Wednesday, September 24, 2008

Rent my property please!!!

If you have a vacant long term rental then please keep on reading! This is the list of what we are are doing, what we are up against, and what you the homeowner can do to help fill your property.

Let me first start by discussing Southern Coast Rentals exposure and advertising. We have reviewed our marketing program and we are doing everything possible to drive tenants to our properties. Our internet placement is the best, we are located right at the top on most Google searches, we are doing multiple craiglists weekly, we are advertising weekly in the local papers, and we have placed signs everywhere we are permitted.

Additionally, we are offering multiple specials on our properties. Examples are: 1 month free, installing blinds in new units, new washer/dryer with a year lease, including offering referral fees to agents bringing us qualified tenants. If you have any more suggestions, please contact myself or the staff.

So what else could we do? We could lower our standards of our screening process. Thus allowing tenants with lower credit scores to rent. Bad idea! Historically I know that this will never work and the administrative costs and damages to the unit will cost you and I more in the end.

Let's face it, the market is flooded with properties and the competition is extremely tough. If we can not rent your property then no one will make any money.
So what can you do to help? Read on faithful homeowner!

My first recomendation is for you to make sure your property is in good shape. As a management company we will do everything possible to maintain your property but please understand that if it has not been maintained prior to coming on our program, then it going to take time and money to get it in the right condition. Remember if you wouldn't stay in the property then more than likely we are not going to find a tenant that will want to stay in it either.

Second, make sure all HOA, POA, taxes and insurance is paid on your property. Nothing will stop a lease or renewal faster than certified mail or a notice on a door for the owner.


Finally ....drum roll please.........you have to lower your rental rate.

As painful as this may seem please understand that in most circumstances lowering your rate just $50-$100 dollars can make a difference. Would you like to make $0 or something? anything? Ok... let me clear this up for you even more...read on my patient property owner!

As we enter the Fall season, here are some reasons you should consider lowering your rental rate on your property.

1. We are in an area that is already heavily saturated with rentals.

2. The rental season is slowing down, and all the those vacation properties start entering the long term market for short leases. we rent many vacation properties for 2 to 6 months at very low monthly rates and they usually include all the utilities.

3. During the months of November and December very few people move or relocate due the Holidays. That generally means that Thanksgiving, Christmas, and New Years are very slow times for my industry.

4. The current state of the economy is wreaking havoc on the real estate and rental market. So many properties are going into forclosure or approaching it. That means the property owners and investors are renting their properties for anything they can get. I mean anything...I have seen some ridiculous low rates on gorgeous properties. This is driving rental rates down and also placing many unqualified tenants in their properties. Ahhh...I can't stand it.

These tough times call for tough decisions. Southern Coast Vacations and Rentals wants to rent your property, please contact us and let us know if you have any suggestions for specials or advertising, and if you are willing to lower your monthly rental rate.

Thanks for being a part of our Southern Coast family and understanding as we strive to fill your properties with the best possible tenant at the most reasonable rental rate.

1 comments:

Marta Olszewska

Hi there!

Interesting article. Also, equally important as lowering the price of your vacation rental is simply providing it along with your property description.

Many owners don't do that thinking that their prices scare off possible renters. In such case, as you say, it's probably time to lower their price as well!

On our blog you can find a post about how important it is to provide prices: http://blog.rentalo.com/owners/2008/08/don%E2%80%99t-hide-your-vacation-rental-prices-%E2%80%93-show-travelers-the-money/ .

I hope you enjoy it!

Marta
Rentalo.com