Winter can be a hard time for finding tenants for your Plano rental home and can bring about vacancies. Even as the market usually slows down during the winter, you can still do a lot to attract potential tenants to your property. The key is to ensure your rental home stands out because of how appealing your property is. There are many ways to enhance your rental home’s desirability and get tenants even during the winter.
Seasonal Marketing
One of the usual ways to fill winter vacancies is to market seasonally. While standard marketing tactics may work the rest of the year, attracting tenants in the winter takes a whole lot more. You can also post in more places that you usually do to increase your audience. Hiring a professional, like Real Property Management Legend, can also help a lot as they can photograph your property and write great ad copy for you. When you do more than the usual marketing efforts, the chances of you attracting more tenants also increase.
Offer Favorable Terms
Another tip to get your Plano rental property rented during winter is to offer terms that would be more favorable to your potential tenants. You should think about reviewing your lease documents if you notice that you are receiving only a few applications out of many inquiries. If your lease looks fine, it could be time to offer looser terms. Even minor revisions can make a huge difference. For instance, you can make your property pet-friendly so you can attract tenants who have pets. The terms of the lease length can also something to consider. Temporarily shorter leases could help you fill that vacancy immediately, giving you the option to renew the lease on the property in the spring or summer.
Add Incentives
Your rental home would be more interesting if you offer one or more incentives. You can take your pick from many creative options. Your new tenant would appreciate a gift card, a wholesale membership, or local freebies. You can also offer a reduced rental rate or even give the first month’s rent for free. It may look like giving up a lot of money, but losing one month’s rent is still better for your annual cash flows than just letting your rental home sit vacant the whole winter.
Enlist Help
You might also benefit from additional help so you can be more effective in marketing your rental property during the winter. Professionals always say that word-of-mouth is the best advertising tool. Make the most of it! Your friends and families can recommend your property to their friends who are looking for rental homes. You can also use your social media accounts by posting about your rental and asking your friends to share the post with others. You can also hire a property management company and let them find your next tenant. Large property management outfits have the resources to find you a tenant even during a slow season.
It can be challenging to fill a winter vacancy, but it is not impossible with the right tools and strategies. Would you like to learn more about how professional property management could help you reduce vacancies and increase your Plano rental homes’ profitability? Contact us today or call us at 214-227-2404.
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