/upgrading appliances if required, and installing ambient lighting. Renovations will not only transform the look of your rental house but also increase its value.

Employ Proven Marketing Strategies

Marketing and advertising are the two effective modes of promoting your property. Write a clear and engaging description about your house, create a list of amenities, mention its distinct features, and market the listing on social media.

Highlight its proximity to public amenities such as public transport, parks, restaurants, gyms, and clubs. Mentioning the schools nearby can significantly influence families with children.

In addition, list your rental on popular listing sites and inform local real estate agents about your vacant property. They can help you in spreading the word or by giving a referral. You can also provide printed advertisements in newspapers and magazines to inform people about vacancies on your property. Digital marketing helps you to attract a larger pool of tenants and get your house rented quickly.

You can create an advertisement about the vacancy and send it through emails, text messages by employing modern strategies such as marketing automation.

Hire A Professional Property Manager

Consider hiring Merced professional property managers to plan out efficient ways of maintaining your property and making it rentable. Experienced managers can help you decide service, run inspections, find damages if any, make the necessary repairs, and market your rental constructively.

In addition, they can help you understand the legal procedures, state laws, local laws, and tax laws which you need to know as a homeowner. Property management companies have strong networks and contacts that can provide the necessary exposure your real estate needs. In addition, with the help of their structured tenant screening processes, you can be assured of finding the right tenant with ease.

Having a vacant property is one of the biggest worries of investment rental owners as it creates a host of complications down the road. A trusted property management company, like River Drive Properties can help you find the best tenants for your investment rental and keep that ROI churning. For more details, contact us at River Drive Properties.