Getting open rental properties filled quickly can be a daunting task. Here are four tips on how to get that property rented to a quality tenant and fast.
Quality renters want to rent a quality home. Make sure the home looks pleasant and inviting. The lawn should be well maintained and any items that clutter up the front of the property should be removed or relocated to another area or another property even. If you know of any repairs the property needs, go ahead and get those done while it is empty. Make sure the exterior is kept up as well. If the inside of a property is immaculate, but the outside is peeling and looks terrible, your potential tenants might lose interest. Take the extra care to ensure the property looks nice and is well maintained all around.
Do some research and make sure the asking rate for the property is in line with current industry standards and the standards for your area. The rent charged in previous years may no longer be competitive. Compare your property to similar properties in your area or similar areas and make sure the price you and your property owner are asking is in line with what it should be. If the property owner wants more than you think the property can reasonably ask, be honest with them and discuss the industry standards and local expectations. Be sure to take into consideration whether your property includes an amenities or perks that other locations do not. For example, a similar property may be asking more than you are, but they provide trash and water service whereas your property tenants have to pay for theirs.
Even though you really want to put someone in the property, it is even more important to make sure the tenant is of quality. If a tenant seems to good to be true, they probably are. Be thorough and check all aspects for each tenant. Routine checks should include a credit check, rental history check and criminal history check as well. Putting a tenant in the property is important, but finding a tenant who will treat the property well, pay the rent on time and stay for a long period of time is just as important, if not more important than just finding someone to rent the property.
Promotion and Marketing
It is extremely important to market your property. Putting a sign in the front yard doesn’t always cut it. Most people start their search for a new home on the Internet. Make sure you are making use of online resources. If you do place an ad in local publications, make sure you ask about their Internet advertising as well. Some publications offer this as an inclusion in your advertisement purchase, others offer it separately. Also advertise on local websites, you can often find many places to list your properties for free. If you are working in conjunction with or are a partner with a real estate company, see if they can assist you with a listing on their bulletin boards or in their home publications as well.
Take care to promote and present your property well and you are sure to rent it out to a quality tenant in no time.