Nothing will hurt your rental property business like high vacancy rates. Fixed costs like a mortgage, taxes, and maintenance fees can be sizable expenses. That’s why you must find the right renter as quickly as possible. Here are some tips to help you rent out your property:
Boost Curb Appeal
If your rental property is a house, then it’s essential to improve its curb appeal. Start with regular upkeep, such as lawn maintenance and a fresh coat of paint. Replace old hardware such as the mailbox, light fixtures, doorknobs, and more. Repair the driveway, stairs, patio, and backyard if necessary. Install new lights and add new planting beds. First impressions are essential for most people. By improving the aesthetics of your property, you can attract more renters.
With prices rising, modern renters expect more amenities. Consider adding a new washer, dishwasher, microwave, and fridge to your property to improve its appeal. You can think outside the box by installing stylish new fixtures in the bathrooms and kitchen. If you’re targeting younger renters, then invest in wi-fi and smart home technology.
Find The Ideal Rental Price
Your rental home will sit vacant if your asking price is well above the market rate. On the other hand, if you charge less than the going rent, you’ll lose out on revenue—conduct market research to set the ideal rental price for your property. Or, as Bigham & Associates Management suggests, you can hire a property manager, and he’ll do it for you.
Open Your Home To Pet Owners
Nearly half of all renters own pets, which is a massive chunk of the market. You can take the opportunity to tap into the pet owner market, primarily if your property is located near dog parks or has a backyard. Additionally, you can offset the risks of property damage by charging more rent and by renting out only to responsible pet owners. You can add protection by investing in more durable flooring, installing doggy doors, and thoroughly vetting potential renters.
Get Professional Help
It takes time and resources to be successful in the rental property business. You may struggle to find a reliable renter if you’re using outdated marketing channels such as newspaper classifieds and for-rent signs. Likewise, conventional real estate agents can be too busy to give you their undivided attention. Some may even match you with an undesirable renter to quickly earn their commission.
Fortunately, you can partner with a modern rental agency that can help you improve your profitability. They will market your property on multiple channels, screen renters through credit and reference checks. It will help you to determine the right rental price and save you time by managing viewings.
Thankfully, the assistance continues even after you match with a good renter. When you get expert rental management for your condo, you’ll get access to innovative services such as digital lease signing.
These are some of the ways you can make your property more attractive to renters. By taking some steps to improve your home’s aesthetics and features with the right professionals, you can quickly find a reliable renter.