9 Actionable Strategies To Rent Your Property Fast
1. Make your property attractive to potential renters.
This means making any necessary repairs and staging the property so that it looks its best. Declutter your home and make necessary repairs before listing it for rent. This will give potential tenants a better impression of your property and make it more attractive to prospective renters. First impressions are the only impression when it comes to rental properties!
2. Advertise Your Rent in the right places.
List your rental property on websites and in newspapers that target people looking for rental homes in your area. Additionally, you can use put up flyers or even talk to people in your neighborhood who might be interested in renting. The best websites for rentals are: Rent.com, Zillow.com, Trulia.com, ApartmentFinder.com, ForRent.com, Move.com. In addition to these websites, consider listing your rental property in local newspapers or on community bulletin boards. You can also talk to people in your neighborhood who might be interested in renting. With so many options available, you’re sure to find the right place to advertise your rental property.
3. Set the right price.
Charge too much rent, and you may have trouble finding tenants, but charge too little, and you may end up losing money each month. Research rental prices in your area to find a competitive rate for your home. You can use online resources, such as Rentometer, to compare your rental price to others in the area. When you are setting a rental price, be sure to factor in all of the costs associated with being a landlord. These costs can include repairs, maintenance, property taxes and insurance. In addition, consider how much you would like to earn each month after all expenses are paid. This will help you determine an appropriate rental price.
If you are unsure about what price to charge, it is always a good idea to err on the side of caution and charge a little less than your competition. This will help ensure that your home is rented quickly and that you are not losing money each month.
4. Screen prospective tenants.
It is important to screen prospective tenants carefully before renting to them. This process can help you avoid problem tenants and protect your investment. Start by requiring all prospective tenants to fill out a rental application. This should include their contact information, employment history, and rental history. You can also require a credit check and background check.
Once you have received the applications, take the time to review them carefully. Contact each applicant’s references and landlords to get more information about them. Finally, be sure to meet with each prospective tenant in person before making a decision. This will give you a chance to get to know them and see if they would be a good fit for your rental property.
5. Sign a lease agreement.
Once you have selected a tenant, it is time to sign a lease agreement. This document will outline the terms of the rental, including the rental price, the length of the lease, and the rules of the property. Be sure to read over the lease agreement carefully before signing it. This will help you avoid any misunderstandings down the road.
6. Collect rent and deposits.
Once your tenant has moved in, you will need to collect rent each month. You can do this by setting up automatic payments or by having your tenants mail you a check. In addition, you will also need to collect a security deposit from your tenants. This is typically equal to one month’s rent and is used to cover any damage that may occur during the tenancy.
7. Maintain the property.
As a landlord, it is your responsibility to maintain the rental property. This includes tasks such as fixing any broken appliances or repairing any damage that may occur. Be sure to keep up with all of the necessary repairs and maintenance in a timely manner. This will help you avoid any problems with your tenants and keep your property in good condition.
8. Handle tenancy issues.
Unfortunately, there will likely be times when you have to deal with problem tenants. This can include things such as late rent payments, damage to the property, or disruptive behavior. If you do find yourself in this situation, it is important to handle it quickly and efficiently. Be sure to communicate with your tenant and try to resolve the issue in a calm and professional manner.
9. End the tenancy.
There will come a time when you need to end the tenancy, whether it is because the lease has expired or because the tenant has violated the terms of the agreement. When this time comes, be sure to give your proper tenant notice and follow all of the necessary legal steps. This will help you avoid any problems down the road.
By following these tips, you can successfully manage your rental property and keep it in good condition. By taking good care of your investment, you can ensure that it will continue to provide you with income for years to come.