Even when the real estate market is doing well, it may not always be easy to rent a home. Read on to find tips and tricks that will help you rent out your home faster.
What you will find out:
How can I make sure more people apply for my rental ads?
What can I give potential renters to get them to move in?
What features do most renters look for?
Can I give my current renters a bonus if they help me find suitable new tenants?
Being a landlord can be a very good way to make money. It can be both profitable and fun. When a rental room or house sits empty, on the other hand, it can cost you money instead of making it. You want your rental to be full so you can make money. Here are some of the best ways to market your rented home.
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How can I make sure more people apply for my rental ads?
It is important to get the word out about your rental. Before you can choose the best renters from the applicants, they want to know what you have to offer. You might also want to find long-term renters to cut down on change. There are a few things you can do to improve your advertising, depending on what your goals are. Here are a few ideas to help you get more applications for your rental.
Put a “For Rent” sign up.
Do not underestimate the power of a “For Rent” sign in front of your rental, even though it might seem too easy for today’s world. You can put it on the front lawn or in a window. A sign on the property lets people in the area and people passing by know that a rental room is available. Neighbors may tell friends or family about the sign to get them to move in the area.
Use free online directories
People who want to sell a rental can do so on a number of websites that offer free or cheap advertising. If there is a university nearby or a big company in your area, you can check to see if they have a list of places to rent for their students or workers. Some online listing services may let you boost or push a post for an extra fee so that more people will see it.
If you can, include pictures, the monthly rent, move-in costs, the length of the lease, and the exact address. So, people can get an idea of what the place is like before they get in touch with you. The more information you put in your post, the less time you may have to spend answering easy questions. With good pictures, a rental ad can stand out from the rest. You might want to pay a pro to take pictures. The best way to show potential renters a room is from different views and with lots of light. Including a picture of the floor plan and a list of features and perks, such as basement parking, a dishwasher, or new tools, can help to draw people who are looking based on strict criteria.
You could offer simulated tours.
Technology has made it easy to give potential renters a video tour of a building. Most smart phones have enough power to do the job. If you want to avoid having an open house or a lot of showings, you might want to ask potential renters to do a virtual tour through a video call to confirm their interest in the property before they visit it in person.
As an option to a one-on-one video call, you might want to make a video tour that you can post online or send to people who are interested in renting. The best way to do a video viewing or video tour of a rental is to move the camera slowly and firmly through the home, showing every part of it, inside and out. You might want to hire a pro to make the film.
Think about hiring a property manager or a real estate company.
Property managers can do more than just help you market your rental. A skilled property manager may know how to find good renters and may have more time than you do to spend on showings and reviews. Property managers also gain from finding the best renters because it makes their job easy in most cases.
If you just need help getting the word out about your rental, you might be able to do that at a nearby real estate office. Most of the time, this costs money, but it can be a lot cheaper than hiring a property management business.
What can I give potential renters to get them to move in?
If you have trouble getting potential renters to fill out a Rental Application, you might want to add perks to your Lease Agreement to make it more appealing. Some popular choices are:
Free the first month
A month of free rent is a huge draw for people who want to move in. Moving is expensive, and having to pay both a security fee and the first month’s rent can be scary. With a one-year lease and a free first month, a renter can move in for less money. If a free full month seems like too much, offering half off the first month’s rent may still get more people interested in your rental. In the same way, not requiring a security fee or only requiring half of it may be another way to attract renters without lowering the amount of money the property can bring in right away.
This is an expensive way to offer a reward, but it can work. If you are thinking about these choices, you might want to talk to a lawyer about how to change your Lease Agreement to protect your business.
fees for pets
It can be hard to find homes that allow pets, so the fact that you do is a big plus. If, on the other hand, most homes in your area are pet-friendly, you might want to think about lowering or getting rid of pet fees. Many rentals have a one-time fee and a monthly fee for pets. To get pet owners to apply, you can waive or reduce one or both of the fees.
Rents should go up to protect
Many renters on a set budget may be interested in longer leases or specific guarantees against rent rises for a long period of time. This also helps you because it makes it more likely that your roommate will stay longer. You might want to get help from a lawyer putting this in your lease, since you might want to make adjustments for things you can not control.
Offer local companies new services or deals.
If you can add features that renters want or work with popular places in the area to offer deals or freebies, you may be able to get more people to apply. If you have been thinking about making improvements or adding features, the best time to do so is when the property is empty.
Depending on where you live, your partners could be bars, gyms, spas, or even laundry services. Local businesses may be ready to work with you for free or even pay you if you own a residential building. This is because the relationship could bring them new and return customers.
What features do most renters look for?
If you want to find renters who will stay for a long time, you might want to add comforts or do some remodeling. Homeowners and renters both like things like updated kitchens, bathrooms, laundry rooms, and outdoor areas. Parking is another big plus. Improving common areas and shared places in apartment buildings can both bring in new renters and make the current ones happy.
Here are a few changes you might want to think about if you want more people to apply:
Refresh, update, or add outdoor areas and planting.
Change the cabinets, countertops, and tools in your kitchen.
Make sure the paint, rugs, and lights are clean and up-to-date.
Change the way the internet and cables are set up.
Change how each unit and the whole building is protected.
Add space for renters to store things, do laundry, or park.
Simple things like gardening or a new coat of paint can go a long way toward getting people to rent. Many of these improvements are good for both the renter and you as the owner of the property. Appliances that are newer and work better, for example, tend to need less fixes, lower energy bills, and make renters happy. Crime and damage may be less likely to happen if there is better protection, and renters may feel safer in their homes.
Can I give my current renters a bonus if they help me find suitable new tenants?
Absolutely. Word of mouth is often the best way to get people to buy something. When a new renter signs a lease or moves in, some ideas for referral bonuses could be:
Credits for rent.
Card gifts.
Cash.
Reserved parking spots.
When it comes to giving gifts to tenants, you can definitely get creative. You could, for example, let a renter choose a new paint color for their room or give them some other kind of update.
