Vacancies are expensive for Orlando rental property owners, and if your home isn’t renting as quickly as you expected it to, you’ll want to make whatever adjustments are necessary in order to get it occupied. Make sure you’re evaluating and adjusting your marketing and leasing strategies because the longer your home is vacant, the more money you’re losing.
In our experience leasing Orlando rental properties, we’ve noticed that when a property doesn’t rent, it’s usually due to pricing, condition, or location.
Location is a difficult problem to fix; you are going to have to work around that. But you do have some control over both the price of your property and its condition.
Price Your Orlando Rental Property Competitively
A property won’t rent unless it’s priced correctly.
Maybe you’ve priced it according to what you think the home is worth or the amount that you need to cover your own monthly mortgage payment and expenses. Sometimes, owners will look at rental prices on sites like Craigslist or Zillow. Those rental estimates can help, but you need reliable data in order to accurately price your home.
We know a lot of owners will start with a high price just to see if there’s any interest in that range. But, it’s a risky and potentially expensive strategy. Tenants are smart, and they know what they’re willing to pay. The market drives the price, not your own expectations. Poor pricing will leave your home unoccupied.
If you’re not sure what your rental value might be, talk to a professional Orlando property manager.
Upgrade the Condition of Your Orlando Rental Property
Your home may not be renting because of its condition. If it looks old, worn, or disordered, good tenants are not going to rent it. There shouldn’t be stains on the carpet, broken blinds in the windows, or scratches on the paint. Your kitchen appliances shouldn’t be the green or yellow models from the 1970s. Clean up your property before you put it on the market so it’s ready to show well. Invest in a bit of curb appeal.
Spending a little money to update and improve the home is worth the investment. You’ll be able to attract better tenants and you’ll get them in place quickly. Take a look at small repairs you can make. New window treatments, updated hardware on faucets and cabinets, and a full coat of fresh paint can make a big difference.
Marketing Your Orlando Rental Home
A good marketing plan can help you rent your home out faster. If you aren’t getting any attention, it could be due to bad marketing. Maybe your photos aren’t the greatest or you’re not listing the home on any of the top rental sites. If tenants cannot see your listing, they cannot express interest in it. Make sure you know where and how to market and advertise your home. Almost everyone is looking online. You’ll have to be savvy with how you post your listing.
Responsiveness also matters. If you’re not answering the phone when tenants call and you cannot be available to show the home when they want to see it, you’ll have a hard time renting the property out. If you cannot process applications within a day or two, tenants will lose interest. This is a competitive market, and you can easily lose good tenants to other properties.
We can help you rent out your property faster. We’re experienced Orlando property managers with a lot of success in leasing homes quickly. Contact our team at Park Avenue Property Management.