Landlording: 7 Tips How to Rent Your Investment Property Faster
Whether this is your first time renting a property or you’re between tenants, the feeling of being without a renter is relentless and nagging. You’ve prepped the property, and the ads are out. Tired of waiting around to see what happens next? Here are 7 tips on how to rent your investment property faster.
1. Make Sure the Property is Clean
Check to ensure that your rental property is clean, inside and out. The exterior of your property should be well maintained, meaning that the grass is cut and vegetation is nicely landscaped. The exterior of the house or condo should be clean and free of debris, including walkways, rooftops, windows, railings, and stairs.
The interior of your rental property should be in top-top shape. The floors should be well-cleaned, and carpets might need to be steam cleaned to get rid of stains and spots. If the walls show more than minimal, usual wear and tear, then a fresh coat of paint could do wonders. Windows, fixtures, sinks, and toilets should all be cleaned, as well as tubs and showers. If there are any unusual or unpleasant odors, find and eliminate the source.
2. Ensure that Necessary Repairs are Made
Leaking faucets, jiggly doorknobs, and running toilets are all things that need to be repaired before your property is rented. Your rental property should be well maintained, and larger items pertaining to the structure of the property, such as the roof, should be inspected regularly. If roof, A/C, or other systems need replacing, do it now! Your property should be in excellent shape while you are marketing for another renter.
3. Compare Other Properties
Check out local listings to compare prices, locations, and features. What do properties comparable to yours go for? Check your pricing and adjust as necessary to remain competitive.
4. Respond Quickly to Inquiries
As soon as you receive a message from a prospective renter, you should respond. Acting fast shows your prospect that you are serious about your business, and it also stops them from acting quickly on another property.
5. Use Visible Signage
Placing eye-catching signage outside your rental property is an excellent way to quickly attract renters. Your signage could simply say “for rent” with your phone number to be effective. Make sure that your signage can be clearly seen from the street!
6. Take Great Photos
A photograph says a thousand words, and the quality of your rental property’s images will reflect on how quickly it rents. Consider hiring a professional photographer to get excellent photos of your property.
7. Create a Descriptive Listing
Your rental property’s listing should include the aforementioned great photos, but it will need more than images to sell. You’ll need to describe your property in excellent details, essentially selling your property by enhancing its best features. Is the property located in an excellent school district or near a vital transportation hub? If your property is in a desirable area, make sure your prospects know!
Renting your investment property faster is the key to keeping your rental income at its best. To ensure that you do rent your property faster, make sure to check off these 7 tips from your list as you prepare your listing. Even if your rental property has been on the market for a few weeks or longer, it’s never too late to go back through this list to see what else you could be doing to get it rented faster! Remember, if you pay for the services of a professional, those costs are tax deductible. Be sure to keep your invoices!
Marina Shlomov, a managing partner at ALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.