Unoccupied rental property is every owner’s worst nightmare. There are taxes, mortgages, and even maintenance fees to pay with or without a tenant. In other words, it is a cash-flow killer.
If your apartment or condo unit is not generating income for almost two weeks, time to access and to look at the factors that affect your low occupancy rate.
The following are the most common reasons that hold back potential tenants into renting out your space and also the ways to deal with it.
No online presence
Unlike before, listing a rental property is now easy and convenient. There are different platforms, which allow property owners and landlords to register their space online. For example, Asia Property 365 (AP365). An efficient platform to not only market property, but also to gain potential tenants.
Asia Property 365 provides property owners with a wide range of audiences because of its multilingual support feature. Not to mention, owners can list and manage multiple overseas properties in a single dashboard.
Remember that it is equally important to include real-time images as well as factual details of your condominium for rent. It ensures the potential tenants that your space is legal and an exciting place to consider.
Price is too high
Figure scares people away. If the rental property price is higher than the other units within the neighbourhood, chances are your place will not be their first choice. Check the rentals nearby and compare prices according to size, unit type, and amenities.
However, if you wish to up your weekly or monthly rates adjust your fee based on offers and features; like devices, gadgets, utensils, and services.
Every property has pros and cons. Potential tenants often point out a small room, bathroom, ventilation, old floors, doors, and windows.
As these are unavoidable, it is up to you as an owner and landlord to conceal the small cracks and transform the rental property.
Then instead of putting furniture randomly, choose a theme and select pieces accordingly.
To summarize, unoccupied rental property can put your investment into peril. Some factors restrict potential tenants into considering your place. Though marketing, research, renovation, and communication help you to sign in a new tenant.
Asia Property 365 is an integrated multilingual rental platform. We provide a smooth and convenient transaction between owners, tenants and real estate agents. AP365 is the home of your multiple properties since owners can manage it in a single dashboard.