The speed with which you’re able to rent out your Memphis investment property will depend on a number of factors, including market strength, competition, pricing, property condition, and the way you market the home.
Currently, the Memphis rental market is strong. There’s a high demand for attractive, well-maintained homes in good neighborhoods. You should be able to rent your property to qualified tenants in a matter of weeks.
Here are some of the strategies we use as Memphis property managers to ensure your property is rented quickly.
Rental Property Pricing
Pricing has a huge impact on whether you attract a great tenant right away or suffer through a longer-than-necessary vacancy.
The rental value attached to your home must be both profitable for you and competitive for your prospective tenants. You’re trying to earn as much as possible in rent every month so you can gather some great cash flow. Underpricing your home will only leave you trying to catch up with the market, which isn’t always easy.
When you overprice a home, however, you risk a longer vacancy period. Tenants will avoid your property in favor of other homes that are priced more competitively and offer the same features and amenities.
Take the time to research what similar properties are renting for in your neighborhood. You’ll get a more accurate price, and your home will rent right away.
Improve Property Condition for Faster Leasing
When you offer a modern, updated, and clean property, you’re going to rent it faster than you’ll rent a property that’s clearly deteriorating and old. If the appliances have not been changed in 20 years, you’ll likely notice that it takes you longer to rent your property than if you recently converted to energy-efficient models.
Investing in cost-effective upgrades and improvements during turnover periods or before you list your home will ensure that you get the attention of the area’s best tenants and rent your home quickly. Property condition is an important factor in the leasing process. Well-maintained and renovated homes will always rent faster than those that are older and falling apart.
Strategic Marketing Leads to Fast Tenant Placement
A good marketing plan will get your property rented quickly.
Focus your resources and planning in the online advertising space. This is where most tenants are looking for their next home. The online rental platforms are great, and so is social media.
Take high-quality photos, write engaging but brief descriptions, and post your listing on all the sites that people are visiting. Syndicate the listing when you can because this saves time and expands the audience that you’re reaching. If you post your listing on social media, people can comment and share and like, which drives engagement and gets your property more attention.
Always be proactive when following up with tenants. When you’re responsive to their calls, messages, and requests to schedule a showing, you’ll have that home rented within days of listing it.
Vacancy is expensive and frustrating. Do everything you can to ensure your home rents as quickly as possible. A Memphis property management team like ours can help. Please contact us at CrestCore Realty for some help renting your property quickly.