It has always been challenging to find tenants to fill Hot Springs Village rental home vacancies during the winter. Considering the traditional slowing down of the market during winter, there are still many things you can do to make your property attractive to potential tenants. The key is to ensure your rental home stands out because of how appealing your property is. The following tips can help raise your rental home’s desirability and entice tenants even during the winter.
One popular way to fill a winter vacancy is to market seasonally. Even when standard marketing tactics work fine the rest of the year, you have to do even more if you want to attract tenants in the winter. Post in places you usually don’t and expand your audience. Hiring a professional, like Real Property Management Hometown, to photograph your property or write a great ad copy for you will also help a lot. If you want to attract more tenants, you have to go beyond your usual marketing efforts.
Offer Favorable Terms
You can also get your Hot Springs Village rental property rented in winter by offering favorable terms to potential tenants. You should think about reviewing your lease documents if you notice that you are receiving only a few applications out of many inquiries. If your lease seems ok, you might want to loosen up your terms. A few changes can make a world of difference. For example, just changing your policy from not allowing pets to making your rental home pet-friendly could attract more tenants. You can also look into changing other terms such as lease length. If you offer shorter leases, that vacancy might be filled right away, and you can decide to re-lease the property in the busier spring or summer months.
Your rental home would be more interesting if you offer one or more incentives. You can take your pick from many creative options. Assess your property and see if your tenant could benefit from a gift card, a wholesale membership, or local freebies in your area. You can also offer a reduced rental rate or even give the first month’s rent for free. It might look like a lot of money, but giving up one month’s rent will give you better annual cash flows than allowing your rental home to stay vacant for the entire winter.
You might also benefit from additional help so you can be more effective in marketing your rental property during the winter. Professionals always say that word-of-mouth is the best advertising tool. Use it to your advantage! Ask your friends or family if they know people who are looking for a rental home. When you create a social media post about your rental, ask your friends to share it with others. A good property management company can also help you find your next tenant. These property management outfits have established resources and a wide audience that makes it easier for them to find tenants even during the slow season.
It can be challenging to fill a winter vacancy, but it is not impossible with the right tools and strategies. Would you like to learn more about how professional property management could help you reduce vacancies and increase your Hot Springs Village rental homes’ profitability? Contact us today or call us at 501-701-4702 or 501-303-6870.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.