According to MoneyGeek, at least 41% of rental properties experience periods of vacancy each year.
As a landlord in Vienna, VA, you might be currently struggling with this vacancy problem. You fear extended vacancies will lead to reduced rental income, which can make you struggle to cover mortgage payments. Sadly, attracting new tenants can be expensive and time-consuming.
So, what can you do to overcome these challenges? Here are some rental property marketing tips to attract tenants in a tough Vienna, VA market.
Invest in Professional Photos and Virtual Tours
Most potential tenants begin their search online and a listing with high-quality photos attracts more views. Consider hiring a professional photographer to take photos of your vacant unit. An expert can guide you on the key areas to focus on.
Consider adding a virtual tour. Many people don't have the time to visit different properties when planning to rent. They prefer taking a virtual tour as they can do it from the comfort of their homes.
Optimize Your Online Listings
Using popular online real estate marketing platforms can give your property significant visibility, allowing you to reach a wide audience. However, with so many other listings competing for attention, it's crucial to make yours stand out. Write a compelling property description that emphasizes key features like the location, amenities, and nearby attractions.
Highlight what makes your property unique. For instance, you can indicate that your rental units are spacious or have modern appliances.
Leverage property marketing tools to get help generating relevant keywords. Update your digital property listings regularly adding new details and removing redundant ones.
Set the Right Price Based on Market Trends
If you set the rent too high, potential tenants may look elsewhere, leading to extended vacancies. Conversely, underpricing can result in lost revenue, especially if your property offers unique features. Conduct market research on local rental rates to determine the optimal rent.
Compare rental prices for similar properties in your area. Review the size, location, and amenities of each property. Adjust the rent to reflect your property's unique value such as additional services or large parking spaces.
Offer Incentives for Early Lease Signing
You can offer a discount to tenants who sign a lease within a specific timeframe. You can also provide a free month of rent or a reduced security deposit as an incentive. These promotions can be helpful for rental units that have been vacant for a long period.
However, don't let the desperation of attracting new tenants make you skip things like tenant screening. Take proactive measures to ensure you find good tenants to minimize the future risk of eviction.
Involve an Expert to Get Property Marketing Help
As a landlord, you might struggle to attract new tenants in the competitive Vienna, VA rental market. It can be frustrating when your digital property listings struggle with low visibility. Enhance your property marketing by seeking the help of a professional property management company.
Consider working with PMI Smart Choice to get this assistance. Our property managers are highly skilled in real estate advertising. They can help you make your rental property stand out, attracting new tenants faster.
Get in touch today to learn more about how we can help.
