If circumstances lead to winter vacancies, you might have some challenges finding a tenant for your Lexington rental home. Even as the market usually slows down during the winter, you can still do a lot to attract potential tenants to your property. Making your rental home stand out is key if you want your property to interest new tenants. These tips can make your rental home desirable to tenants, even during winter.
Marketing seasonally is a great way to fill a winter vacancy. Attracting tenants in the winter needs a lot more than your standard marketing tactics. You can also post in more places that you usually do to increase your audience. You can also hire a professional, like Real Property Management Commonwealth, to do photographs and write ad copies for you. When you go beyond your usual marketing efforts you attract more potential tenants for your property.
Offer Favorable Terms
Tenants are usually more interested in Lexington rental properties that offer favorable terms during the winter season. Having way more inquiries than applications could mean it is time for your lease documents to be reviewed. If your lease looks solid, it could be time to loosen up the 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. Another thing you can look into are the terms of the lease length. If you offer shorter leases, you could fill that vacancy immediately, and have the option to renew the lease of the property during the busy summer or spring months.
You can also gain more interest in your rental home if you offer one or more incentives to renters. You can choose from many different creative options. Some ideas include offering your tenant a gift card, a wholesale membership, or local freebies. Another idea is to reduce rental rates or make their first month rent-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.
Your rental property will benefit from additional marketing help during the winter. According to sales professionals, word-of-mouth is the best advertisement. So why not make the most of it? If your friends or family are willing to help, you can ask them if they know anyone who is in the market for a rental home. You can also post on social media about your rental and ask your friends to share it with others. Another great idea is to hire a property management company to find potential tenants for you. Large property management outfits have the resources to find you a tenant even during a slow season.
With the right tools and action plans, you can fill that winter vacancy. Would you like to learn more about how professional property management could help you reduce vacancies and increase your Lexington rental homes’ profitability? Contact us today or call us at 617-299-2342.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.