There are standard slow seasons throughout the year for property managers and sometimes that can be a hard time for finding tenants for your Honolulu rental home, resulting in unwanted vacancies.
Considering the traditional slowing down of the market during the last few months of the year, there are still many things you can do to make your property attractive to potential tenants. The key is making your property appealing enough to help your rental home stand out. There are many ways to enhance your rental home’s desirability and get tenants even during the holiday season.
Seasonal Marketing
Seasonal marketing is an effective way to fill vacancies. Attracting tenants during the slow seasons requires more attention than your standard marketing tactics. You can start off by posting in more places than you usually do to increase your audience. You could take this time to have photographs of your property done by a professional, like Real Property Management Honolulu, or you could hire someone to write some great ad copy for you. When you do more than the usual marketing efforts, the chances of attracting more tenants increase.
Offer Favorable Terms
Another tip to get your Honolulu rental property rented is to offer terms that would be more favorable to your potential tenants. If you notice that you are getting way more inquiries than applications, you might consider having your lease documents reviewed. If your lease looks fine, it could be time to offer looser terms. Even small adjustments can make a big 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. Shorter leases let you fill vacancies easily and it also allows you to release the property in a busier spring or summer month.
Add Incentives
You can also gain more interest in your rental home if you offer one or more incentives to renters. There are a host of creative incentive ideas. Some of these include giving your tenant 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. Comparatively, giving up one month’s rent makes your annual cash flows healthier than if your rental home just stays vacant all winter long.
Enlist Help
Your rental property will benefit from additional marketing help during the winter months. There is nothing more effective than word-of-mouth advertising, even professionals swear by it. 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 your rental on social media and ask your friends to share it. You can also hire a property management company and let them find your next tenant. These property management outfits have established resources and a wide audience that makes it easier for them to find tenants even during the slow season.
Indeed, it can be challenging to fill a vacancy, but it can be made possible when you use the right tools. Would you like to learn more about how professional property management could help you reduce vacancies and increase your Honolulu rental homes’ profitability? Contact us today or call us at 808-427-0611.
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