We’re talking today about how to market your property in Las Vegas to lower your vacancy. You don’t want to leave your rental property vacant for too long, and there two components to ensuring your home rents quickly to good tenants. The first is price and the second is condition.
Price
A good statistic to keep in mind is that 80 percent of marketing is price. At Ravago Group, we are constantly doing comps, meaning we are comparing the properties we have on the market to other similar properties in the area to get a good idea of what kind of price the rental market will bear. We analyze the market constantly. This is important because even the best looking house in the greatest location will sit vacant if it’s overpriced. Pricing your rental home is like fishing; you have to set the right bait. Make sure you are pricing your home ideally so that the marketing efforts reach the right tenants. You want to accumulate as many qualified applications as you can for your property.
Condition
You can do a great job of marketing your property, but if the condition is not rent ready, you will be wasting your time. Make sure the property looks good. It has to be clean, and the landscaping has to look manicured. You don’t want anything inside to be broken, stained or in need of updates. Your home has to be ready for move in, or you won’t get any tenants seriously interested in it.
These are the two most important marketing components that will ensure your rental home does not spend a lot of time sitting vacant, on the market. If you can price it right and ensure it’s in great condition, you’ll have no problem getting a great tenant.
Don’t forget – you cannot skimp on the screening process. Sometimes, in a hurry to get their place rented quickly, landlords and property owners will move through the screening and application process quickly, and not do a good job of checking out a potential tenant’s background. You don’t want to
rent out your property to someone with a history of evictions, derogatory credit or bad references. Take the time to do a solid background check and a thorough screening. You want to find a good tenant who stays and pays for a long time to come.
If you have any questions on marketing your rental property or ensuring it does not stay vacant for too long, please contact us at Ravago Group Property Management, and we’d be happy to help.
