If your rental isn't renting, there are several things you can do to make a noticeable difference in how quickly it rents.
Let’s dive in.
1. Move-In Ready: Ensure your unit is ready for move-in. For the exterior, that means the lawns are mowed in summer, leaves are collected in fall, and snow is shoveled in winter. The unit has been thoroughly cleaned. No clutter inside the unit. Unless you are great at staging, the less the better. You will be surprised how many people get turned off by “dishes in the sink,” even though the dishes will be gone when they move in.
2. Photos: This is huge. If you did not use a professional REAL ESTATE photographer for the listing photos, please do! This will make a huge difference. We have been using Prestige Real Estate Image (https://www.prestigelistingphotos.com/) in Chicago for years. They not only take pictures but also create a 3D layout, a 2D layout (which comes in handy), virtual staging, and a video. We don’t use 3D layouts, but we always order a 2D layout and a video.
3. Self-Showing Technology: Several companies let potential residents schedule showings on their own and conduct self-showings. This reduces friction and increases the likelihood that the unit will be rented faster. You can read more at https://www.cruisepm.com/blog/self-showing.
4. Rent Amount: One of the biggest mistakes when determining rent is using the wrong information. Here’s the thing. When a potential resident checks out your listing, he is not thinking about your mortgage amount. She is not thinking about the unit’s prior rent. Or how much money you had to put into it. They are just thinking, and rightly so, about what they can afford and how the rent compares to that of similar properties. So let’s not make your rent $2,000 just because your mortgage amount is $2,000. With that said, let’s talk about how you can determine the rent. We use 8 different tools.
- Current competition
- General market trend
- MLS
- Rentfinder
- Rentometer
- RentRange
- Zillow
- Season (generally speaking, higher rent for high season and lower rent for low season)
We look at all the numbers from the above and the season to determine the rent. Since some of them require subscriptions, you can reach out to us at info@CruisePM.com if you want us to run comps for your listing.
On a side note, make sure to be transparent about all the costs associated with renting the unit. For example, all of our residents are enrolled in the Resident Benefits Package, so we include the fee in the listing.
5. Syndication: Not everyone goes to Zillow to find rentals. Make sure your listing is syndicated across multiple websites. The ones we syndicate are listed below.
- MLS
- Zillow
- Realtor.com
- Homes.com
- Zumper.com
- Apartments.com
- RentalSource.com
- Our website at www.cruisepm.com
Sites we do not use.
- Facebook Marketplace
- Craiglist (this still exists!)
6. Rent Amount Update: If you are not getting any interest, your rent might be too high. Double-check to make sure that you are realistic with what you can get. We set a recurring weekly update task and conduct a soft market check to ensure we remain competitive. Depending on the market, competitors, and season, we may lower the rent. On rare occasions, your rent might be too LOW. It might make sense to add a feature or two and RAISE the rent. Please know that this is rare, so use this strategy with caution.
7. Fast Response to Inquiries: You posted to receive inquiries. Obviously, you want to respond to the inquiries, but how fast are you responding? If you are not using any automation tools, you might be missing out on some qualified leads. Besides being on the phone 24/7 and ready to answer, what is the solution? The best way to handle this is to use technology that responds automatically. We use Aptly (https://www.getaptly.com/) to respond to and track all inquiries.
8. Group Showing: Schedule a showing for multiple prospective residents at once. This creates a sense of competition amongst them and reduces the need for you to visit the unit.
While I just mentioned something you can do now, here’s something you can do for the next time you list a rental unit.
9. 0 Vacant Strategy: Start showing the unit before the current resident moves out. Have the next resident move in right after the current resident moves out. WARNING: This strategy has its own risk. You can read more at https://www.cruisepm.com/blog/0-vacancy-strategy-i-dont-use.
10. Pre-Listing: This is like the “0 Vacant Strategy” but with less risk and a higher vacancy rate. Basically, you want to list the unit while the resident is still living in it. You don’t have to do a showing, but you can start collecting contact information from potential residents. Once the resident moves out, you have a list of people ready for a showing.
11. Springtime Lease End Date: Don’t automatically create a one-year lease. For example, if your lease starts in winter, don’t make a 1-year lease. Make sure the lease end date is in the spring so that the next time you need to fill a unit, you can list it during the prime leasing season, making it easier to rent.
We don’t use all the strategies above all the time. We strategically use them on a case-by-case basis. I hope you learned something from this so you can rent your unit quickly.
