If you have a property that you want to rent, and you want to get it done quickly and wisely, here are some tips for you.
1. Make the property marketable.
How does the house look? What is its “curb appeal?” Treat the property the same way you would if you were selling it. Make sure it’s painted, the grounds are well kept, and that any repairs that are needed, get done. Inside, walk through and look at the condition of the floors, carpets, doors, windows and window treatments, and deal with any problems accordingly.
If many of the potential tenants have pets, you may want to consider allowing pets. You can reduce possible property damage and risks by requiring a pet deposit along with the security deposit. States have differing laws regarding pet fees and deposits.
Find out how your home compares to similar houses in the area, regarding size, age, and the number of bedrooms and bathrooms. This information can help you to determine an appropriate rent amount. Asking for rent that is too low will be unprofitable for you. Asking for rent that is too high for the area will also be unprofitable because no one will rent the property.
If there are other homes for rent in the area, keep track of how quickly they are being rented, and the amount being paid.
3. Advertise your property.
Once your property is ready for occupancy and you have set a rental price, let the community know the house is available. Options for advertisement include online sites and newspapers. There are numerous social media and video sites where you can advertise. As for newspapers, studies show that Friday is the day people tend to look in the paper for rental properties so that they can view them over the weekend. Flyers are also an option.
Posting a “For Rent” sign in front of the house you wish to rent is also an excellent way to get the attention of commuters. Make sure the sign is easy to read and has an accurate contact number on it.
Before you stop advertising, make sure you know what you need to know about a potential tenant first:
• Confirm their income by asking for copies of their pay stubs.
• Do a credit check to find out if they have a history of paying their bills promptly.
• Run a criminal background check.
Having this information first, will save time. If they don’t screen well, there is no need to continue the process with them, and you can continue, without interruption, advertising and interviewing other possible tenants.