Whether an impending move hovers on the horizon, or you are simply looking for new tenants for an existing rental property, finding renters quickly is important to many landlords. Not only do empty homes result in lost revenue potential, but a languishing vacancy can cause incredible stress and frustration. Fortunately, finding a new renter doesn’t have to feel like mission impossible. Armed with the right tools, any landlord can secure qualified tenants in no time.
Pricing Your Property Effectively
Like it or not, a property’s rental price greatly impacts its potential on the market. If you price your property at a premium, you may drive off would-be renters, at the same time everybody wants to get the highest possible rent. Finding the right balance demands both finesse and a healthy dose of trial and error. If your rental stagnates for an extended period of time, consider tweaking the rental price to drive interest. Your best bet is to do your research, use popular rental sites to find out what the going rate is as well as calling some signs in the area so you can develop a list of comparable properties and zero in on what the market is for your home. Overpricing can cost you more money through an extended vacancy in the long run, so be realistic about the value of your rental.
Investing in Appearances
Potential tenants like to envision themselves living in a rental property, which makes investing in the visual appeal of the property essential. If your home features countless cosmetic defects, pest infestations, or outdated decor, renters are unlikely to fill out an application. Addressing minor issues like these requires very little upfront capital, but the potential benefits are innumerable.
Before placing your property on the market, take some time to document tenant turn offs. Peeling paint, broken windows, and stained carpets are just a few problems to watch out for. Even if your budget doesn’t allow for a total overhaul of the property’s decor, resolving some of these small complaints will help draw in tenants who might otherwise write off the property. If your property is priced right and in great shape your odds of finding a fantastic tenant really improve.
Advertising and Marketing
Without a thoughtful marketing strategy in place, your rental might never find the right tenant. Today, the internet offers mass exposure, but you still want to set you property apart. Pay special attention to your property’s photos before posting to a website like Zillow or Trulia, Hotpads or Craigslist etc. When you post to a site your home will initially rank high on searches within the site as well as Google, however as time goes by your listing will move down the list and will not be seen by as many prospects. So go ahead and put your best marketing foot forward when posting internet ads.
Traditional print advertisements, online classifieds, and exterior signage all serve a valuable role in the promotion process. You may also wish to explore social media marketing techniques, and encourage existing tenants to share your listing via popular social platforms. Ultimately, the more effectively you spread the word about your rental properly, the more likely you will attract the right tenants in a timely fashion.
Renting your home might feel like an overwhelming process, but don’t let the myriad of responsibilities cloud your vision. Instead, take the time to fix small problems with the property, price it appropriately, and create a marketing plan for reaching the masses. By taking the time to invest in these simple steps, you can easily reduce the stress load on your shoulders and work to find the right tenant as quickly as possible.
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