Tuesday, December 08, 2009

Edmonton - closed til February. Three tips to get rented.



You may not know it but Edmonton real estate is just as seasonal as a tropical resort. When dead time comes it comes. Vacancies and unsold properties are put on hold until after January. No one moves when it's -20C.

What if you have vacant properties? Two months vacant is two months too long in my opinion, so how do you get your properties rented?

1. Compelling Advertising- In this tight rental market 3br/2ba isn't going to cut it. Sell the sizzle. Get the tenant to see themselves living in their new home (your property). Describe bright sunny rooms, the convenience new appliances bring and the ease of living close to so many amenities. Adjectives are key here.

2. Get Referrals - You know people right? They probably know some people too. Like the Doublemint gum commercial our circle grows infinitely when you include everyone you know. Talk, talk talk about your listing tell everyone you know. Who knows who has a cousin moving from wherever and is looking for a place to rent.

3. Give rebates, bonuses, discounts - If possible don't lower your rent. Offer money back at the end of the lease, half months rent discount up front or help pay for moving costs. In this economy it can be hard for people to come up with a damage deposit and first months rent, especially with the holidays around the corner. Last resort lower your rent but make sure it's not putting you in a negative cash-flow position. That, my friend, is a false economy.

We all get vacancies so let's help each other out!
Good luck and stay rented!

1 comment:

Jerry Miller said...

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