When circumstances lead to a winter vacancy, finding a tenant for your McKinney rental home can be hard. Conceding that the market slows down in the winter, there are things that you can actually do to attract new tenants to your property. The solution is to make your property as appealing as possible to help your rental home stand out. Employing the following tips and strategies, you can highly enhance your rental home’s desirability and get tenants, even over the winter.
Seasonal Marketing
One brilliant approach to fill a winter vacancy is to market seasonally. Though your standard marketing tactics might work just right the rest of the year, to attract tenants in the winter, you’ll likely need to up your game. Expand your audience by posting in more places than you normally would. If you haven’t yet done so, you could similarly hire a professional, as with Real Property Management One Source, to photograph your property or write some great ad copy for you. By doing beyond your usual marketing efforts, you can better attract potential tenants and get your property leased.
Offer Favorable Terms
One other effective way to get your McKinney rental property rented in the winter is to offer more favorable terms to potential tenants. If you receive lots of inquiries but regrettably very few applications, that might be a sign that your lease documents may need to be reviewed. If your lease turns up solid, it would be the appropriate time to loosen up your terms. Even just small tweaks can make a big difference. Take one example, if you typically don’t permit pets, making your rental home pet-friendly could attract many tenants. You could look into changing up many of your other terms also, in particular lease length. By temporarily offering shorter leases, you could fill that vacancy in no time, letting you renew or re-lease the property in a very occupied, busy spring or summer month.
Add Incentives
You can attract so much interest in your rental home by offering one or more incentives to renters, likewise. There are lots of creative options to get your selection from. Take into consideration offering a new tenant a gift card, a wholesale membership, or local freebies. Other ideas may be offering a reduced rental rate or even the first month’s rent-free. Despite that it may seem to be lots of money, giving up one month’s rent is far better for your annual cash flows than allowing your rental home to sit vacant for the entire winter.
Enlist Help
To effectively market your rental property during the time of winter, you may wish to get some additional assistance. Sales professionals understand very well that there is nothing more effective than word-of-mouth advertising. So why not use it to your advantage? If you have various friends or family that want to help, ask them if they know anyone looking for a rental home. You could even make a social media post relating to your rental and ask your friends to share it with others. One great course of action would be to hire a property management company and have them find your next tenant for you. Large property management brands have a wide audience and countless available resources, enabling them to find tenants more efficiently even through the slow season.
Even though it can be a real challenge and dilemma to fill a winter vacancy, it is totally possible with the right tools and strategies.Would you be open to learning more about how professional property management could really help you reduce vacancies and increase your McKinney rental homes’ profitability? Contact us today or call us at 214-960-1612.
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